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Persons: Charles Schwab, Charles Schwab's, Schwab, You'll, you'll, Morningstar, SoFi, Webull, Robinhood, litecoin, Brian Fry, Charlotte Geletka, Kaysian Gordon, isn't Organizations: Fidelity Investments, Invest, Interactive, Free, Business, Business Daily, Fidelity, SoFi, Financial, SoFi Invest, Nasdaq, Robinhood, Gold, Robinhood Gold, Apple, Traders, IBKR Pro, Paxos Trust, Traders Academy, Interactive Advisors, CDFA, CFP, Investors

Many people fail to adjust their retirement savings when their income grows. I started making my retirement savings strategy a priority, from automating monthly contributions to maxing out various savings vehicles, from 401(k) plans to SEP IRAs. Not adjusting your retirement savings with your lifestyleAnother retirement mistake? Consider a financial advisor. Finding a financial advisor doesn't have to be hard.

Persons: —, it's, Brent Weiss, there's, isn't, Jen Reid, Michael J, Ashley Feinstein Gerstley, you'll, Weiss, doesn't Organizations: Service, Yardley Wealth Management Locations: Roth

☆ The election could have a 'massive impact' on the municipal bond market, analyst says
▼ + stars: | 2024-07-18 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

Muni yields are at their highest levels in years, offering significantly better compensation than in recent history. For example, let's say you're in the 35% tax bracket, comparing an 8% corporate bond to a 5.25% muni bond. Still, in 2024, municipal credit upgrades have outpaced downgrades by a ratio of 2.1 to 1, as of March 31, according to Moody's Analytics. The federal exemption for muni bond interestAmid the looming 2025 tax cliff and federal budget deficit, some experts also worry about the federal tax break for muni bond investors, Kozlik said. Although the exemption remained intact through TCJA negotiations, federal lawmakers enacted other changes that raised levies on muni bond issuers.

Persons: Joe Biden, Donald Trump, Emily Elconin, muni, Sean Beznicki, Beznicki, Kozlik Organizations: Republican, Michigan Conservative Coalition, Reuters, muni, VLP Financial, VLP, House, American Locations: Novi , Michigan, U.S, Vienna , Virginia, refinance

Bypass or credit shelter trust: Like a marital trust, married couples establish this type of trust to reduce or eliminate the estate tax for heirs. Or, you can have your trust fund managed by a corporate trustee or trust company. Trust funds — Frequently asked questions (FAQs)Can anyone set up a trust fund? However, remember that trust funds involve high fees, so only folks able to afford these expenses should open a trust fund. How long a trust fund lasts depends on the terms of trust.

Persons: Jaime Eckels, Plante Moran, Totten, grantors, Grantor, Cash, You'll, There's Organizations: Plante Moran Financial Advisors Locations: Chevron

☆ Greater risk is paying off for these tax-free bonds. Here’s how they may fit into your portfolio
▼ + stars: | 2024-07-18 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +5 min

When it comes to tax-free municipal bonds, investors who are comfortable with taking more risk are seeing attractive returns. High-yield municipal bonds – issues that are rated below BBB by Standard & Poor's – have greater default risk than their investment-grade counterparts. Muni bonds provide tax-free income on a federal basis – and on a state basis if the investor resides in the same state as the issuer. High-yield muni bond funds have seen estimated net flows of $6.76 billion in 2024 as of June 30, according to Morningstar. Before you step in Investors looking at high-yield muni bonds, be it individual issues or the funds, ought to consider their risk appetite and their goals.

Persons: Morningstar, Beth Foos, munis, you've, Matthew Norton, Norton, Mathew Kiselak, that's, Kiselak, Morningstar's Organizations: Standard, Bank of America . Investment, muni, Morningstar, SEC Locations: corporates

☆ Stocks are booming in 2024, but financial advisors say it may be time to get a little defensive
▼ + stars: | 2024-07-16 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +5 min

With the S & P 500 surging more than 18% in 2024, it might be time for investors to make a few defensive moves in their portfolios. But that surge is spurring some financial advisors to reassess their clients' exposure to large-cap tech and turn toward currently unloved asset categories that could be poised to rise. "It might take a little longer to manifest but we think [health care] is an interesting combination of offense and defense, and it provides meaningful cash flows for investors," Saccocia said. Checking in on risk and cash Investors reviewing their 2024 gains should also reassess their risk profile and consider whether their asset allocation reflects their long-term goals. Tom Balcom, CFP and founder of 1650 Wealth Management in Lighthouse Point, Florida, has used custom market-linked notes to hedge clients' exposure to the market.

