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☆ Corporate pensions are at their healthiest in more than a decade
▼ + stars: | 2023-09-25 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

Pension plans for the largest U.S. companies are at their healthiest in more than a decade — and that's largely good news for the workers who participate in such plans, said retirement experts. Public companies in the S&P 500 stock index had an average pension "funded ratio" of 102% as of Sept. 21, according to data tracked by financial services firm Aon. That's the highest level since at least the end of 2011, when the ratio was around 78%. A funded ratio is one way to gauge pension health. Each plan is unique, meaning funded status alone isn't the only gauge for pension health, it said.

Persons: Roth, Byron Beebe Organizations: U.S, Public, Finance, Social, Roth IRA, American Academy of Actuaries Locations: U.S

☆ Passport delays are still long: Apply at least 6 months ahead of travel, says State Department
▼ + stars: | 2023-09-22 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

Americans should review current processing times before making any definite or nonrefundable travel plans, a State Department spokesperson said. A routine passport application currently takes 10 to 13 weeks to process, according to the State Department. Expedited passport processing costs an extra $60. For comparison, before the pandemic, it took two to three weeks for expedited passports and six to eight weeks for routine passport processing, the State Department said. The price varies depending on the area of the country, according to the State Department.

Persons: Antony Blinken, Blinken, Thomas Barwick, haven't, you've, Jose Organizations: The State Department, Digitalvision, State Department, United States Postal Service, Urgent

The average interest rate for all credit card accounts hit 20.68% in May, the highest on record, according to most recent Federal Reserve data. "But credit cards do charge the highest interest rates of any mainstream consumer debt [by far]," he wrote in an e-mail. This is why it's so important to prioritize credit card debt payoff." Total credit card debt topped $1 trillion in the second quarter of 2023 for the first time ever. "Whenever the Fed has raised interest rates as they have, something usually tips or fails," he said.

Persons: Barry Glassman, Ted Rossman, Cardholders, Glassman, CreditCards.com, Rossman, Bankrate Organizations: CreditCards.com, Federal Reserve, Wealth, Westend61, Getty, Federal Reserve Bank of New, Silicon Valley Bank, Signature Bank Locations: Vienna , Virginia, North Bethesda , Maryland, Federal Reserve Bank of New York, Silicon, U.S

☆ This account is like an ‘extra strength’ Roth IRA, advisor says. Here's when to use it
▼ + stars: | 2023-09-19 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

That means a saver would generally rarely if ever pay tax on their HSA money, unlike retirement accounts such as a pre-tax or Roth IRA. Because health-care costs are "inevitable" in old age, the HSA functions like "an off-label account for retirement preparation," Vargas said. Anyone who can afford to do so should try to pay out of pocket for current health costs and allow HSA investments to grow, advisors say. The IRS counts qualified medical expenses as those generally eligible for the medical and dental expenses tax deduction. For example, if a saver has credit-card debt, paying that down would take priority over funding an HSA, McClanahan said.

Persons: Carolyn McClanahan, Vargas, Roth, HSAs, they'd, Luis Alvarez, McClanahan, Sabino Vargas Organizations: Maskot, Getty, Roth IRA, IRS, Digitalvision, Workers, Planning Partners, IRA, Vanguard Locations: Jacksonville , Florida

☆ Pay secrecy norms have ‘simply lost their teeth,’ say experts. Here's why
▼ + stars: | 2023-09-18 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

Westend61 | Westend61 | Getty ImagesNew York just adopted a pay transparency ruleNew York on Sunday became the latest state to adopt a pay transparency law. The pay transparency movement is relatively new. Fifty-six percent are more likely to apply for a company — even if they don't recognize the company name — if the salary range is listed, Indeed found. For one, pay transparency may lower overall wages of the broader population of employees, even while raising them for the "inequitably underpaid," Obloj and Zenger said. 'There's still plenty to negotiate' beyond salaryOf course, applicants aren't necessarily beholden to the salary or the pay range posted on a job ad, Woodruff-Santos said.

