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Experts say cashing out your 401(k) can be a costly mistake

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9 months ago

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Financial experts are warning individuals who have been laid off from their jobs to avoid withdrawing their 401(k) funds unless they wish to face big financial consequences when tax time comes.

Pensions expert Anne Lester he said CNBC Make It says the “long-term consequences” of withdrawing from a 401(k) plan early or before age 59 and 6 months could be “very painful.”

The creator of an upcoming book said that withdrawing from a 401(k) before retirement age could end in serious tax consequences and the necessity to start out your retirement goals another time.

Lester explained that the quantity a person has of their 401(k) account may differ from the actual amount they can withdraw.

“You can take a look at the number in your 401(k) and think, ‘Oh my God, I actually have $100,000,’ but you do not even have $100,000. Depending on your tax bracket, it’s possible you’ll only receive half of this amount.

Paying income tax on the quantity collected is one thing. But CNBC Do it reported According to the IRS, a person may be assessed an extra 10% tax penalty. In summary, taxes and penalties can reduce the quantity a person can actually get from a 401(k) plan.

Sacrificing growth in savings already accrued through compound interest is one other consequence of withdrawing from a 401(k) too early.

Ed Slott, publisher of IRAHelp.com, he said“The greatest money-making asset anyone can have is time,” CNBC Make Itrecorded. Withdrawing your funds is basically the identical as starting to save lots of for retirement again. It may be difficult to rebuild funds to previous levels.

Not all hope is lost. Lester outlined alternative options resembling emergency savings, one other source of income, 0% interest bank cards or unemployment advantages to assist cover living costs.

Although Lester noted that a bank card should be a last resort because debt can change into a problem because of high rates of interest.

According to the outlet, Lester said an application for unemployment advantages should be filed “as soon as possible.”

“This is not the time to think, ‘Oh, I can’t do this,’” Lester said. “This is embarrassing.’ There’s no shame in being laid off or receiving unemployment benefits.” Eligibility varies by state. Generally, a person may qualify in the event that they were laid off from their job through no fault of their very own, CNBC Make Itnoted. The amount a person will receive will be based on a percentage of her earnings over the past 52 weeks and limited to the utmost amount applicable in her state.


This article was originally published on : www.blackenterprise.com
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Lifestyle

Keke Palmer Recalls the Key Advice Will Smith Gave Her as a Child: “It’s Hard to Be First”

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6 hours ago

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November 21, 2024

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Keke Palmer, Keke Palmer Will Smith, Keke Palmer emancipation, keke palmer parents, Is Keke Palmer emancipated? theGrio.com

Like many young people, actress Keke Palmer went through a phase wherein she clashed along with her parents. Recently in a performance at “Toast” podcast.Palmer revealed that fellow actor Will Smith helped her take care of the situation along with her family.

As a child star who has appeared on Nickelodeon and Disney productions, the “Akeelah and the Bee” actress explained how juggling fame has affected her and her family relationships — a lot in order that she admits she once considered emancipating herself from her parents.

Although her lawyer tried to get her into counseling, Palmer said it was Smith’s words that ultimately modified her mind.

“A couple of weeks go by, I’m on the set of ‘True Jackson, Vice President’ and I get a call from a very, very unknown number. And I said, “What? If it was strange, I would not answer,” she said, mentioning that she simply went back to work. Later, while retrieving her phone, Palmer received a voicemail from the “Fresh Prince of Bel-Air” star.

“Hey Keke. This is Will. We’re here filming ‘The Karate Kid’ with (my son) Jaden and I just want to let you understand that I’ve talked (to your lawyer),’ Palmer continued, impersonating Smith. “He let me know every little thing you are going through and I need you to know that sometimes it’s hard to be the first, but you may do it. Just stay focused, love your loved ones and every little thing shall be high-quality.

Palmer remembers struggling as a child with the attention and fame that got here with climbing the ladder in the entertainment industry. While trying to adjust to the demands of her burgeoning profession, the actress recalls feeling that fame meant she would have to “throw (her) family away.”

“It’s something that happens when you leave and you can become a child artist, you can be the first person in your family to go to college, or you can be the first person in your family to get married,” Palmer said: explaining her feelings at that moment. “There are so many firsts that can happen as the generations of your family grow and evolve.”

Keke Palmer is reclaiming the “narrative” surrounding his relationship with ex Darius Jackson

Ultimately deciding not to undergo the emancipation process, Palmer emphasized the importance of getting a healthy community when navigating the entertainment industry.

“I think I’ve always felt like a lot of people, whether they’re big names or whether they’re my lawyers, have been a good community,” she added. “Also, my parents made sure I was around (people) who would encourage community rather than discord and separation.”

This article was originally published on : thegrio.com
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Issa Rae will be honored at the British Fashion Awards 2024

Published

14 hours ago

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November 20, 2024

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Issa Rae, The Fashion Awards, Pandora Leader of Change award, award season, theGrio.com

Issa Rae gets flowers – in style.

The 39-year-old author, actress and producer will receive the Pandora Leader of Change award at the upcoming British Fashion Awards 2024, which will happen on December 2 at London’s Royal Albert Hall, the British Fashion Council announced.

Actress and former “Insecure” co-star Yvonne Orji will present the award to Rae at the event, which serves as a significant fundraiser for the council’s foundation, in keeping with Women’s on a regular basis clothing.

“We are thrilled to honor Issa Rae with the Pandora Leader of Change Award at the Fashion Awards 2024,” Caroline Rush, chief executive of the British Fashion Council, shared in an announcement.

