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☆ Americans say caring for aging parents is more important than saving money to hand down to your children
▼ + stars: | 2023-09-29 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +6 min

Ashley Ray was in the midst of purchasing her "dream car" when she got a troubling call from her mother. Ray's car deal was delayed, so she was able to use the money to help her mom avoid losing the house. She was glad to be able to help her mom, but as she told her Twitter followers, "god loves a joke." It can be stressful to prioritize your own long-term financial needs when other people are relying on you. There can also be a cultural expectation to take care of your parents and other relatives as they age, Miura says.

Persons: Ashley Ray, it's, Ray, Ray's, Danielle Miura, Miura Organizations: CNBC, Pew Research, AARP

☆ Planning a big purchase in 2024? Don't expect your credit card interest rate to drop any time soon
▼ + stars: | 2023-09-26 | by ( Mike Winters | ) www.cnbc.com time to read: +2 min

If you want to finance a big purchase like a car or wedding in 2024, don't expect to get much of a break on interest rates. Instead, focus on paying down high-interest debt, especially credit cards, if you can. Since the Fed started raising interest rates in March 2020, the average interest rate for credit cards has climbed from 16% to nearly 21%, according to Bankrate data. This could include credit cards, but also mortgages, student loans, home equity lines of credit and personal loans. For instance, the monthly payment for a $400,000 mortgage would increase by about $500 if the interest rate were to increase from 5% to 7%.

Persons: Eric Croak, Barry Glassman Organizations: Fed, Federal, Croak, CNBC

☆ Best 5-Year CD Rates
▼ + stars: | 2023-09-25 | by ( Martha C. White | ) www.wsj.com time to read: +7 min

Best 5-year CD ratesA five-year CD is one of the more common CD terms available. Our CD rate picks reflect the best available five-year CD rates we found on DepositAccounts, com, which tracks roughly 275,000 rates at more than 11,000 banks and credit unions. For instance, a five-year CD could represent your long-term horizon in a CD ladder also containing one, two, three and four-year CDs. You expect interest rates to fallThe current interest rate environment is great for savers, but if the U.S. economy slows, the Federal Reserve policy makers are likely to cut interest rates in order to stimulate the additional growth. These accounts’ interest rates are variable, so if prevailing interest rates decline, banks will cut their rates and you will earn less money.

Persons: Martha C, —, ”, Ken Tumin, Dillon Haviland Organizations: Federal Deposit Insurance Corp, Federal Reserve, Fed, TBH Advisors, FDIC, National Credit Union Administration Locations: U.S, Nashville, Tenn

There's nowhere completely safe from the climate crisis, and for many, it's raising housing costs. You can save money and combat the climate crisis with tax credits for clean-energy solutions. This article is part of "Your Wallet on the Climate Crisis," a series exploring the crisis' financial impact and how people can plan. You can save money by switching to a more energy-efficient lifestyle, and there's a good chance you'll also be financially rewarded for it. We're all under the threat of climate change now, and sleeping on it won't solve anything.

Persons: —, LaJan Collins, Fred, LaJan, Christopher Stroup, Stroup, you've Organizations: Service, San, Energy Credit, Financial Locations: Bell Canyon , California, Los Angeles, Santa Monica , California, California

☆ This big-ticket purchase may be a 'grenade in your otherwise well-planned retirement,' advisor warns
▼ + stars: | 2023-09-25 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

Americans are at risk of falling short of what they may need to live on financially in retirement. One potential reason is lifestyle creep, or the tendency to upgrade your lifestyle as you earn more. An upgrade people are often tempted to make – the purchase of a second home – may be particularly risky for long-term planning, financial advisors say. "Those bigger purchases, if not done really deliberately and diligently, can almost end up being almost like a grenade in your otherwise well-planned retirement," said Patrick McGinn, president of Retirement Resources Investment Corp. in Peabody, Massachusetts. Importantly, the return on those liquid investments may far exceed what someone may earn on a second home.

Persons: Patrick McGinn, Stephen Cohn, Cohn Organizations: Retirement Resources Investment Corp, CNBC, Finance, Sage Financial Group Locations: Peabody , Massachusetts, U.S, West Conshohocken , Pennsylvania

Here's everything you need to about the up-and-coming changes for 401(k) catch-up contributions. 401(k) catch-up contributions in 2026: 4 things you should know now1. But starting in 2026, older workers earning over $145,000 annually will no longer be able to deposit catch-up contributions into a traditional 401(k) plan. Rather than collecting the immediate tax benefit of a traditional 401(k) contribution, catch-up contributions will be taxed as Roth contributions. You have until 2026 to prepareThe new 401(k) catch-up rules were originally planned to be set into motion on January 1, 2024.