Persons: Nvidia —, Shon Anderson, Russell, Jerome Powell's, Shannon Saccocia, Neuberger Berman, Saccocia, Colin Gerrety, Gerrety, Tom Balcom, Balcom, Morningstar Organizations: Nvidia, Anderson Financial, Federal, Big Tech, Investors, JPMorgan Chase, UnitedHealth, Wealth Services Locations: Dayton , Ohio, REITs, North Bethesda , Maryland, Lighthouse Point , Florida

☆ The end of this tax break could be 'very disruptive' to business owners, expert says — what to know
▼ + stars: | 2024-07-16 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Tax breaks worth trillions of dollars are scheduled to expire after 2025 without extension from Congress — including a hefty deduction for millions of self-employed filers and business owners. The temporary deduction applies to so-called pass-through businesses, which report income at the individual level, such as sole proprietors, partnerships and S-corporations, along with some trusts and estates. Some already regret the decisionLawmakers added the temporary QBI deduction to the Tax Cuts and Jobs Act to create tax rates for pass-through businesses that are similar to tax rates for corporations. But while the QBI deduction will sunset after 2025, the legislation permanently reduced corporate taxes by dropping the top federal rate from 35% to 21%. For tax year 2021, the most recent data available, there were roughly 25.9 million QBI claims, up from 18.7 million in 2018, the first year the tax break was available, according to the IRS.

Persons: Donald Trump, Dan Ryan, Sullivan, Gen Zers, Howard Gleckman Organizations: Finance, Urban, Brookings Tax, Center Locations: Worcester

☆ Trump says he would let Fed Chair Powell finish his term if he wins in November, Bloomberg reports
▼ + stars: | 2024-07-16 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +1 min

Donald Trump will allow Federal Reserve Chair Jerome Powell to complete his term at the central bank if he won the November election, the Republican presidential candidate told Bloomberg Businessweek in an interview. "I would let him serve it out, especially if I thought he was doing the right thing," Trump told Bloomberg Businessweek. President Joe Biden nominated Powell to serve a second four-year term as Fed chief in May 2022. As recently as February of this year, Trump told Fox Business that he would not reappoint Powell to lead the Fed. Read the Bloomberg Businessweek article here.

Persons: Donald Trump, Jerome Powell, Trump, Joe Biden, Powell, —, reappoint Powell, Maria Bartiromo Organizations: Republican National Convention, Federal, Republican, Bloomberg Businessweek, Fed, Fox Business Locations: Milwaukee , Wisconsin, U.S

If enacted, Project 2025 would bring major changes to Americans' finances. "As we've been saying for more than two years now, Project 2025 does not speak for any candidate or campaign," a spokesperson from Project 2025 said in a statement. "We are a coalition of more than 110 conservative groups advocating policy and personnel recommendations for the next conservative president." "But it is ultimately up to that president, who we believe will be President Trump, to decide which recommendations to implement," the organization said. While some of the changes proposed in Project 2025 could happen via executive action, many would need congressional approval, which could prove difficult in a divided government.

Persons: Donald Trump, Trump, Joe Biden, Biden, Zers, we've Organizations: Heritage Foundation, Trump, Finance, America Locations: Philadelphia

Instead, buying gold makes sense if it's a way to diversify my investments — and gold IRAs work well. Before buying gold, he told me to consider all the other costs I might face. Investing in gold can diversify your portfolioSkelhorn did confirm that investing in gold could be a good way to diversify my portfolio. However, he said that before buying gold bars, we should understand there could be added fees depending on how we buy and store it. Whether you're opening a Gold IRA or buying physical gold to diversify your portfolio, Goldco can help you seamlessly navigate the process.

Persons: Jake Skelhorn, —, we're, Skelhorn, it's Organizations: Service, IRA

☆ These bank stocks yield more than 5% — and they are ‘poised to thrive,’ Piper Sandler says
▼ + stars: | 2024-07-11 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

Regional bank stocks are having an underwhelming year, but investors who are on the hunt for good dividend payers might find a few gems, according to Piper Sandler. "Given the recent pullback in bank stock prices, we are finding lots of regional and community bank stocks that have eye-catching dividend yields," wrote Mark Fitzgibbon, managing director at Piper Sandler, in a Thursday report. There is more to picking solid dividend stocks than just going by the yield. Piper Sandler further whittled down the list by eliminating companies that had cut their dividends over the past decade. Piper Sandler called out Heritage Commerce of San Jose, California, as a bank worth snapping up.

