It’s been estimated that there are about 15 million such accounts left behind by former employees, mainly because of either inertia or confusion over strict rules for moving the money. And since the IRS doesn’t allow procrastinating on a key decision — if you withdraw even a dime, you’ve got just 60 days to reallocate into a different tax-advantaged account — here’s a rundown of your options to avoid what could be a costly mistake:
(NewsUSA) – Just started a new job with an employer who thinks you’re as visionary as Steve Jobs? Or maybe you’re between gigs and “exploring other opportunities.” Either way, you need to decide what to do with your old 401(k).
It’s been estimated that there are about 15 million such accounts left behind by former employees, mainly because of either inertia or plain confusion over strict rules for moving the money. And since the IRS doesn’t allow procrastinating on a key decision — if you withdraw even a dime, you’ve got just 60 days to reallocate into a different tax-advantaged account — here’s a rundown of your options to avoid what could be a costly mistake:
* Option No. 1: Cash Out
Unless you’re in dire financial straits and really, really need the bucks to live off, the consensus is this is a bad idea.
“Cashing out comes with an immediate price, both in terms of giving up potential future gains in your portfolio and in the IRS taxes the company handling your 401(k) for your former employer is legally obliged to withhold,” explains Nupur Bahal, vice president for retirement at Fidelity Investments. “That’s money you won’t have for retirement.”
Yes, the government must have its cut. Specifically, 20 percent in federal income taxes, 10 percent in an “early-withdrawal penalty” for those under age 59?, and — wait, we’re not done yet — whatever additional percentage your individual state may or may not assess.
Translating that into real money, Fidelity’s website (fidelity.com) uses the hypothetical example of a 36-year-old who decides to cash out the $16,000 balance in her account. After deducting just the federal taxes and penalties, she’d be left with only $11,200.
Feel free to imagine how much you’d be out if your account is fatter.
* Option No. 2: Move the Money to Your New Employer’s Plan
Doing what’s called a “rollover” is an easy way to keep your 401(k) savings together and growing tax-deferred.
But bear in mind: Investment options vary from plan to plan — as do fees. (And not all employers even accept rollovers.)
Which means you might want to do some comparison shopping before committing.
* Option No. 3: Move the Money Into an IRA
As with the previous rollover, you get to avoid the tax bite of cashing out. The difference here, though -; and these could be major plusses — is that not only do IRAs offer more investment choices than the typical 401(k), but you’re also able to make penalty-free withdrawals for qualified education expenses or up to $10,000 for a first-time home purchase.
“Especially if you already have other, non-401(k) accounts elsewhere, it may be simpler and more effective to consolidate everything under one roof,” says Bahal.
* Option No. 4: Leave It With Your Ex-Employer
Penalty-free withdrawals are allowed for those who leave their jobs at age 55 or older — as opposed to 59? for IRAs — and unique investment options might warrant just letting things ride. But some people forget the account exists with the passage of time — no, really — and further contributions are verboten.
Whatever you decide, remember the clock is definitely ticking for you to contact your old 401(k) administrator should you choose to withdraw even that one dime.
(NewsUSA) – University students around the world can test their trading skills in CME Group’s 14th Annual Trading Challenge next month — and could walk away with $1,500 in prize money and a trip to Chicago.
CME Group, the world’s leading and most diverse derivatives exchange hosts its complimentary, electronic trading competition each year in order to help educate the next generation of global finance professionals. Last year, nearly 500 teams from 200 universities represented 30 countries in the competition. Nanyang Polytechnic from Singapore was the winner in 2016 and Ozyegin University from Turkey prevailed in 2015.
During the competition, teams of undergraduate and graduate students learn hands-on techniques for trading up to 10 different CME Group derivatives products from multiple asset classes on a real-time professional trading platform. Live data and news is also provided to the students free of charge.
Each member of the first-place team receives a cash prize of $1,500, as well as a trip to Chicago for the company’s day of market education. Cash prizes are also awarded down to the fifth-place team, with the top 10 percent of teams also invited to Chicago.