Persons: NCSL, Salary.com, Zenger, Mandi Woodruff, Santos, Woodruff, you've, they've, there's Organizations: Westend61, Getty, Sunday, Employers, National Conference of State Legislatures, National Women's Law Locations: York, California , Colorado, Washington, New York City, Colorado, Ithaca, Albany, Westchester, New York, Jersey, New Jersey, Cincinnati, Toledo, Ohio ; Maryland ; Connecticut, Rhode, Nevada

☆ Why health insurance is poised to make inflation jump
▼ + stars: | 2023-09-17 | by ( Greg Iacurci | ) www.cnbc.com time to read: +2 min

Suriyapong Thongsawang | Moment | Getty ImagesWhy health insurance inflation is hard to measureHealth insurance prices are a tricky thing for economists to quantify. Instead, the agency measures health insurance inflation indirectly based partly on health insurers' profits. It appears that health insurance prices measured in the CPI "will start rebounding" again, said Andrew Hunter, deputy chief U.S. economist at Capital Economics. How health insurance profits affect inflationEarly in the Covid-19 pandemic, health insurers' profits jumped. Why health insurance inflation mattersThe U.S. Federal Reserve raised interest rates aggressively starting early last year to rein in persistently high inflation.

Persons: Suriyapong, Andrew Hunter, Mark Zandi, Zandi, Jerome Powell Organizations: BLS, Capital Economics, Health, Moody's, Consumers, U.S . Federal Reserve, Federal Reserve, Federal

☆ Student loan borrowers at risk of scams as payments restart, says FTC
▼ + stars: | 2023-09-15 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

Student loan payments are restarting in October after a pause of more than three years — and scammers are trying to take advantage, the Federal Trade Commission warned. Fraudsters may try mislead borrowers by offering assistance and asking them to pay for it, Ari Lazarus, consumer education specialist at the FTC, wrote in a consumer alert Thursday. Those fake offers might include lowering borrowers' monthly payments, avoiding repayment or getting their loans forgiven. Interest on federal student debt was also suspended during this period but started accruing again on Sept. 1. The "best source" of information on federal student loans is the Federal Student Aid website, studentaid.gov, the FTC said.

Persons: Fraudsters, Ari Lazarus, Trump, Biden Organizations: Federal Trade Commission, Finance, Frisco, Federal, Aid, FTC

☆ CNBC Daily Open: August’s CPI report isn’t as bad as it seems
▼ + stars: | 2023-09-14 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +3 min

Celal Gunes | Anadolu Agency | Getty ImagesThis report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. What you need to know todayThe bottom lineAt first glance, August's CPI report seems bad news. And gasoline prices have actually retreated 3.3% from a year ago, suggesting that they're still on a downward trend in the long run. Indeed, the annual measure of core CPI still dropped from 4.7% in July to 4.3% in August.

Persons: Celal, we've, Andrew Hunter, Lisa Sturtevant, Sturtevant, Kayla Bruun, " Bruun, Dow, —, Jeff Cox, Greg Iacurci Organizations: Anadolu Agency, Getty, CNBC, CPI, U.S . Bureau of Labor Statistics, Capital Economics, Bright MLS, Morning, Markets, 3M, Caterpillar, Nasdaq Locations: Virginia, Tesla

☆ Here's the inflation breakdown for August 2023, in one chart
▼ + stars: | 2023-09-13 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

Anadolu Agency | Anadolu Agency | Getty ImagesInflation rose in August on the back of higher gasoline prices, according to the consumer price index. Gasoline was the largest contributor to inflation in August, accounting for more than half of the increase, according to the BLS. This pared-down measure — known as "core" CPI — fell to an annual rate of 4.3% in August from 4.7% in July. On a monthly basis, core inflation rose slightly, to 0.3% in August from 0.2% in July. The increase in monthly core CPI "is a little bump in the road," said Kayla Bruun, senior economist at Morning Consult.