Persons: Piper Sandler, Mark Fitzgibbon, Fitzgibbon, Andrew Liesch, Matthew Clark, Clark Organizations: Regional Banking, Brookline Bancorp, Heritage Commerce, Pacific Premier Bancorp Locations: Boston, Brookline, San Jose , California, Irvine , California

☆ Treasury, IRS announce 'major milestone' of $1 billion in past-due taxes collected from millionaires
▼ + stars: | 2024-07-11 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Internal Revenue Service Commissioner Danny Werfel testifies before the House Appropriations Committee on Capitol Hill in Washington, May 7, 2024. The U.S. Department of the Treasury and the IRS on Thursday announced what they called a "major milestone" of collecting more than $1 billion in tax debt from high-income individuals over the past year. "The IRS has collected $1 billion from millionaires and shown that it can successfully launch strategic new initiatives and achieve the greatest return on investment," Treasury Secretary Janet Yellen told reporters during a press call. The infusion of IRS funding, enacted via the Inflation Reduction Act in 2022, still has its critics, however, particularly among congressional Republicans. "During the past decade, the IRS didn't have the resources or staffing to pursue high-income earners who our compliance team knew owed taxes," IRS Commissioner Danny Werfel said during the press call.

Persons: Danny Werfel, Janet Yellen, Biden Organizations: Revenue, Capitol, U.S . Department of, Treasury, IRS, Finance Locations: Washington

☆ Investors poured $1.6 billion into this riskier corner of the bond market in June, State Street says
▼ + stars: | 2024-07-09 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

However, investors were also content to ramp up credit risk, directing more than $1.6 billion into ETFs with underlying bank loans and collateralized loan obligations, or CLOs, State Street found. Big institutional investors can purchase bank loans — which lending institutions make to companies — and benefit from the loans' floating coupon rate. CLOs are similar to bank loans: These are pools of floating rate loans made to businesses, which can be non-investment grade. Bank loans and CLOs tend to have less price sensitivity to changes in rates, meaning they are short duration. "Rate policy is evolving and uncertain, and it's unlikely to be less cloudy as we get into the summer months."

Persons: Matthew Bartolini, CLOs, Janus Henderson, Bartolini Organizations: State, SPDR, SPDR Americas Research, Street Global Advisors, CLOs, AAA, SEC, Janus Henderson AAA CLO, CNBC, Bank Locations: CLOs, SPDR Americas, BlackRock

☆ How a Roth conversion ladder can save on future taxes and unlock retirement funds early
▼ + stars: | 2024-07-09 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Roth individual retirement account conversions are a popular way to reduce future levies on pretax 401(k) or IRA withdrawals — and you can smooth out the upfront tax hit with a "Roth conversion ladder," experts say. Roth conversions transfer pretax or nondeductible IRA money to a Roth IRA, which offers future tax-free growth. The trade-off is regular income taxes incurred that year on the converted balance. By comparison, a Roth conversion ladder is a series of conversions over multiple years, meaning "you're paying taxes in smaller increments," said certified financial planner Preston Cherry, founder and president of Concurrent Financial Planning in Green Bay, Wisconsin. Of course, boosting your adjusted gross income any year can trigger other tax consequences, such as phaseouts for certain tax breaks.

Persons: Roth, Preston Cherry, Ashton Lawrence, pretax, Lawrence Organizations: Roth IRA, Finance, CFP, Mariner Wealth Advisors Locations: Green Bay , Wisconsin, Greenville , South Carolina

☆ The right mix of retirement accounts can lower your future taxes, experts say — here's what to know
▼ + stars: | 2024-07-08 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Whether you're mid-career or nearing retirement, it's important to know where you're investing — and how those accounts could impact future taxes, experts say. Many workers are heavily concentrated in tax-deferred savings via a pretax 401(k) plan or traditional individual retirement accounts, which incur regular income taxes on future withdrawals, based on federal tax brackets. However, many advisors push for using a mix of pretax, after-tax Roth and taxable brokerage accounts for more flexibility in retirement. The right mix can provide "a lot of different levers to pull to manage your adjusted gross income," explained certified financial planner Judy Brown at SC&H Group in the Washington, D.C., and Baltimore area. Medicare Part B and Part D premiums are based on so-called modified adjusted gross income, which is your adjusted gross income plus tax-exempt interest, from two years prior.

Persons: Roth, Judy Brown, Brown Organizations: SC, H, D.C, Finance, Medicare Locations: Washington, Baltimore

☆ 55% of Gen Xers regret not saving more for retirement—3 ways to start planning now
▼ + stars: | 2024-07-06 | by ( Jade Thomas | ) www.cnbc.com time to read: +4 min

More than half of Gen Xers say they regret not saving more for retirement. In fact, Gen Xers are at the perfect age to do just that, says Barry Glassman, a certified financial planner and founder and president of Glassman Wealth Services. Here are three things Gen Xers can start doing as soon as today to ease their retirement worries. Take care of expensive debtFor many Gen Xers, saving for retirement has been placed on the back burner as they juggle other expenses. Seventy-one percent of Gen Xers are homeowners, compared to a little over half of millennials at 52%, according to 2023 Redfin data.

