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☆ Saving in a 401(k) can come with unexpected tax bills. Here's what to check right away to avoid a surprise and 4 ways to reduce your taxes as you withdraw.
▼ + stars: | 2024-04-24 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +8 min

Depending on your tax bracket at the time of withdrawal, your 401(k) money could be taxed at around 20% or 30%. Note that if you have a Roth 401(k), which is funded with after-tax dollars, you won't be taxed when withdrawing. The longer you can wait to touch your 401(k) money, the longer you'll delay owing taxes. Finally, there's the "non-taxable portion," he said, which would be money in accounts like a Roth 401(k), Roth IRA, and HSA. Or do they have a Roth IRA that they can take it from tax-free to benefit them?"

Persons: —, Grant Neiland, there's, you'd, Roth, Neiland, you've Organizations: Service, Business, Carson Wealth, IRS, Roth IRA

It shows a curated look at women embracing domesticity as the antithesis of what other young women are experiencing, who are "working hard and barely scraping by," said Casey Lewis, a social media trend forecaster. Evidence shows this is something few women are actually doing, and it's not a realistic lifestyle to aspire to. Young women, whether they're married or not, are expressing a desire to "take a step out of the professional rat race," Lewis said. "There's a lot of pressure on young women," she said. In cases where men are the primary breadwinners, it's more often women who take on the bulk of the caretaking responsibilities, experts say.

Persons: Casey Lewis, it's, Stacy Francis, Eve Rodsky, tradwives, Rodsky, Francis, Heather Boneparth, they're, Lewis, Julia Pollak, Pollak Organizations: Francis Financial, CNBC's, Berkeley Haas Center for Equity, Gender, Pew Research Center, Intuit, ZipRecruiter, Bureau of Labor Statistics Locations: New York, millennials, U.S

☆ How much money Americans in their 40s saved in 2023—and 3 strategies to save more
▼ + stars: | 2024-04-24 | by ( Annie Probert | ) www.cnbc.com time to read: +1 min

In your 40s, you're likely hitting your peak earning years and beginning to seriously evaluate your strategy for saving, whether it's for retirement or your children's future. In 2023, Americans in their 40s managed to save over $6,930, according to data from New York Life. While that's lower than the $8,911 people in this age group aimed to save last year, it still puts them second on the list of age groups who managed to save the most in 2023. "It could be kids activities, it could be child care, or it could be college, all those areas take a lot of people's cash flow." Here are three tips from Cheng on how people in their 40s can save more this year.

Persons: Marguerita Cheng, Cheng Organizations: New York Locations: New

☆ You can buy a home in France or Italy for 'the price of a new truck'—but take these 3 steps before retiring abroad
▼ + stars: | 2024-04-21 | by ( Ryan Ermey | ) www.cnbc.com time to read: +5 min

We love Italy and France and started thinking, 'What's our next step?'" These days, Sikes sends properties to some 25,000 followers and subscribers across X, YouTube and via a weekly newsletter. Here are three steps Sikes says you need to take before you buy a property abroad. "France and Italy both have tax treaties with the U.S., so you avoid double taxation," Sikes says. "There are zero restrictions on Americans buying property in Italy or France," Sikes says.

Persons: Tommy Sikes, Sikes, —, Italy, You'd, Roth, they've, I've, haven't Organizations: CNBC, YouTube, Security, U.S Locations: Europe, France, United States, U.S, Italy

☆ If you’re investing in the AI theme for the long haul, here’s how to pick the winners
▼ + stars: | 2024-04-20 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

Artificial intelligence has shaken up the investing landscape since the groundbreaking launch of ChatGPT in November 2022. Since then, investors have poured money into all things related to AI as they hunt for the next big winners. AI is poised to be a central theme as the technology transitions from early-stage winners to second-stage adopters. When it comes to chip stocks, Schleif also recommends taking a look at government grants. She highlighted the Global X Robotics and Artificial Intelligence ETF (BOTZ) , the First Trust Nasdaq AI and Robotics ETF (ROBT) and the Global X Artificial Intelligence & Technology ETF (AIQ).