Persons: Andrew Hunter, Hunter, Kayla Bruun, " Bruun, Greg McBride, Ben Bernanke, Olivier Blanchard, Scott Olson Organizations: Anadolu Agency, Getty, Capital Economics, U.S . Bureau of Labor Statistics, CPI, AAA, BLS, Transportation, U.S . Department, Morning, Bankrate, U.S . Federal Reserve, Peterson Institute for International Economics Locations: Virginia, U.S

☆ Social Security's trust funds are running dry. Here are 4 things to know
▼ + stars: | 2023-09-11 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

The vast majority of older Americans get Social Security benefits, which either partially or even fully fund their income in retirement. Social Security is 'America's pension safety net'Virtually every retiree receives some sort of guaranteed income stream — and Social Security is "by far" the most prominent of these income sources, Blanchett said. About 97% of Americans age 60 and older either receive or will collect Social Security benefits, according to Social Security Administration data. Workers would continue to pay Social Security payroll taxes, and those collected funds would still be payable to retirees. There will be 'losers'Congress will almost surely tweak Social Security to fix the solvency problem.

Persons: MoMo, David Blanchett, Blanchett, Doug Boneparth, Lorie Konish Organizations: CNBC's, Finance, Security, U.S, Social Security, Prudential Financial, CNBC, Social Security Administration, Insurance, Workers, Social, SSA Locations: PGIM, New York

Now, given the current high car costs and interest rates, drivers are shifting their focus to less expensive models. That shift shows in so-called "days to turn" numbers, which measure how long cars are in dealer inventory before being sold. "People have stopped going for top-of-the-line cars and are going for mid-trim cars," he added, "That's where we're starting to see the shift." Paul Waatti industry analyst at AutoPacificFive years ago, there were 12 vehicles selling for an average price of more than $100,000. Know your budget — really Most car buyers use monthly payments to conceptualize how expensive a car is.

Persons: Patrick T, Joseph Yoon, homebuyers, Yoon, Edmunds, Brian Moody, Kelley, Moody, Paul Waatti, Waatti, they're, Tom McParland Organizations: Fallon, Bloomberg, Getty, Finance, Mitsubishi Mirage, Consumers, Chevrolet, Chrysler, Fiat, Honda, Hyundai, Kia, Mazda, Mitsubishi, Nissan, Subaru, Toyota, Volkswagen —, Auto, AutoPacific, Ferrari, Lamborghini, Royce, Automatch Consulting Locations: Autonation, Carvana, Buffalo , New York, Edmunds

☆ Investors should know these two risks: 'It's kind of like yin and yang,' says advisor
▼ + stars: | 2023-09-08 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

There are two kinds of risk that investors should understand when building a portfolio: risk tolerance and risk capacity. Safer assets, like cash or money market funds, are stable but have relatively low returns that may not deliver much if any growth after inflation. Risk tolerance is essentially an investor's comfort level with short-term market gyrations. It's a willingness to take risk and is personal, subjective and guided by emotion, experts said. Such a person would have a low risk tolerance.

Persons: Charlie Fitzgerald III, Fitzgerald, Moisand Fitzgerald Tamayo, It's Organizations: Finance Locations: Orlando , Florida

Money market funds, on the other hand — while also generally safe — are a bit riskier, experts said. Investors who prefer money market funds may opt for government money market funds, which carry slightly less risk, Elliott said. YieldMoney market funds tend to pay a slightly higher interest rate relative to high-yield savings accounts, Elliott said. TaxesInterest income for both high-yield savings and money funds is taxed as regular income, experts said. However, some money market funds may carry tax benefits, said Eric Bronnenkant, head of tax at Betterment.

