5 HABITS OF MILLIONAIRES:1. Spend less than they earn2. Invest automatically3. Avoid lifestyle creep4. Stay curious & keep learning5. Think long-term—always ...

Retirement Planning - The article discusses pivoting strategies when retirement plans don't go as expected [1] - It highlights ways to adjust retirement strategies when facing unexpected challenges [1]

Required Minimum Distributions (RMDs) Overview - Individuals generally must take their first RMD by April 1st of the year after turning 73, with subsequent RMDs required by December 31st each year; those born after 1960 have their first RMD at age 75 [1][2][3] - Failure to take the required distribution may result in a 25% tax on the undistributed amount [2] - RMD calculation involves dividing the total balance of tax-deferred retirement accounts (IRA, 401k, 403b) at the end of the previous tax year by the IRS's life expectancy factor for the individual's age [1][3] - Financial institutions typically calculate and inform clients of their RMD amount by the end of December [7] RMD Exceptions and Special Cases - An exception exists for individuals still working at the company sponsoring their 401k plan; they may not need to take RMDs until retirement [9] - Higher investment returns lead to higher RMDs, as the calculation is based on the account's value at the end of the previous year [10][11] - All individual retirement accounts (IRAs) are now viewed as one giant massive IRA for RMD purposes [13] - Aggregate RMDs from all IRAs must be fully satisfied before any distribution from any IRA can be converted into a Roth IRA, otherwise a 6% excess contribution penalty may apply [13][14] Inherited IRAs and the 10-Year Rule - Beneficiaries inheriting an IRA must empty the account within 10 years of the original owner's death [14] - If the original IRA owner died before their Required Beginning Date (RBD), beneficiaries do not have to take RMDs during years 1 through 9 but must empty the account by the end of the 10th year [16] - If the original IRA owner died on or after their RBD, beneficiaries must take an annual stretch distribution during years 1 through 9 and then take out the remaining balance by the end of the 10th year [17] Qualified Charitable Distributions (QCDs) - Individuals can use their RMD to make a qualified charitable distribution (QCD) to a nonprofit organization [18] - The money must go directly from the IRA to the nonprofit to avoid being counted as taxable income [18][19] - There are limits to QCDs, such as up to $100,000 that can be donated [19]

The US government has lifted sanctions that had held up Hungary’s planned expansion of its Paks nuclear plant, Foreign Minister Peter Szijjarto said Sunday https://t.co/HpESqx7m7N ...

It was like a scene out of “White Lotus,” writes columnist Julie Jargon. A group of female friends tried to plan a trip in a group chat. Things went sideways. 🔗 https://t.co/gHe8hCdYBj https://t.co/9uy7aHCW5O ...

Schwab Center for Financial Research managing director of financial planning, Rob Williams, joins Mind Your Money with Brad Smith to share some tax-efficient strategies to maximize your retirement savings. To watch more expert insights and analysis on the latest market action, check out more Mind Your Money here: https://finance.yahoo.com/videos/series/mind-your-money/ #youtube #stocks #retirement About Yahoo Finance: Yahoo Finance provides free stock ticker data, up-to-date news, portfolio management resou ...

AI in Financial Planning: Current Status - Industry experts suggest caution when using AI for personalized financial advice currently [2] - The financial industry sees potential in AI for general financial education, considering it a powerful tool [2] - Internal testing of AI is ongoing, but AI is not currently used for providing financial advice [2] - AI's ability to handle technical details and perform mathematical calculations is improving, but concerns remain [3] - Widespread adoption of AI in financial planning is not yet observed [3] Challenges and Considerations - Prompt engineering is crucial, as many investors may not know the right questions to ask AI [4] - Financial literacy is important for effectively using AI in financial planning; caution is advised otherwise [4]

Well, Federal Reserve officials are split on whether an interest rate cut in July is on the table depending on whether the FOMC holds rates steady or reduces the benchmark rate. What does that outcome mean for your everyday finances. Here to explain and discuss further, we've got Rob Conzo, who is the Wealth Alliance CEO.Rob, good to have you here with us. How does the Fed's benchmark rate affect people's personal finances. Great to be with you, Brad.Um, it's a very misunderstood rate. It's the red the rate ...

RT Tesla Energy (@teslaenergy)Powerwall Virtual Power Plants are actively supporting the US grid- First event of the year in New England to support during the heat wave- Test event planned for California- Preparing to provide needed support in Puerto Rico ...

Core Insights - Nike shares surged 15% after beating fiscal fourth-quarter estimates, indicating positive market reaction to the company's performance [2][5] - The company reported smaller-than-expected declines in revenue and profit, suggesting progress in the turnaround plan led by new CEO Elliott Hill [2][5] - CFO Matt Friend indicated that Nike anticipates up to $1 billion in additional costs due to tariffs, as the company shifts sourcing away from China [3][5] Financial Performance - Nike's revenue and profit fell less than expected year-over-year, reflecting the effectiveness of the ongoing turnaround strategy [2][5] - Analysts from JPMorgan raised their price target for Nike stock to $64 from $56, while the average price target from analysts tracked by Visible Alpha is nearly $77 [4] Market Reaction - The stock's 15% increase was larger than what options traders had anticipated, positioning Nike as a leading gainer in the S&P 500 [5] - Nike's shares are now within 5% of their starting point for the year, indicating a strong recovery trajectory [5]