Persons: Tesla, Nvidia —, Jay Woods, Carol Schleif, Schleif, Joe Biden, Nancy Tengler, Marguerita Cheng, BMO's Organizations: ChatGPT, Apple, Microsoft, Nvidia, Big Tech, Nasdaq, Freedom Capital, BMO Family Office, Samsung Electronics, Intel, Investors, Tengler, IBM, Blue, Global Wealth, Robotics, Intelligence, Technology Locations: Texas, Gaithersburg , Maryland

☆ Bitcoin halving isn't a big deal for long-term investors, but may have a 'huge' impact on one key group, says Columbia professor
▼ + stars: | 2024-04-19 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +3 min

Bitcoin's "halving" is expected to happen soon. But its potential impact depends on your relationship to the coin; it's likely to affect miners and investors differently. "To the people who own bitcoin because they think it's a good store of value, this halving is not that big of a deal. Miners receive bitcoins, known as block rewards, for verifying and validating transactions and helping keep the blockchain network secure. What the bitcoin halving may mean for investorsWhile the halving itself doesn't directly impact bitcoin's price, investors' anticipation of the event can lead to highly erratic price movements, says Douglas Boneparth, a certified financial planner and president of Bone Fide Wealth.

Persons: Douglas Boneparth, Boneparth, Malekan Organizations: Columbia Business School, Architecting, Money, CNBC, Bone, Miners

☆ By 2054, there will be 422,000 Americans over age 100. That poses a financial challenge
▼ + stars: | 2024-04-19 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

By 2054, there will be an estimated 422,000 Americans age 100 and older — more than four times the 101,000 in 2024, according to a Pew Research Center analysis of U.S. Census Bureau data. What's more, the centenarian population has nearly tripled in the last three decades alone, according to Pew. Among the best ways to hedge against outliving one's savings is by working longer, according to retirement experts. That may be more necessary as employers have offloaded responsibility for retirement savings onto workers' shoulders, by shifting from pensions to 401(k)-type retirement plans. "People need to be prepared to work longer," he said.

Persons: Artur Debat, Pew . Irving Piken, Piken, Mark Rightmire, John Scott, Barry Glassman, Glassman, Pew's Scott, Scott Organizations: Pew Research, Census, Pew ., Woods Community, MediaNews, Orange, Getty, Finance, Wealth Services, Reference, Workers, Social Security, Security Locations: U.S, California

☆ How much money Americans in their 30s saved in 2023—and how to save more, according to a CFP
▼ + stars: | 2024-04-19 | by ( Annie Probert | ) www.cnbc.com time to read: +2 min

In your 30s, your list of financial burdens is probably growing, including everything from paying for child care to saving up for a first home. Despite these challenges, Americans in their 30s managed to save the most money out of any age group in 2023, according to data from New York Life. Parents in the U.S. spend around 24% of their household income on child care each year, a recent report from Care.com found. "But child care, we have to pay for that once the baby's born. If you're in your 30s and want to save more this year, here are two strategies to help stash away more cash.

Persons: it's, Shaun Melby, Care.com, you've Organizations: New York, Melby Wealth, CNBC Locations: New, U.S

☆ How much money Americans in their 50s saved in 2023—and 3 ways to save more
▼ + stars: | 2024-04-18 | by ( Annie Probert | ) www.cnbc.com time to read: +1 min

With retirement on the horizon, saving in your 50s can be more stress-inducing than in previous years of your life. In fact, when compared with those in their 20s, 30s and 40s, Americans in their 50s put away the least amount of money last year, saving an average of $4,780, according to data from New York Life. People in their 30s saved the most, with an average of over $9,800 saved. Americans in their 50s also fell short of their goal of saving around $5,630. Some people in their 50s also "still have never learned to live within their means," he says.

Persons: Wes Shannon, Read, Shannon Organizations: New York, Brazos Wealth Advisors Locations: New

☆ Investing in Trump Media is an 'act of faith,' expert says. Here are some risks involved
▼ + stars: | 2024-04-17 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

A screen displays trading information about shares of Truth Social and Trump Media & Technology Group outside the Nasdaq MarketSite in New York City on March 26, 2024. The former president is the majority shareholder in Trump Media, which trades under the initials of his name, DJT, on the Nasdaq. "The reason that people own this stock is because, in one way or another, they support Donald Trump," Rekenthaler said. The closest company comparison to Trump Media is Tesla, according to Rekenthaler. Trump Media is currently a $4 million business through social media, he said.