Persons: You'll, Roth, Roths, Eric Kirste, he's, you'll, It's, we've, Read, Kirste, Robinhood Organizations: Workers, IRS, Employers, Financial

☆ Lock in CD rates of at least 4% for up to five years at these banks
▼ + stars: | 2023-09-22 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +2 min

Higher yields on savings won't last forever, but you can at least lock them in for the next few years. The Federal Reserve indicated Wednesday it would keep interest rates higher for longer, anticipating one more rate hike before the year ends. The developments bode well for income investors , who are seeing even higher yields on Treasurys, money market funds and certificates of deposit . It also raises an interesting conflict for investors : The richest rates are at the shorter end of the yield curve, but investors willing to commit some of their money can lock in higher rates for a couple of years. If you're ready to commit to five years, a handful of banks will pay upward of 4% in yield.

Persons: bode, Jeremy Keil, It's, — CNBC's Michael Bloom Organizations: Federal Reserve, Keil Financial Partners, Treasury, UBS, Frost Bank, Bread Financial

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

☆ How to get an even higher CD rate than you see advertised
▼ + stars: | 2023-09-19 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

Higher yields on certificates of deposit are out there, but you'll have to venture beyond your favorite bank to get them. "There could be as much as a 50-basis point difference going to a brokered CD," he said. Brokered vs. bank offerings With a bank CD, the investor goes directly to the institution to buy the instrument. For instance, brokered CDs purchased via Vanguard begin at 1 to 3 months and go out beyond 10 years. The value of the CD will fluctuate with interest rates, with the price declining as yields run higher.

Persons: Malcolm Ethridge, Greg McBride, McBride, Ethridge, Michael Bloom Organizations: Wealth, Vanguard, Bankrate.com . Bank, Federal Deposit Insurance Corp Locations: Rockville , Maryland

☆ It Took Quitting My Job to Finally Pay for Tax Help. It’s Totally Worth It
▼ + stars: | 2023-09-18 | by ( Tanza Loudenback | ) www.wsj.com time to read: +5 min

So the 90 minutes or so I spent gathering all of my paperwork and answering tedious questions about my income and deductions felt like a net gain. I would be responsible for meticulously tracking my income and expenses, as well as for making estimated quarterly tax payments. The questions felt more nuanced and crunching the numbers for estimated tax payments was more complicated than I anticipated. I was able to write off over $14,000 worth of business expenses thanks to the deductions the CPA uncovered. Aside from sharing my 1099s and a list of business expenses, and meeting with my accountant virtually for an hour during tax season, I was hands-off.

Persons: Loudenback, prepped, —, I’m, knowledgeably Organizations: CPA

☆ Most Americans aren't interested in AI tools like ChatGPT for money advice—why that's probably a good thing
▼ + stars: | 2023-09-15 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

Nearly 60% of Americans say they're not interested at all in using AI tools to help them manage their money, according to a new CNBC Your Money survey conducted by Survey Monkey. In fact, only about 4% say they've already used AI to help them with their finances. Americans are using artificially intelligent chatbots like ChatGPT to boost their resumes and accelerate their side hustles , but it doesn't look like they're turning to the tool for financial advice. Publicly traded companies publish quarterly earning reports, which can be a good source of information about the financial health of a company. Also, OpenAI warns users that ChatGPT may write "plausible-sounding but incorrect or nonsensical answers" and the tool isn't intended to give advice.

Persons: they're, Douglas Boneparth, it's, OpenAI, Warren Buffett Organizations: CNBC, Survey, Publicly Locations: U.S

☆ 'My wife and I have almost entirely separate finances,' says CFP—'it really helps us to have less conflict'
▼ + stars: | 2023-09-15 | by ( Ryan Ermey | ) www.cnbc.com time to read: +6 min

That's why a recent tweet from Ian Weiner, a certified financial planner and owner of Bespoke Wealth Solutions, stands out. In response to another user who said, "Don't marry someone you wouldn't share a credit card with," Weiner posted, "My wife and I have almost entirely separate finances, AMA." CNBC Make It caught up with Weiner to ask about how he and his wife, Jes — a muralist based in Bentonville, Arkansas — divvy things up. CNBC Make It: You seem to be bucking the trend a little bit by keeping everything separate. She doesn't disregard the future, but I think she would say that, that's not that's not guaranteed, that's not promised.