Registration for the competition is now open and will remain open until Tuesday, February 7, at 5 p.m. CST.
For more information, visit cmegroup.com/tradingchallenge.
Students can also try their hand at trading year-round by using the CME Group’s Futures Fundamentals site, an innovative resource that explains the role of futures markets in everyday life.
(NewsUSA) – Economics comes to life for students in a new, compelling, three-part mini-documentary series by Discovery Digital Networks’ Seeker, and partnered with CME Group, the world’s leading and most diverse derivatives marketplace.
Seeker is a digital network dedicated to the spirit of adventure and the pursuit of wonder. Each episode of the three-part series –appropriate for students in grades 6-12 — enlivens economic topics by transporting viewers across the globe and showcasing people overcoming challenges that pertain to agriculture, finance and energy.
The five-minute video episodes are:
* How Algae Could Change the Fossil Fuel Industry: Students meet a CEO of the company developing new techniques to convert algae into energy. They learn about the challenges associated with bringing new and innovative technologies to market and reaching a sufficient scale to make the solutions viable.
* Why the U.S. Needs a New Generation of Farmers: Viewers meet the owner of a farm who is fulfilling her dream of responsibly providing meat for members of her community. Students learn about the challenges associated with food production, including the trend that few young people are choosing to farm.
* Owning a Restaurant Under the Cuban Embargo: Students hear from a restaurant owner operating in Cuba, a country that historically has been a command economy in which production, prices, incomes and investment are centrally determined by the government. With market reforms occurring and relations with the United States improving, new opportunities have arisen for people to start businesses.
“These thought-provoking videos, offered alongside an engaging classroom activity, reinforce fundamental economic concepts in real-world contexts — food, fuel, and finance,” says Anita Liskey, CME Group Managing Director, Corporate Marketing & Communications.
CME Group is proud to partner with Discovery Education, the leader in standards-based digital content and professional development for K-12. It transforms teaching and learning with award-winning digital textbooks, multimedia content, professional development and assessment tools. It serves 4.5 million educators and more than 50 million students in more than 50 countries.
(NewsUSA) – Es imposible ignorar las caras pintadas, las vestimentas tradicionales y las deliciosas recetas típicas del Día de los Muertos. Considerada una de las tradiciones hispanas más importantes, la celebración del Día de los Muertos se lleva a cabo durante varios días y se puede alargar aún más tiempo cuando se crean altares y se preparan recetas tradicionales. Bien ya estés preparando un plato típico para un altar, decorando tu hogar o cambiando tu look, en JCPenney hemos reunido artículos básicos y asequibles para pasar este Día de los Muertos.
La comida es parte importante del Día de los Muertos y el “Pan de Muerto” es la receta estrella de esta fiesta. Dale forma a la masa para que se parezca a las tradicionales calaveras y huesos. Simplemente coloca la masa en una bandeja de porcelana Tramontina y prepárate para disfrutar de esta deliciosa receta. Para el postre, endulza la velada con “Calabazas en Techa”. Saltea calabazas y especias en una sartén de cerámica antiadherente Fiesta y deleita el paladar de tus familiares y amigos. A continuación déjalo reposar en un juego de recipientes para comida Pyrex para que los sabores se mezclen durante la noche. Sirve ambas comidas en los mismos platos para ahorrarte tiempo a la hora de limpiarlos.
Dale vida a su hogar
Haz que tus huéspedes se sientan cómodos. Coloca una alfombra con calaveras Mohawk Home Sugar Trio para que los invitados se emocionen apenas lleguen. Adorna tu salón con unos cojines con forma de calavera JCPenney Home Sugar y haz que tus invitados se sientan como en casa. En la cocina, las tazas con forma de calavera Cathy’s Concepts His & Hers son perfectas para un “champurrado” o un “té de Jamaica” caliente. Finalmente, añade un toque de iluminación colocando luces y velas por toda la casa para obtener un brillo especial.