Persons: Donald Trump, Rekenthaler, John Rekenthaler, Tesla, Elon, Trump, FAFSA, Preston D, Cherry, who's, Oprah —, Ted Jenkin, Jenkin Organizations: Truth Social, Trump Media & Technology Group, Nasdaq, Trump Media, Morningstar, Elon Musk, Trump, Securities and Exchange Commission, Finance, Adidas, CNBC FA Council Locations: New York City, Green Bay , Wisconsin, Atlanta

☆ What everyday taxpayers can learn from the Biden, Harris 2023 tax returns
▼ + stars: | 2024-04-16 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

President Joe Biden and Vice President Kamala Harris deliver remarks about healthcare in Raleigh, North Carolina on March 26, 2024. While both couples made extra tax payments, they each incurred a small estimated tax penalty, based on underpayments from each quarterly deadline and interest. Tax planning for self-employment incomeOver the years, the Bidens have reduced self-employment taxes by receiving some wages through their companies, which are structured as S corporations. After paying "reasonable compensation" to shareholders, S corporation owners can take distributions without paying 15.3% for Social Security and Medicare taxes. Work with a tax professionalTypically, filers get a tax refund when they overpay levies throughout the year.

Persons: Joe Biden, Kamala Harris, Peter Zay, David, Harris, Catherine Valega, filers Organizations: Anadolu, Getty, Eisner Advisory, Social Security, Boston, Bee Advisory Locations: Raleigh , North Carolina, New York

☆ Americans think they need almost $1.5 million to retire. Experts say to focus on another number instead
▼ + stars: | 2024-04-15 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

It is also up 15% from last year, when respondents said they would need $1.27 million. Likewise, a recent CNBC survey showed that 53% of Americans feel like they are behind on their retirement savings. However, experts say having a "magic number" in mind should not be a priority when planning for your retirement. The number experts say to focus onFinancial advisors agree that having a high savings rate, along with appropriate asset allocations, is one of the most significant components of building wealth. "I would much rather have clients that save 15% of their income and get a 5% rate of return than save 1% of their income and get a 15% rate of return," Roland said.

Persons: John Roland, Rita Assaf, Assaf, it's, Roland Organizations: Northwestern Mutual, CNBC, Northwestern, Financial Advisors, Fidelity Investments, Fidelity, Vanguard

☆ The No. 1 mistake people in their 50s make with their money, according to a CFP—and how to fix it
▼ + stars: | 2024-04-15 | by ( Annie Probert | ) www.cnbc.com time to read: +2 min

You might feel like your life, retirement savings and finances are set in stone at this age. But this mindset can be one of the biggest financial mistakes you make in your 50s, says Autumn Knutson, certified financial planner and founder of Styled Wealth. Here are three smart decisions to make with your money in your 50s, according to three certified financial planners. Secure long-term care insuranceAs you inch closer to retirement, your 50s are a good time to consider long-term care insurance, says Andrew Fincher, a CFP and financial advisor at VLP Financial Advisors. Separate from health insurance and Medicare, long-term care insurance covers expenses that often arise in your later years, such as assisted living care and at-home care.

Persons: —, Andrew Fincher, Fincher, Marguerita Cheng, Cheng Organizations: Financial, Blue Ocean, Fidelity Investments

But occasionally, I'll stumble upon a Gen Z financial influencer serving up advice on what I should do with money. AdvertisementTo make sure I don't get influenced by someone sharing faulty financial advice, I asked Secco to share how a person can vet a financial influencer. Remember that financial advice is not one-size-fits-allI often find myself fixated on a financial influencer's content, especially when it's about how to invest my cash to double my money. Check the person's background to learn more about themBefore seriously considering taking financial advice from an influencer's content, Secco recommended vetting them to understand their credentials. "I don't recommend taking advice from a financial influencer who doesn't have any certifications or designations," she said.

Persons: I'm, Hazel Secco, Secco, it's Organizations: Triple

☆ This is 'the first step to building wealth,' says financial planner—and you can start today
▼ + stars: | 2024-04-10 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +3 min

Here are three of those habits you can start right away that can put you on a path toward building wealth. You don't need to track every single dollar you spend or make major cuts to your discretionary spending to get started. Nevertheless, to make your money work for you, you need a basic understanding of what you're spending it on. "Start small [by] tracking just a few key areas: food, entertainment, gas, and clothes." To prepare for unexpected expenses big and small, start setting aside emergency savings.

Persons: Chelsea Ransom, Cooper, Billy Hatton, Nathan Mueller, —, Will Kellar Organizations: Zenith Wealth Partners, CNBC, Human Investing Locations: New Jersey, Los Angeles, Colorado

☆ Should you refinance your mortgage? Here are three signs it's time, real estate experts say
▼ + stars: | 2024-04-10 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +3 min

Thanks to those high mortgage interest rates, refinance activity in 2023 was at the lowest level in 30 years. In the first and second quarters of 2023 there was only $75 billion and $80 billion, respectively, in mortgage refinance originations nationally, according to Freddie Mac, a government-sponsored entity that buys mortgages from banks. "We're just in a much higher interest rate situation with the economy," she said. "We've been so accustomed to mortgage rates as a baseline being at 2% or 3%," said Veronica Fuentes, a certified financial planner at Northwestern Mutual. Some lenders may require a higher interest rate if you finance closing costs, plus you'll be paying interest on those expenses for the life of the mortgage.