Persons: Ian Weiner, Weiner, Jes, she's, We've, it's, It's, We're, we've, that's, She's Organizations: CNBC Locations: Bentonville , Arkansas

☆ All smoke and no FIRE: Early retirees open up about the struggles of ditching their paychecks in exchange for freedom and the new ways they're generating extra income
▼ + stars: | 2023-09-13 | by ( Laila Maidan | Kathleen Elkins | ) www.businessinsider.com time to read: +14 min

Members pose questions from how to save and invest to how to raise a family while on the path to early retirement. Early retirement doesn't mean never working againBut the FIRE movement can be more smoke than fire. Think about what's important to you and what you want your lifestyle in early retirement to look like, Cheng said. One message he shares with his community is that early retirement may not be the ultimate finish line for everyone. He also started coaching high school tennis and grew his online blog that offers tips on early retirement.

Persons: Rachel Covert, Isaac Mizrahi, Covert, That's, subreddit, Gwendolyn Merz, Merz, She'd, Marguerita Cheng, Cheng, It's, Michael Quan, Quan, Winnie Jiang, Sam Dogen, Dogen, Sam Dogen Dogen, Shan Fu, Fu, I'm Organizations: Financial Independence, Social Security, Lean FIRE, FIRE, Fortune, Bureau of Labor Statistics, Credit Suisse, Millennials Locations: NerdWallet, New York City, Mexico, Portugal, Asia

☆ IRS: Meet this Sept. 15 deadline to 'avoid a surprise at tax time'
▼ + stars: | 2023-09-11 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Sept. 15 is fast approaching — and if you're not withholding taxes from your income, it's time to send a payment to the IRS. Many employers withhold taxes from every paycheck, but freelancers, self-employed workers, small business owners, investors and others pay on their own via quarterly estimated tax payments. Typically, you must make quarterly estimated payments if you're expecting an annual tax liability of $1,000 or more. Last week, the IRS reminded filers that these payments can help "avoid a surprise at tax time." It's important to calculate tax payments accurately, pay on time and to consider meeting the "safe harbor" rule to avoid underpayment penalties, Lovison said.

Persons: filers, homebuyers, Sean Lovison, Lovison Organizations: IRS, Finance, WJL Financial Locations: Philadelphia

☆ 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

☆ High interest rates make it possible to earn 'real money' on cash now, expert says
▼ + stars: | 2023-09-10 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

Just 1 in 5 savers have competitive interest rates of 3% or better on their cash, a Bankrate survey from earlier this year found. Here are several mistakes with cash that financial advisors say investors should try to avoid. For savers who are keeping large balances in accounts providing low interest rates, Harrington said he tries to explain to them that they are losing spending power over time. If you have a financial advisor, you should be talking to them about all of your cash savings, according to Lane at Flourish. While financial advisors tend to believe they manage all of their clients' money, no financial advisor truly does, Lane said.

Persons: Xavier Lorenzo, —, Gary Zimmerman, Max Lane, Lane, Tim Harrington, Harrington, they'll, Cash Organizations: MaxMyInterest, Longview Financial Advisors Locations: Longview, San Rafael , California

☆ Why Some Ex-Workers at Bed Bath & Beyond Face 401(k) Losses
▼ + stars: | 2023-09-09 | by ( Ann Carrns | ) www.nytimes.com time to read: +1 min

Federal law generally protects savings in workers’ retirement plans when a company files for bankruptcy protection or goes out of business. Yet there may still be situations when employees lose money, as some former workers at Bed Bath & Beyond have discovered. Bed Bath & Beyond, a home furnishings retailer, filed for bankruptcy protection in April and has been closing up shop and selling off assets. Some former workers, who had invested in a “guaranteed interest account” that they believed was low risk, saw losses of about 10 percent related to the plan’s termination. One saver shared a financial statement showing he had lost about $10,000 in his guaranteed interest account, while another said he had lost more than $2,000.

Persons: ”, Cheryl Costa Organizations: Bed Locations: Framingham, Mass

☆ This year’s hot yields could be 2024’s tax hit. Here’s how to prepare
▼ + stars: | 2023-09-08 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

The Crane 100 Money Fund Index has an annualized 7-day current yield of 5.16% as of Thursday. This way, you're deferring the tax hit on the income until you begin to draw down from the account. To that effect, some money market funds invest in municipal bonds and thus produce tax-exempt income. Investors in high-tax locales may be especially interested in state-specific tax-exempt money market funds. The Fidelity New York Municipal Money Market Fund (FAWXX) carries an expense ratio of 0.42%, and it has a 7-day yield of 3.34%.

