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Restrictive retirement rules for the rich edge closer as House passes $1.75 trillion Biden plan

U.S. Speaker of the House Nancy Pelosi (D-CA) speaks during a news conference following the passage of the Build Back Better Act, in the U.S. Capitol, in Washington, November 19, 2021.Al Drago | ReutersThe House of Representatives passed legislation Friday that would curb how wealthy Americans use retirement plans.The

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43% of adults say they have financially cheated on their partner

Have you always been financially faithful in your relationships?If the answer is no, you're not alone.Some 43% of adults with combined finances in a relationship said they've committed an act of financial deception, according to a poll from the National Endowment for Financial Education.Financial deception ranges from lying to

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Retirees are ‘unretiring’ — and that’s good for the labor market

MoMo Productions | DigitalVision | Getty ImagesRetirees are coming out of retirement, and that's a good sign for the labor market.Early retirements among older Americans were among the many labor distortions related to the Covid-19 pandemic, according to economists, as health risks and other factors led many to leave

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Pay phones, dog parks and bags of silver: Clients ask advisors to invest in some wacky stuff

Carlina Teteris | Moment | Getty ImagesFinancial advisors are often lauded for their investment acumen. Frequently, their biggest value is in saving clients from their worst impulses.Indeed, top advisors on CNBC's annual Financial Advisor 100 list have received ample requests for strange, risky or outright dumb investments during their

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Billionaires like Peter Thiel may be spared big IRA tax bill in latest Build Back Better plan

Peter Thiel, the billionaire co-founder of PayPal.John Lamparski | Getty Images Entertainment | Getty ImagesDemocrats seem to have spared wealthy Americans like billionaire tech mogul Peter Thiel from big tax bills on their vast Roth retirement savings in legislation unveiled this week.That break is courtesy of new language in

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Democrats put 401(k) and IRA restrictions for the rich back into their Build Back Better plan

U.S. Speaker of the House Rep. Nancy Pelosi (D-CA) speaks as she joins religious leaders during a news conference outside the U.S. Capitol October 20, 2021 in Washington, DC.Alex Wong | Getty ImagesHouse Democrats proposed several rules to curb retirement accounts of the rich, part of a broad restructuring

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Backdoor Roth, a tax strategy favored by the rich, survives in Democrats’ latest plan

Bill Koplitz | Moment | Getty ImagesA retirement tax strategy favored by the wealthy survived in Democrats' latest social and climate spending plan, after an earlier version had it on the chopping block.So-called backdoor Roth strategies are a way for the rich to skirt income and savings limits that

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Here are the 3 big ways Democrats’ social plan would expand health coverage

President Joe Biden on Oct. 29, 2021 in Rome, Italy.Antonio Masiello | Getty Images News | Getty ImagesInsurance subsidiesThe measure would expand subsidies for health insurance in two ways, according to Cynthia Cox, director of the Affordable Care Act program at the Kaiser Family Foundation.(The federal assistance helps reduce

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Longevity annuities can be a good deal for seniors. But not many people buy them

MoMo Productions | DigitalVision | Getty ImagesAmerican life expectancy is trending up — and that creates more financial risk for retirees, who must make their nest eggs last a longer time.An average 65-year-old today will live another 20 years, about six years more than in 1950, according to the

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