Persons: Freddie Mac, Jeff Ostrowski, Chen Zhao, Zhao, We've, Veronica Fuentes, that's, Ostrowski, CoreLogic's Organizations: Westend61, Getty, Federal Reserve, Northwestern Mutual

☆ This simple move 'takes minutes' to file a free federal tax extension, tax pro says — here’s what to know
▼ + stars: | 2024-04-10 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

If you need more time for your taxes, there's a quick, free way to file a federal tax extension online, according to experts. Luckily, filing for a federal tax extension "takes minutes," according to Tommy Lucas, a certified financial planner and enrolled agent at Moisand Fitzgerald Tamayo in Orlando, Florida. But you have through that due date to file an extension, which pushes the deadline by six months to Oct. 15. Some taxpayers already have a federal extension due to natural disaster declarations. Without the extension, your balance triggers the failure to file penalty, which is worth 5% of your unpaid taxes per month or partial month, capped at 25%.

Persons: there's, Tommy Lucas, Moisand Fitzgerald Tamayo Organizations: Finance Locations: Orlando , Florida

☆ Set yourself up to build wealth, save more and get out of debt in 3 simple steps: 'Starting is critical'
▼ + stars: | 2024-04-09 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +3 min

Once you get acquainted with financial terms and skills, though, it can still feel daunting to begin your journey toward financial wellness. Aliche went through her own "financial shenanigans" before she charted her own path to financial wellness and wrote a book about it to help others. Whether you need to pay down a mountain of debt or just don't know where to start building wealth, here are the first three steps to take to begin your financial wellness journey, according to Aliche. Recognizing that you're not alone can help you feel more empowered to try and take the next steps in your journey. "Identify what you are actually struggling with so you can ask for specific help," Aliche says.

Persons: Tiffany Aliche, Aliche, doesn't Organizations: Global Citizen NOW Summit, CNBC Locations: Aliche

☆ What Biden's new student loan forgiveness plan means for your taxes
▼ + stars: | 2024-04-09 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

US President Joe Biden speaks about student loan relief at Madison College in Madison, Wisconsin, on April 8, 2024. Andrew Caballero-reynolds | AFP | Getty ImagesTax treatment of student loan forgivenessStudent loan forgiveness is federally tax-free through 2025 — thanks to a provision from the American Rescue Plan Act of 2021. But the future taxability of student loan forgiveness is unclear. Many states have conformed to federal rules on the taxability of student loan forgiveness. Depending on your situation, higher income from taxable student loan forgiveness could cause "a chain of [tax] consequences," such as phaseouts for other tax breaks, Lucas said.

Persons: Joe Biden, Andrew Caballero, reynolds, Biden, Tommy Lucas, Moisand Fitzgerald Tamayo, Lucas, that's, Ethan Miller, isn't, Miller Organizations: Madison College, AFP, Getty, American, Planning, Progress, D.C Locations: Madison , Wisconsin, Orlando , Florida, Washington

☆ As the Dow nears 40,000, here's what experts say you should do to prepare for a potential pullback
▼ + stars: | 2024-04-03 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

Spencer Platt | Getty ImagesThe stock market could hit a milestone if the Dow Jones Industrial Average reaches 40,000. However, even as stocks have climbed higher, investors are worried there could be a pullback, financial advisors say. For investors who have gravitated toward cash, certificates of deposit, or bonds, a pullback may be an opportunity to deploy those funds in the market, Kourkafas said. "The stock market is a long-term investment," said Jenkin, who is also a member of CNBC's Financial Advisor Council. That may be done through a fund that reflects global market capitalization, such as the Vanguard Total World Stock ETF.