Persons: Gen Xers, it's, Barry Glassman, Jason Stein, pare, Glassman, Xers, Stein, that's Organizations: Allianz, Wealth Services, Bluepoint Wealth Locations: California

☆ IRS has taken nearly 2 years to help tax identity theft victims get their refunds
▼ + stars: | 2024-07-05 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Erin Collins, national taxpayer advocate at the Taxpayer Advocate Service, speaks at a Senate Appropriations subcommittee hearing in Washington, D.C., on May 19, 2021. There's a pileup of tax identity theft cases at the IRS — but the agency is working on a "range of improvements" to speed up service. Identity theft victims have waited more than 22 months for resolution, plus several weeks for refunds. Tax identity theft happens when criminals use stolen personal information to file a fraudulent tax return to claim a refund. Collins reported in January that identity theft victims were waiting 19 months for resolution and refunds, which stemmed from Covid-19 shutdowns and pandemic relief.

Persons: Erin Collins, There's, It's, Collins Organizations: Taxpayer Advocate Service, Washington , D.C, IRS, Finance, Security Locations: Washington ,, Covid

☆ The voice scam call portrayed in 'Thelma' is real and an increasing threat in the age of AI
▼ + stars: | 2024-07-05 | by ( Genna Contino | ) www.cnbc.com time to read: +3 min

Courtesy: Magnolia PicturesScammers exploit 'fear and urgency'Scams like the one Thelma fell victim to are increasingly common, experts say. Typically, AI voice scams mimic distress calls. The common denominator is that it's coming from someone you care about who needs money "fast." A 2023 survey from McAfee found that 25% of adults have experienced a similar AI voice scam — and the company says 77% of victims have lost money as a result. But older adults aren't the only ones at risk; younger people who spend more time online are increasingly vulnerable, CFP Andrew Sivertsen said.

Persons: THELMA, Thelma, Carolyn McClanahan, McAfee, McClanahan, CFP Andrew Sivertsen, millennials, Margolin Organizations: Magnolia Pictures, McAfee, Partners, CNBC's, CFP, Planning Locations: Jacksonville , Florida, United States, Moline , Illinois

☆ Here’s where money managers are seeking income at mid-year as rates stay high
▼ + stars: | 2024-07-05 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +6 min

The prospect of "higher for longer" rates has also made short-term fixed income assets especially attractive. "We had a lot of investors who were in, if not cash, then sub-2-year duration fixed income at the start of the year." Takeaways for investors It doesn't hurt for retail investors to review their fixed income allocation now that the year is halfway over. A combination of fixed income assets may be what it takes to benefit from today's higher rates, lock in yields and capture rising prices once the Fed cuts. "We don't buy that there's one fixed income asset class that you should tilt toward," said Calcagni.

Persons: –, Don Calcagni, it's, Shannon Saccocia, Neuberger Berman, Michael Rosen, Rosen, Janus Henderson, Vishal Khanduja, Eaton Vance, Khanduja, Callie Cox Organizations: Federal Reserve, FedWatch, Investment Company Institute, Money, Mercer Advisors, Investors, Municipal, Angeles Investment Advisors, AAA CLOs, Janus Henderson AAA CLO, SEC, Morgan Stanley Investment Management, Bond, Ritholtz Wealth Management, Stay Locations: Santa Monica, Calif

☆ This 'bucket strategy' could lower your taxes in retirement — here's how to maximize it
▼ + stars: | 2024-07-03 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Many retirees don't think about taxes until it's time to withdraw funds from a pretax account, which can be a costly mistake, financial experts say. Only 3 in 10 Americans have a plan to reduce taxes on retirement savings, according to a Northwestern Mutual study from January that polled roughly 4,600 U.S. adults. However, the "bucket strategy" is one way to minimize that burden, according to certified financial planner Sean Lovison, founder of Purpose Built Financial Services in the Philadelphia metro area. More from Personal Finance:Bigger IRA balances can be a 'tax nightmare' in retirement, advisor saysIs holding too much cash a mistake? Roth conversions transfer pretax or nondeductible IRA money to a Roth IRA, which won't incur levies on future withdrawals.