“Rae’s work has inspired and resonated with people around the world. “She is a staunch supporter of the civil and women’s rights movements, always advocating for equality and social justice in her acting and writing,” Rush continued. “She consistently uses her platform to highlight the lack of diversity in Hollywood and advocate for greater representation in the industry, including meeting people of color behind the scenes.”

She added: “She is wholeheartedly committed to moving the conversation forward and galvanizing voices that are typically absent and underrepresented to open doors for others. She truly embodies the principles of this award and we are very excited to celebrate her in December.”

According to the British Fashion Council website, the Pandora Leader of Change award recognizes individuals who “lead innovation” to extend representation in arts and culture. Rae will be the second-ever recipient of this award. According to official details about the award, one other actress and author Michaela Coel was honored in 2023 Elle Magazine.

Viola Davis will be honored with the Cecil B. DeMille Award at the 2025 Golden Globes

“Issa Rae truly embodies the spirit of the Pandora Leader of Change award,” Berta de Pablos-Barbier, Pandora chief marketing officer, said in the release. “In this second year of presenting this award, we are (honored) to celebrate a woman whose love for her craft and community shines through in each multi-dimensional character she brings to life.”

Pablo-Barbier added: “Her passion and purpose make her a natural candidate for this award, which fits perfectly with our values ​​at Pandora, where love is always at the center. Issa’s commitment to meaningful change and uplifting others makes her an extraordinary change leader, and we are proud to honor her.”

This article was originally published on : thegrio.com
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Lifestyle

10 hip-hop books for national hip-hop month

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22 hours ago

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November 20, 2024

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Hip-Hop books, national Hiphop month

We still shout “Happy Birthday” to Hip-Hop! She turned 50 on August 11, 2023. Hip-hop culture has modified the lives of many individuals since its birth. The evolution of hip-hop included art, DJing, dance, fashion, hair, jewelry, language, lyrics, music and, guess what else – literature… books.

BLACK ENTERPRISES congratulates hip-hop books on their penetration of the literary space. Here are 10 books by hip-hop artists that tell their stories and share perspectives that cannot be heard through music.

1.) From pieces to weight: : Once upon a time in Southside Queens

This is a memoir, written by Curtis “50 Cent” Jackson with Kris Ex is the story of how 50 Cent handled a difficult childhood in his youth: coping with the murder of his mother; hustling the streets to survive; get shot nine times and live the American dream.

SHOP HERE

2.) Wu-Tang Manual

Wu-Tang Manual Robert Diggs, otherwise often known as RZA, and Chris Norris. consists of 4 books that describe all the things related to the Wu-Tang Clan – from information concerning the nine original members, Wu-Slang, in addition to the philosophies and personalities that made the Wu-Tang Clan what it’s. If you’re inquisitive about Wu culture, this book is for you.

SHOP HERE

3.) Sweat The Technique: Revelations on creativity from a lyrical genius

Rakim Allah The book is half a memoir and the opposite half is a guide to writing. In this book, he details who and what influenced him in his youth (jazz and John Coltrane), while highlighting the explanation why he is named an MC god.

SHOP HERE

4.) Hurricanes

Rick Ross AND Neil Martinez-Belkin wrote this memoir about Ross’s upbringing in South Beach Miami in the course of the War on Drugs, which covers his time as a highschool football player, a drug hustler, and a corrections officer. Ross describes the creation of his debut hit “Hustlin'” and landing a serious take care of Def Jam. Through this reading, you’ll find out about Rick Ross’s experiences and inspirations

SHOP HERE

5.) Decrypted

Decryptedwritten by rap icon and business mogul Shawn Corey Carter (commonly often known as Jay-Z,) is a one-of-a-kind memoir that shows the worlds that Jay-Z maneuvered. Beyoncé’s second half tells his story, highlighting the hip-hop art form and culture, deconstructing the lyrics of his lyrics, and giving readers a deeper dive into his journey as an artist.

SHOP HERE

6.) EARL DMX Autobiography

until late Earl Simmons AND Smoky D. Fontaine, shares X’s upbringing on the streets of Yonkers, New York. Readers will learn tips on how to do that DMX he has overcome problems with neglect, physical abuse, drug abuse and incarceration. The book reveals that DMX never gave up on his dreams, found his passion for hip-hop and let the no go. 1 album 4 times in a row. Story X literally shows that for those who slip and fall, you possibly can still stand up.

SHOP HERE

7.)

Torrence Hatch Jr., controversial rapper often known as Boosie Badazzgives readers the small print of growing up in Baton Rouge, becoming a neighborhood star at age 14, and becoming one of the crucial outstanding rappers within the South. Boosie tells the story of survival, gaining a second probability at life and overcoming adversity after facing death row and eventually gaining freedom.

SHOP HERE

8.)

er is a rap story written by Taliban, really who shares his upbringing in Brooklyn, New York. Kweli writes about what hip-hop has done for his life and the way culture influences his social, political and inventive life.

SHOP HERE

9.)

was written with assistance from Neil Martinez-Belkin. Gucci Mane began writing this story while locked up in a federal prison. Gucci highlights the ups and downs of his life and profession, and recalls growing up in poverty, abandoning his father, spending time in prison and the way all of it shaped him. He talks a bit concerning the infamous ice cream tattoo and the way his profession has evolved over time.

(*10*)SHOP HERE

10.)

Dana Owens, our beloved Queen Latifahshe wrote an autobiography that’s an inspiration for women. Queen Latifah details growing up in Newark, New Jersey and the difficult decisions she needed to make regarding sex, drugs and depression. The award-winning hip-hop artist shares what it means to be confident and independent, and what life is like as the primary solo rap artist to land a serious record deal on the age of 19.

SHOP HERE


This article was originally published on : www.blackenterprise.com
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