Consigue la apariencia de las Calaveras
El símbolo más familiar del Día de los Muertos es la calavera Catrina, diosa de esta fiesta. Vístete para la ocasión con un reloj con diseño de calaveras y tira de cuero Olivia o un vestido sin mangas Bisou Bisou. Acompáñalo con cintas y bandas de flores para la cabeza Carole para conseguir un look perfecto. Los hombres pueden utilizar los gemelos multicolores con calaveras Day of the Dead para celebrar esta festividad de una manera sutil.
Aunque el Día de los Muertos honra a los seres queridos que ya no están con nosotros, también se trata de una ocasión para celebrar la vida y sus momentos especiales. Añadiendo toques modernos a la tradicional celebración del Día de los Muertos, se puede crear una ocasión inolvidable de forma rápida y fácil.
Para más información, visite www.jcpenney.com.
(NewsUSA) – Sponsored News – Even though they’re young, members of Generation Z have experienced the effects of a recession, so it’s no surprise they are prone to saving money for a rainy day. Yet one illness or injury that leads to an emergency room visit or inpatient care can result in medical bills that even a savings-conscious person didn’t anticipate. To help protect a starter salary or the money that Gen Zers have worked so hard to save for the future, young people should be educated about why voluntary health care coverage isn’t just for older generations. It’s lifestyle protection for everyone. Learn more at aflac.com.
Do you wonder if your kids will have your back when you’re older? Apparently the answer is a surprising yes.
That’s the good news in a conversation many people are having these days — around aging parents — that comes courtesy of the third biennial “Fidelity Investments Family & Finance Study.” Less heartening is that nearly 4 in 10 families seem to be suffering from what can only be described as — hats off to “Cool Hand Luke” for this — a failure to communicate.
Let’s start by paying homage to at least certain offspring and giving them their due credit:
(NewsUSA) – Sponsored News – According to the Galen Institute, as of January, more than 70 significant changes have been made to the Affordable Care Act (ACA) since April 2010. These changes range from small clarifications to major shifts. One change that continues to prompt questions from employers and benefits professionals is the pending Cadillac tax, a 40 percent excise tax on high-cost health benefit plans provided by businesses.
Aflac wants to provide a few facts to keep in mind to ensure that you are armed with accurate information about the Cadillac tax and to help guide you through decisions regarding future benefit offerings.
* The Cadillac tax has been delayed until 2020: Originally slated to be effective in 2018, the Cadillac tax will now be effective in 2020. This means that employers do not need to make any changes to their benefits offerings in anticipation of the tax because it is several years away and regulations may evolve.
* Voluntary insurance products do not count towards the Cadillac tax calculation: Voluntary insurance products are defined as “excepted benefits,” which are excluded from most of the ACA’s market reforms. This means that if companies offer supplemental life, dental or accident policies, you are safeguarded against any taxes being imposed.
* Employees are not responsible for paying the tax: Because the tax is based on an employee’s total benefits package, employers are currently responsible for calculating the tax and reporting each benefits administrator’s portion of the tax to the IRS.
Although 2020 may seem far off, now’s the time to become educated about future healthcare coverage options in order to be armed with the knowledge of making good benefits decisions. For more information about the Affordable Care Act and the Cadillac tax, visit aflac.com.
(NewsUSA) – Sponsored News – What is it about families and reality TV that have us tuning in on a regular basis? Is it watching a family dynamic unfold? Is it the drama? Whatever it is, UP TV’s “Bringing Up Bates” has families hooked.
The series stars the Tennessee-based Bates Family, Gil and Kelly Jo, and their 19 children. Over the course of four seasons, viewers have watched the Bates family experience the joys of marriage proposals to health scares to baby showers, as this ever-growing family continues to navigate life’s triumphs and challenges.