Persons: Sean Lovison, Trump, Lovison, Roth Organizations: Northwestern Mutual, Finance, Roth IRA Locations: Philadelphia

☆ This bank just boosted its 1-year CD yield to more than 5%, even as traders await Fed rate cuts
▼ + stars: | 2024-07-02 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +2 min

Marcus' yield hike places it in an exclusive group of financial institutions continuing to offer rates in the 5% range on deposits. Citizens Access and Capital One Financial each offer a 1-year CD that yields 5%, while Sallie Mae offers a 5.15% APY. Bread Financial is at the top of the heap, with an APY of 5.25% on a 1-year CD. Indeed, LendingClub recently slashed its 1-year CD APY to 4.2%, reflecting a cut of 95 basis points, Caintic found. For instance, investors may forfeit some interest if they "break" their CD ahead of maturity, which makes these funds less liquid compared to money market funds.

Persons: Marcus, Goldman Sachs, BTIG, Sallie Mae, Vincent Caintic, LendingClub, Caintic Organizations: Reserve, BTIG Locations: LendingClub

☆ What the new IRS guidance on crypto tax reporting means for investors
▼ + stars: | 2024-07-01 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

The U.S. Department of the Treasury and IRS on Friday released final tax reporting rules for digital asset brokers — and crypto investors have limited time to prepare, experts say. Mandatory yearly reporting will phase in starting in 2026, with digital currency brokers required to cover gross proceeds from sales in 2025 via Form 1099-DA. In 2027, brokers must include cost basis, or purchase price, for certain digital asset sales for 2026. "These regulations are an important part of the larger effort on high-income individual tax compliance," IRS Commissioner Danny Werfel said in a statement. The new IRS regulations come roughly four months after the agency hired two former crypto executives to improve digital currency service, reporting, compliance and enforcement programs.

Persons: Danny Werfel, Everybody's, James Creech, Baker Tilly Organizations: U.S . Department of, Treasury, IRS, Finance, Taxation, CNBC Locations: U.S

☆ Fast-growing buffer funds could help investors hedge election risks
▼ + stars: | 2024-07-01 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +5 min

These ETFs, often called "buffer funds," use options to give investors downside protection in exchange for giving up potential upside. The funds come with different time horizons, and new funds are launching or resetting every month, so there are several options for investors to buy now and protect themselves through the November election. Many of the ETFs offer something in the range of 10% to 30% downside protection and are often called buffer funds. Other products that offer 100% downside protection — in exchange for smaller upside — are sometimes marketed as "principal protection funds." Jim Saulnier, a CFP and founder of Jim Saulnier & Associates in Fort Collins, Colorado, said his clients use both the buffer funds and the 100% downside protection funds.

Persons: Bruce Bond, Matt Kaufman, Jim Saulnier, Saulnier, Bond, there's, Matt Thompson, Thompson, Kaufman Organizations: U.S, JPMorgan, Capital Management, Calamos Investments, Jim Saulnier & Associates, Little Harbor Advisors Locations: Fort Collins , Colorado, iShares

☆ Here's what a Supreme Court ruling could mean for Biden's 'billionaire tax'
▼ + stars: | 2024-06-29 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

While lawmakers have a growing interest in taxing the ultra-rich, last week's Supreme Court ruling could threaten future wealth tax proposals, experts say. In Moore v. United States, the Supreme Court blocked a challenge to the "mandatory repatriation tax," a one-time levy on certain foreign investments enacted in 2017. More from Personal Finance:Supreme Court rejects challenge to tax on foreign investments — but avoids wealth tax debate55-year-olds are 'critically underprepared' for retirement, survey findsHere's where U.S. rents are rising — and falling — the fastestMany tax experts watched the Moore case to gauge Congress' authority to tax unrealized earnings, which could have an impact on wealth tax proposals. But the Supreme Court didn't comment directly on the issue. Still, the 83-page ruling scattered some clues about whether certain versions of a wealth tax could pass constitutional muster, experts say.

Persons: Moore, Moores, Brett Kavanaugh Organizations: Finance Locations: United States, U.S

☆ Marketplace health insurance may get more expensive — unless Congress extends this tax break
▼ + stars: | 2024-06-28 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

If you buy health insurance via the federal marketplace, your premiums could increase significantly after 2025 — unless Congress takes action. The premium tax credit makes health insurance purchased via the marketplace more affordable. Participants can use the credit to lower insurance premiums upfront or claim the tax break when filing their return. In his fiscal 2025 budget request, President Joe Biden proposed making the premium tax credit expansion permanent. Former President Donald Trump's campaign did not respond to CNBC's request for comment on the program.

Persons: Gideon Lukens, Joe Biden, Donald Trump's Organizations: American, Center, Budget, Finance, Congressional, Office, Taxation Locations: U.S

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