Persons: Kamila Elliott, Elliott, Greg McBride, They've, McBride, Treasurys —, Eric Bronnenkant, Bronnenkant Organizations: Wealth Partners, CNBC, Bankrate, Federal Reserve, Deposit Insurance Corporation, Treasury, Lehman, Federal Reserve Bank of Boston, Investor Protection Corporation, Investors, Data, Federal, Consumers, U.S Locations: Atlanta

☆ 6 things to know about the job market right now: It's 'near-perfect,' economist says
▼ + stars: | 2023-09-01 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

Job growth is slowingThe U.S. economy added 187,000 jobs in August, the Labor Department said Friday. Job growth is clearly losing momentum: The three-month average in August was 150,000 jobs added, versus 201,000 in June, for example, Bunker said. Further, monthly job growth still exceeds U.S. population growth, economists said. Unemployment is up — but not for bad reasonsThe unemployment rate jumped to 3.8% in August from 3.5% in July, the U.S. Labor Department said Friday. There were about 8.8 million openings in July, the fewest since March 2021, according to Labor Department data.

Persons: Mario Tama, Bunker, Julia Pollak, Lat, Aaron Terrazas, Andrew Hunter, Pollak, —, Zandi, Andrew Patterson, Hunter Organizations: Getty, Labor Department, Yellow Corp, U.S . Labor Department, Capital Economics, Workers, Vanguard, White House Council, Economic, CEA Locations: U.S, Hollywood

☆ Student loan interest resumes Sept. 1. What that means for subsidized vs. unsubsidized debt
▼ + stars: | 2023-08-31 | by ( Greg Iacurci | ) www.cnbc.com time to read: +2 min

Srdjanpav | E+ | Getty ImagesHow interest accrues on loansDirect Subsidized Loans are available to undergraduate students who demonstrate a financial need. Unlike that of subsidized loans, interest on unsubsidized loans starts accruing immediately upon disbursement and accrues even during deferments or grace periods, making this debt more expensive. The term Stafford Loan is an informal way of referring to Direct Subsidized Loans and Direct Unsubsidized Loans made via the Direct Loan Program. It also refers to subsidized or unsubsidized Federal Stafford Loans made via the Federal Family Education Loan, or FFEL, program. During that time, interest wasn't accruing on any loans — meaning unsubsidized loans essentially became subsidized debt for some borrowers.

Organizations: U.S . Department of Education, Stafford Loans, Department, Education Department, Program, Federal Stafford Loans, Federal Family Education Locations: disbursement, Stafford

☆ 8 easy — and cheap — ways to cut your carbon emissions
▼ + stars: | 2023-08-30 | by ( Greg Iacurci | ) www.cnbc.com time to read: +7 min

Here are some easy — and inexpensive or no-cost — ways to reduce your carbon footprint today, according to efficiency and environmental experts. As such, the average household saves about $225 in energy costs per year by switching to LED lighting, the Energy Department said. Cut food wasteErlon Silva - Tri Digital | Moment | Getty ImagesThe average American wastes more than 400 pounds of food a year. A washing machine spends 90% of its energy to heat water, for example, the Consumer Federation of America said. Even putting something like a brick in your toilet tank will displace — and therefore save — water.

Persons: Katharine Hayhoe, Keoleian, Jose Luis Pelaez, Hayhoe, Oscar Wong, Tom Werner, Digitalvision Organizations: Nature Conservancy, Texas Tech University, U.S . Department of Energy, Energy Department, Silva, Tri, Environmental, Agency, Consumer Federation of America, Public, Getty Locations: U.S

Consider this: In July, just one car model — the Mitsubishi Mirage — had an average new-vehicle transaction price below $20,000, according to Kelley Blue Book data. The $20,000-or-below barometer is a sort of unofficial price threshold for an affordable new car, said Brian Moody, executive editor for Kelley Blue Book. Five years ago, there were 12 vehicles selling for an average price of more than $100,000. The average new-vehicle purchase price today is about $48,000, up from about $30,000 in 2012, according to Kelley Blue Book. Know your budget — really Most car buyers use monthly payments to conceptualize how expensive a car is.