Matriarch Kelly Jo has brought up the Bateses a certain way, but viewers have followed Erin Paine, Whitney Bates and Alyssa Webster in their journey through motherhood as they navigate their own way of parenting. In the final episodes this season, fans will see the much-anticipated arrivals of the two newest Bates grandbabies. For Erin, who has a new lullaby piano album coming out soon, growing up in a large family as one of the older children helped her to learn responsibility at an early age. This, she says, has translated to her everyday life.
“Having a little one that comes running to you for comfort, love, and affection, in addition to giving it, is a priceless treasure,” she says.
Whitney Bates, youngest of the three new moms, admits that as a young mother, she has a lot to learn, but relishes the time she gets to spend with Bradley and Kaci Lynn.
“Being a mother to me means investing in my children’s lives and getting to love them more than you ever imagined was even possible.” For an only child, marrying into a family of 19 can be a bit of a culture shock, but Whitney says at the end of the day, watching the Bates’ interact with one another helped prepare her for motherhood.
“When little problems, loud noises, inconveniences or arguments come up, they [the Bates] learned to work through them,” she says.
As for Alyssa, motherhood, she says, has definitely taken her by surprise.
“I don’t think anyone can ever fully prepare themselves for it [motherhood], but growing up with so many younger siblings was like taking a beginner course on parenting times 10!”
Currently expecting her second child, Alyssa says she hopes to raise a generation that has “character and shows kindness to others,” while accepting the inherent challenges that come with being a parent.
“Motherhood is one of the greatest blessings I have ever experienced,” she says, “but it requires a lot of dedication and patience.”
“Bringing Up Bates” airs Thursdays at 9 pm ET on the family-focused network, UP TV.
For more information, please visit www.uptv.com.
(NewsUSA) – When it comes to telecommunications, experts agree that Africa is the new “it” continent for growth. If you’re a little rusty on exactly what telecom means, it translates to big bucks for companies like Belgium-based Artilium PLC, which provide software solutions for data and wireless companies that want to help Africa get better connected.
“International investors from the enterprise cloud, hosting and data center spaces, are targeting the African fixed infrastructure market and will compete with mobile tower infrastructure providers in the coming years,” predicted one telecom banker, who was attending a finance and investment conference in London this month. “Major players are all battling to provide the best network coverage in Africa and challenge mobile operators by investing in terrestrial fiber.”
To expand into Africa, Artilium has partnered with Alexandria, Virginia-based Tritente Global Energy to launch Artilium-Africa. Tritente has chosen NEAH Power to supply their backup-power, energy needs.
What Each Company Brings to the Table
“Tritente is the perfect platform for Artilium to expand into Africa, which is the early stages of the data and telecom revolution,” said Bart Weijermars, chief executive officer of Artilium. “Tritente is leading $6 billion of projects in renewable energy and power transmission in sub-Saharan Africa. They can open avenues in dozens of the 52 African countries.”
State-of-the-art technology requires 24/7 clean power, regardless of whether the grid is supplying power. African grid power is not like it is in Europe or the US. NEAH’s batteries are targeted to supply backup power to Artilium-Africa’s microdata centers and Tritente’s renewable energy projects in more than 20 countries over the next few years. NEAH may generate in excess of $20 million in revenues from this partnership.
The significance of this joint venture is that NEAH’s PowerChip batteries offer six times more power than traditional batteries. In addition, with this new technology, NEAH says jobs will be created in the U.S., while at the same time, providing a better quality of life in Africa.
“We chose NEAH because their next-generation energy storage system is powerful, cost effective and compatible with Tritente’s $6 billion plan to deploy renewable energy in Africa and to bring the Artilium-Africa solution to every African mobile operation, educational institution, government entities and every cell phone holder,” said Paul Delkaso, chief executive officer of Tritente and managing partner of Artilium-Africa.
Analysts closely watching the explosion of the telecom industry in Africa agree.
“It’s a really vibrant time for investment into African broadband infrastructure,” said one senior adviser attending the event. “Numerous international internet backbone projects are springing up, connecting the African continent.”
For more information, visit neahpower.com or contact the company at firstname.lastname@example.org. Tritente can be reached at Delkaso@tspmgroup.com.