Persons: US3M, Tim Steffen, Baird, you've, Jerrod Pearce, Pearce, Steffen Organizations: Internal Revenue Service, Creative Planning, Vanguard, Money Market Fund, SEC, Fidelity New York Municipal Money Market Fund Locations: Vanguard California

☆ 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

☆ Joe Jonas and Sophie Turner's prenup isn't just for celebrities—why you might want one too
▼ + stars: | 2023-09-08 | by ( Mike Winters | ) www.cnbc.com time to read: +2 min

With singer Joe Jonas and actor Sophie Turner announcing an "amicable" divorce Wednesday, an apparent prenuptial agreement will ensure that they won't have to fight over how to split their wealth. "I would absolutely advise having an attorney draw up an ironclad prenuptial agreement," says Crystal Cox, a certified financial planner in Wisconsin. "I always say you have a prenuptial agreement one way or another, the only difference is whether you decide the terms or if you let the state decide." How prenups workA prenuptial agreement is a legally binding contract made between two people before they get married. There are all sorts of reasons to sign a prenuptial agreement even if you aren't rich, says Scott Bishop, a CFP in Houston.

Persons: Joe Jonas, Sophie Turner, Kevin Costner, Tom Brady, Gisele Bündchen —, Crystal Cox, Jacqueline Newman, Scott Bishop, Sara Stolberg Berkowicz, Newman Locations: Wisconsin, New York, Houston, Illinois

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

☆ The SAVE plan is touted as the most affordable student loan repayment option—how to know if it's right for you
▼ + stars: | 2023-08-31 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +5 min

The Biden administration has touted the new Saving on a Valuable Education repayment plan as the "most affordable repayment plan ever," boasting that it can cut federal student loan borrowers' payments in half and save them thousands of dollars a year. But the SAVE plan may not be the best option for you. Depending on your repayment goals and income, you might be better off sticking to the standard repayment plan or another income-driven plan. Here's a look at the factors to consider before you apply for the SAVE repayment plan. Cons of the SAVE repayment plan

Persons: Biden, you've, Lauryn Williams, who's, Williams, they've Organizations: of Education, Federal, CNBC

☆ 'I was financially healthy and emotionally bankrupt,' says Harvard MBA: How 'joy-based spending' helped her feel rich and happy
▼ + stars: | 2023-08-30 | by ( Aditi Shrikant | ) www.cnbc.com time to read: +1 min

Despite being financially well-off, many Americans feel they don't have enough money. One in four people who earn at least $175,000 a year describe themselves as either "very poor," "poor," or "getting by but things are tight," according to a recent Bloomberg survey of 1,000 Americans. This incongruence between salary and happiness might be the product of spending money on all the wrong things, says Manisha Thakor, author of the recently released book "MoneyZen: The Secret to Finding Your 'Enough.'" "I was financially healthy and emotionally bankrupt," she says. There are three tools, which she describes in her book, that have helped her embrace what she calls "joy-based spending."

Persons: Manisha Thakor, Aston Organizations: Bloomberg, Bugatti Locations: Aston Martin

That's because the Federal Reserve has been hiking interest rates since March 2022 in an effort to cool inflation. So the question remains: When will we finally see interest rates start to come down? CNBC Select asked three experts to give their take on what lies ahead for interest rates. What we'll coverWhen will interest rates come back down? Existing loans with a variable rate may also start charging less interest as the Fed lowers interest rates.

Persons: Amy Hubble, hasn't, Preston Caldwell, Caldwell, Hubble, Elliot Eisenberg, you'll, it's Organizations: Federal Reserve, CNBC, Federal, Market, Morningstar Research Services, Ally Bank, Navy Federal Credit Union, Jumbo, Navy Federal Credit, PNC Bank, PNC Bank Mortgage, Savings, Axos Bank, FDIC, CNBC Select's, Facebook, Twitter Locations: U.S

☆ 44% of savers in their 20s and 30s want to retire by 60, but few are on track—see how you stack up
▼ + stars: | 2023-08-28 | by ( Ryan Ermey | ) www.cnbc.com time to read: +5 min

Some 44% of retirement savers in their 20s and 30s say they want to retire by 60, according to a recent survey from the World Economic Forum. Some investors have multiple 401(k) accounts from multiple jobs, and others are saving in other types of accounts, such as individual retirement accounts or regular brokerage accounts. Still, there's no doubt that many younger Americans currently aren't on track to retire at the current full retirement age of 67, let alone at 60. Here's how financial pros say you can calculate whether or not you'll be able to retire when — and how — you want. Then assume a withdrawal rate — what you're going to take out every year while, hopefully, your investments continue to grow.

Persons: you've, you'd, Russell Gaiser, Christine Benz, Critics Organizations: Taco Bell, Economic, CNBC, Fidelity, Morningstar, Benz

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