Persons: Kelley, Brian Moody, Moody, Tom McParland, Paul Waatti, Waatti, Joseph Yoon, they're, Yoon, McParland Organizations: Mitsubishi, Manufacturers, Kia, Hyundai, Nissan, Mitsubishi —, Automatch Consulting, Consumers, Edmunds, Auto, Ferrari, Lamborghini, Royce

Today's "niche" companies and those seen as AI leaders are unlikely to be the biggest winners for long-term investors, said Barry Glassman, a certified financial planner and member of CNBC's Advisor Council. "I've been through this enough to see that the niche players early on may not, in fact, be the long-term plays," Glassman said. Dan Romanoff, senior equity analyst with Morningstar Research Services, echoed that sentiment, saying investors would be hard-pressed to find a good "pure play" AI company in which to invest today. I would ask the question: What company isn't an AI company nowadays? However, it's unclear if such companies will remain among the AI leaders as the technology develops, experts said.

Persons: Jaap Arriens, Barry Glassman, I've, " Glassman, OpenAI, chatbot, Glassman, DocuSign, Dan Romanoff, Romanoff Organizations: Getty, San, Wealth, AOL, Cisco, Morningstar Research Services, Microsoft, Nvidia Locations: San Francisco, Vienna , Virginia, North Bethesda , Maryland

☆ Wells Fargo repays clients $40 million for excessive investment advice fees
▼ + stars: | 2023-08-25 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

Wells Fargo paid back $40 million to almost 11,000 customers who for years were overcharged on fees for investment advice, the Securities and Exchange Commission said Friday. Wells Fargo neither admitted nor denied the allegations, the agency said. However, internal systems failed to account for those reduced advisory fees in some cases, the SEC said. (AG Edwards and Wachovia merged in 2007; Wells Fargo and Wachovia then did so in 2008.) Caroline Szyperski, a spokesperson for Wells Fargo, said the firm is "pleased to resolve this matter."

Persons: Wells Fargo, Wells, There's, — AG, Gurbir Grewal, Caroline Szyperski Organizations: Securities and Exchange Commission, SEC, Finance, —, — AG Edwards, Wachovia —, Edwards, Wachovia Locations: Wells Fargo

☆ 31% of investors are OK with using artificial intelligence as their advisor
▼ + stars: | 2023-08-24 | by ( Greg Iacurci | ) www.cnbc.com time to read: +2 min

Nearly 1 in 3 investors would use artificial intelligence as their financial advisor, a new survey suggests — and that has the potential to lead to flawed advice, experts said. Generative AI uses algorithms to create new content like essays, song lyrics, art, photography and computer code — or, in this case, financial advice. ChatGPT, a program that went viral after being debuted to the public late last year, is one example of generative AI. The algorithms that underpin generative AI compile data from sources like the internet to develop responses, and those data sources may not be reliable. In short, financial advice outputs won't necessarily be 100% trustworthy.

Persons: Kevin Keller, Keller Organizations: Standards, CFP, Finance, McKinsey & Co

☆ Higher interest rates, inflation push Gen Z investors to trade stocks on emotion. That may be bad, experts say
▼ + stars: | 2023-08-23 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

Almost 9 in 10 young investors have actively traded stocks this year due to higher interest rates and inflation, according to a new Bankrate survey. "If younger investors trade in and out of the market, that's almost guaranteed to underperform," said James Royal, a Bankrate analyst who conducted the research. The Federal Reserve started raising interest rates aggressively in March 2022 to rein in persistently high inflation. But higher interest rates also meant better rates on savings accounts, such as high-yield accounts offered by online banks. Eighty-seven percent of Generation Z investors have responded to higher interest rates and inflation by buying or selling stocks, or by withholding additional investment, according to Bankrate.

