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Dec252020 by adminNo Comments

Retirement savings on track? How to make sure you’re prepared for other goals, too

Finance

nd3000 | iStock | Getty ImagesStart young. Look away from your 401(k) when the market freaks out. Don't sell.A lot of the investment advice you hear probably has to do with saving for retirement. Yet many people need to use the market's returns to achieve other goals, too.Often it also makes sense to invest for objectives like a down payment on a house, starting a business or sending a child to college, among other milestones that can arise long before you go gray or consider leaving work for good."Life is so much more than retirement," said certified financial planner Peter Creedon, CEO of Crystal Brook Advisors in Mount Sinai, New York.It can be intimidating and confusing to juggle multiple goals with different timelines. CNBC spoke with financial advisors about how to best do so.First, ...

Nov242020 by adminNo Comments

Yes, you can get unemployment benefits if you’re laid off again. Here’s what you need know

Finance

A store displays a sign before closing down permanently in Arlington, Virginia.OLIVIER DOULIERY/AFP via Getty ImagesState and local officials have begun closing some businesses to counter a new surge in coronavirus infections, potentially putting Americans out of work for the second time since the spring.Delaware and Nevada are among the states where officials are re-imposing some restrictions on non-essential businesses. Rules have also tightened recently in California, Illinois and Virginia.Meanwhile, other regions may not be far behind.The U.S. continues to notch record Covid-19 infections, with the national seven-day average of daily new cases hitting 170,855 on Sunday, according to a CNBC analysis of Johns Hopkins University data.Zoom In IconArrows pointing outwardsBut there's a silve...

Nov62020 by adminNo Comments

You’re running out of time to use these tax-advantaged funds

Finance

Peathegee Inc | Tetra images | Getty ImagesYou have just a few weeks to tap the money you've been saving for medical needs — or risk losing it.Health-care flexible spending accounts, which your employer may offer, allow you to store pretax dollars in a special account. In 2020 and 2021, you can contribute up to $ 2,750.These funds are free of tax and you can take tax-free distributions, provided the money is for qualified medical expenses, including dental care, acupuncture and prescription eyeglasses.Of course, nothing good lasts forever.While you can tap the money as early as Jan. 1, you generally have until the end of the year to use the funds or else you forfeit your remaining balance.More from Smart Tax Planning:Voters chose to legalize and tax recreational pot in these 4 statesThis ...

May262020 by adminNo Comments

If you’re making more on unemployment than working it may mean less help with health insurance premiums — and a tax bill

Finance

Medical workers transport a patient outside a special Covid-19 area at Maimonides Medical Center in Brooklyn, New York, on May 17.Johannes Eisele | Getty ImagesIf you're collecting more on unemployment than what you earned while working, it could affect how much you pay for health insurance.For households that bought coverage through one of the health exchanges and get advance tax credits to reduce thier premiums, those federal subsidies are based on the annual income you estimated when you chose your plan. And if that amount gets pushed higher unexpectedly, you could face a tax bill next spring when you file your 2020 return."If their income is a lot more than they estimated, they'll have to pay back some or all of the subsidies," said Karen Pollitz, a senior fellow with the Kaiser Family...

Mar62020 by adminNo Comments

As the market falls, make sure you’re not taking too much risk

Finance

No pain, no gain ... no risk, no reward.As with most platitudes, you've likely heard those lines so many times that by now they've lost their meaning. Most of us understand that to amass enough savings to buy a first home, send a child to college or retire before 70, we have to surrender some of our money to the stock market. A harder thing to gauge, however, is how much pain and how much risk we must endure in the process. Some recent market discomfort has been unavoidable. Businessman with briefcase walking on forex chart on a blue sky background. Business and financial success concept.peshkovStocks suffered their worst week since 2008 last month, with most companies in the S&P 500 shedding 10% or more of their value, as the world grapples with the ...