Persons: Spencer Platt, They're, Christine Benz, Angelo Kourkafas, Edward Jones, Kourkafas, it's, Ted Jenkin, Jenkin, Joe Biden, Donald Trump —, Louis Barajas, Barajas, Morningstar's Benz, Benz Organizations: New York Stock Exchange, Getty, Dow Jones, CNBC, Morningstar, CNBC's, Council, Investors, International Private Wealth, CNBC FA Council Locations: New York City, Atlanta, Irvine , California, U.S

☆ People feel financially worse off than their parents—but say their kids will be better off
▼ + stars: | 2024-04-03 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +6 min

It makes sense then that just 36.5% of adults say they feel they're better off financially than their parents, according to CNBC's International Your Money Financial Security Survey conducted by SurveyMonkey. A greater share — 42.8% — say they're worse off than their parents, while the remaining 20.7% say they're faring about the same. Here are three ways younger generations are financially worse off than their older counterparts. More equality Younger generations have navigated adulthood with more freedoms than a lot of their parents may have had. Gender and racial pay gaps, along with other barriers to wealth-building, certainly still affect Gen X and millennials.

Persons: they're, Gen, Xers, Clever, Gen X, Tara Unverzagt, I'm, millennials, Louis Fed, Unverzagt Organizations: Financial Security, SurveyMonkey, Education Data Initiative, CNBC, Pew Research Locations: U.S

☆ These strategies can help hedge portfolios against losses or generate income
▼ + stars: | 2024-04-02 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

Trailing stop losses Investors who rode tech's ascent — consider that Nvidia is up more than 80% in 2024 — may be reluctant to part with those positions. However, trailing stop losses may permit them to hold on to those stocks and still protect against sharp declines. Put options give investors the right to sell a stock at a specified — or "strike" — price before an expiration date. However, you can also pair this strategy with a covered call, which may boost your income and offset losses. "Covered call options can be employed to generate income on existing stock holdings while potentially limiting upside potential," Lawrence said.

Persons: Ashton Lawrence, Lawrence, Cash Organizations: Mariner Wealth Advisors, Nvidia, Retail, Investors Locations: Greenville , South Carolina

☆ Housing 'affordability has just totally collapsed,' economist says
▼ + stars: | 2024-04-02 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +4 min

"Since the pandemic, affordability has just totally collapsed," said Chen Zhao, a senior economist at Redfin. February 2021 was the last month when the typical household earned more money than they needed to afford the median home. The U.S. Department of Housing and Urban Development (HUD) sets the standard of affordability at 30% of household income. Affordability deficit narrowed in FebruaryThe average household fell short $29,448 to afford a home in February, according to Redfin. The affordability deficit narrowed because rates have been on a consistent decline since the last peak in October, according to Zhao.

Persons: Chen Zhao, They've, Zhao, It's, Jeff Ostrowski, Veronica Fuentes, Fuentes, Ostrowski, Buyers, Redfin, Louis, What's Organizations: Getty, Redfin, Finance, U.S . Department of Housing, Urban Development, Northwestern Mutual, Cleveland Locations: U.S, Detroit, Pittsburgh, St, Philadelphia, Indianapolis, Warren, Mich, Cincinnati, Milwaukee , Kansas City , Virginia Beach, Va, Antonio, Columbus , Ohio

☆ Pet insurance didn't feel worth it—until my cat needed a $3,000 surgery
▼ + stars: | 2024-03-30 | by ( Mike Winters | ) www.cnbc.com time to read: +7 min

My wife and I never gave pet insurance much thought, until our cat Wally needed a $3,000 surgery. My wife and I never gave pet insurance much thought — until we were told our cat Wally needed surgery that would cost nearly $3,000. Apparently, we weren't alone in that thinking, as only about 25% of pet owners have pet insurance, according to a recent NerdWallet survey. What you get with pet insuranceTypically, pet insurance covers accidents, illness and wellness, which pays for routine care like annual exams. How to know whether pet insurance is right for youFinancial planners who spoke with CNBC Make It were divided on whether pet insurance is worth the cost.

Persons: Wally, Mike Winters, periodontitis, there's, Rikin Shah, Carol Fabbri, — Organizations: CNBC, Insurance Locations: Denver

☆ The average tax refund is $3,109. Here's where to save and invest your return right now.
▼ + stars: | 2024-03-28 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +5 min

"The goal is usually to be as close to zero as possible: either a minimal return refund or a minimal tax payment. Where to save your money right now: high-yield or money market accountsOnce you've received your refund, a good initial step is to send that money from your checking account to a savings account. A few key differences: Your cash will be more accessible in a money market account, as you can write checks and use a debit card linked directly to the account. Note that money market accounts usually have a higher minimum balance requirement, ranging from a few hundred to a few thousand dollars. Interest rates are expected to drop in 2024, but you'll still earn more in these accounts than in traditional savings accounts, which typically offer rates under 0.5%.

Persons: Grant Nieland, you've, you'll, You'll, Roth, Nieland, we're Organizations: Business, Carson Wealth, IRS, Wealth, Roth IRA

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