Persons: James Royal, Royal Organizations: Federal Reserve, Finance

☆ If you found gold coins, meteorites or cash stuffed in a piano, the tax man wants a piece
▼ + stars: | 2023-08-21 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

Consider this a public service announcement for all treasure hunters: Uncle Sam wants a piece of your loot. Someone who makes a valuable discovery — whether gold coins, meteorites or even cash — generally owes tax on that haul, which is known as "found" property. More from Personal Finance:How to leverage 0% capital gains with this lesser-known tax strategyLawmakers weigh tax rule 'backslide' for Venmo, PayPal usersIRS unveils 'paperless processing initiative' for taxpayers"Is there a treasure-hunter exclusion?" The haul would therefore be taxed at ordinary-income tax rates. These tax rates (which also apply to income like job wages) are up to 37%.

Persons: Uncle Sam, Troy Lewis, Lewis, it's Organizations: Brigham Young University ., Finance, Venmo, PayPal, IRS

☆ Are U.S. seniors among the developed world's poorest? It depends on your point of view
▼ + stars: | 2023-08-05 | by ( Greg Iacurci | ) www.cnbc.com time to read: +6 min

Peopleimages | E+ | Getty ImagesIs old-age income poverty too high? Consider this thought exercise: What is a tolerable poverty rate among American seniors? This ranks the U.S. behind 30 other countries in the 38-member bloc, which collectively has an average poverty rate of 13.1%. That old-age income poverty rate has declined by over two-thirds in the past five decades, according to the Congressional Research Service. Researchers seem to agree that a looming Social Security funding shortfall is perhaps the most pressing issue facing U.S. seniors.

Persons: Andrew Reilly, Reilly, Mitchell, David Blanchett, —, Zhe Li, Joseph Dalaker, hurtling, Olivia Mitchell, Blanchett Organizations: Organization for Economic Co, U.S, Employment, Labour, Social Affairs, Social Security, OECD, Security, Census, Congressional Research Service, CRS, Prudential Financial, Social, Insurance Trust Fund, Olivia Mitchell University of Pennsylvania, Pension Research, Social Security Administration Locations: U.S, Mexico, that's, PGIM, American

☆ Consumers may soon get up to $14,000 or more in rebates for making energy-efficient home upgrades — if states sign on
▼ + stars: | 2023-08-04 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

Emilija Manevska | Moment | Getty ImagesConsumers may soon be able to access $14,000 or more of federal rebates for making energy-efficient upgrades to their home. The IRA devotes a total of $8.8 billion for two initiatives: the Home Efficiency Rebates program (which offers up to $8,000) and the Home Electrification and Appliance Rebates program (up to $14,000). However, consumers may be able to pair rebates with certain clean energy tax credits, which are currently available. How the Home Efficiency Rebates program worksIn dollar terms, larger rebates are generally available to the lowest earners. How the Home Electrification and Appliance Rebates program works

Persons: Emilija, Joe Biden, Kara Saul Rinaldi, We've, Jennifer Amann, Amann Organizations: Getty, Energy, AnnDyl, Home Energy, American Council for, Weatherization, U.S . Department of Housing, Urban Locations: Florida

☆ These states are restoring free school meals for all kids, regardless of income
▼ + stars: | 2023-08-03 | by ( Greg Iacurci | ) www.cnbc.com time to read: +2 min

Pandemic offered a 'trial run' for free meals"The pandemic was a trial run and it worked," Crystal FitzSimons, FRAC's director of school and out-of-school time programs, said of the universal free school meals. Inflationary pressures have since pushed up prices in many school districts, which have contended with higher costs for food and labor, said Diane Pratt-Heavner, a spokeswoman for the School Nutrition Association. Since local school districts set their own prices, they can "vary widely" across the country, the School Nutrition Association said. Loss of free meals may lead to hardshipIn 2021, the National School Lunch Program provided 2.2 billion meals, about 99% of which were at a free or reduced price, according to USDA data. Kids from "food-insecure and marginally food-secure" households are more likely to eat school meals, according to the USDA.

Persons: Crystal FitzSimons, FitzSimons, Diane Pratt, Saied Toossi Organizations: Agriculture Department, School Nutrition, School Nutrition Association, USDA, Sdi

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