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That raise you got might complicate saving for retirement, but advisors have workarounds

Finance
Supoj Buranaprapapong | Getty ImagesIt's always nice getting a raise, but it could affect your ability to save for retirement through your 401(k) plan.Highly compensated employees — those making more than $ 130,000 annually — may not be able to contribute the maximum to their tax-deferred retirement plan if their lower-paid colleagues aren't diligently socking funds away, too.The 2020 and 2021 limits for deductible contributions to a 401(k) plan are $ 19,500, or $ 26,000 including a $ 6,500 optional catch-up contribution for people over age 50.Highly compensated employees, however, may not be able to contribute those maximum amounts. HCEs are defined as anyone who makes more than the $ 130,000 income threshold or who — along with their spouse and/or family members — owns more than 5% ...
Third US vaccine could raise question: Which shots are best?

Third US vaccine could raise question: Which shots are best?

Health
WASHINGTON -- U.S. health advisers endorsed a one-dose COVID-19 vaccine from Johnson & Johnson on Friday, putting the nation on the cusp of adding an easier-to-use option to fight the pandemic.The Food and Drug Administration is expected to quickly follow the recommendation and make J&J’s shot the third vaccine authorized for emergency use in the U.S. Vaccinations are picking up speed, but new supplies are urgently needed to stay ahead of a mutating virus that has killed more than 500,000 Americans.After daylong discussions, the FDA panelists voted unanimously that the benefits of the vaccine outweighed the risks for adults. If the FDA agrees, shipments of a few million doses could begin as early as Monday.More than 47 million people in the U.S., or 14% of the population, ...

Alibaba looking to raise up to $5 billion in U.S. dollar bond issuance after earnings beat

Finance
Signage for Alibaba Group Holding Ltd. covers the front facade of the New York Stock Exchange November 11, 2015.Brendan McDermid | ReutersGUANGZHOU, China — Alibaba is looking to raise up to $ 5 billion via U.S. dollar-denominated bonds, a person familiar with the matter told CNBC.The Chinese e-commerce giant announced the bond offering on Tuesday, in a statement with very few details. Alibaba plans to sell several tranches of bonds with different maturities up to 40 years, the person said.Alibaba's bond offering comes after it reported December quarter earnings that beat expectations and in which it reported its cloud computing division turned profitable for the first time.The debt issuance will be a test of investor appetite for Alibaba. The company is facing an anti-monopoly probe and ...
Cuomo proposal would raise top tax rate for New York City to 14.7%, highest combined rate in nation

Cuomo proposal would raise top tax rate for New York City to 14.7%, highest combined rate in nation

Finance
Lev Radin/Pacific Press/LightRocket via Getty ImagesNew York Gov. Andrew Cuomo proposed raising taxes on the wealthy to a combined level of 14.7%, which would be the highest state-and-local tax rate in the nation.The tax increase would raise $ 1.5 billion for the state, Cuomo said Tuesday in an address unveiling his 2022 budget proposal.More from Personal Finance:IRS may have paid $ 57 million in error for Trump tax breakTeachers are next in line for the Covid vaccineStates have tried seizing unemployment benefits during the pandemicThe move would be part of a three-pronged approach — raising revenue, cutting expenses and borrowing — to cover the state's historic budget shortfall due to Covid-19, Cuomo said."New York cannot manage a $ 15 billion deficit," according to Cuomo, who said th...
Anthony Joshua knocks out Kubrat Pulev to raise hope of Tyson Fury bout

Anthony Joshua knocks out Kubrat Pulev to raise hope of Tyson Fury bout

Sports
Unified world heavyweight champion Anthony Joshua mixed power and patience as he knocked out Kubrat Pulev to raise hopes that a historic fight against Tyson Fury could soon be a reality.The Briton smashed home a hard right hand in round three that forced his mandatory challenger to face a count and then sent him to the canvas with an uppercut seconds later.Joshua, perhaps fatigued by the chaos, stepped off the gas and allowed Pulev to at least offer some mild threat, but a barrage of uppercuts in the ninth dropped the Bulgarian and a straight right hand wiped him out.Moments after this fine blend of poise and heavy punching, the 1,000 fans granted access to Wembley Arena roared at the prospect of the IBF, WBA and WBO champion facing WBC title-holder Fury next."Whoever has the belts I want ...