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Liz Weston: Will you face a tax bomb in retirement?

Published Thu, 06 Feb 2025 10:14:00 GMT

Good savers, beware. The money you’re stuffing into your 401(k) and other retirement accounts has to be withdrawn someday. If you’re not strategic about how you save, you could face unnecessarily high tax bills and inflated Medicare premiums in retirement — plus, you could be saddling your heirs with higher taxes.The earlier you start defusing this potential tax bomb, the better. But even people in their 60s or early 70s may have opportunities to lessen the potential damage — as long as they act swiftly.“You do not want to be in the position as some clients are that all of their funds are inside of a tax-deferred account,” says Pam Ladd, senior manager of personal financial planning at the Association of International Certified Professional Accountants.TAX BREAKS NOW COULD CAUSE TAX PAIN LATERMost retirement accounts offer a tax break when you put money in. Eventually, though, Uncle Sam wants to get paid. Required minimum distributions, or RMDs, typically must start at a certain age...

Burkina Faso expels 2 French journalists, no reason given

Published Thu, 06 Feb 2025 10:14:00 GMT

DAKAR, Senegal (AP) — Burkina Faso’s military junta has expelled two journalists working for French media without reason, said the outlets.Sophie Douce, a French correspondent for Le Monde, and Agnes Faivre, correspondent for Liberation, were given 24 hours to leave the West African country with no explanation, said articles by both newspapers on Sunday.The correspondents were each questioned separately about their work by state security on Friday. Faivre was ordered to leave that evening and Douce the following day, they both arrived in Paris Sunday. “Le Monde condemns in the strongest terms this arbitrary decision which forced the two journalists to leave Ouagadougou in less than 24 hours,” said Jerome Fenoglio, director of Le Monde.“These two expulsions mark another major setback for the freedom to inform about the situation in Burkina Faso,” he said. Jihadi fighters linked to al-Qaida and the Islamic State group have been waging a violent insurgency in Burkina Faso f...

Another round of severe weather possible Tuesday for Chicago area

Published Thu, 06 Feb 2025 10:14:00 GMT

CHICAGO — Another round of potential severe weather is possible Tuesday.Increasing clouds Monday and chance of afternoon showers. Cooler by the lake. Winds: SE/E 5-10 mph. Air quality is in the Good category today in Chicagoland. High: 59. Interactive Radar: Track showers and storm here Chance of showers and isolated thunderstorms tonight. Winds: NE 10-20, G30 mph. Low: 48.Tuesday Forecast: Cloudy, increasing winds and mild temps Tuesday. Increasing chance of PM showers/t-storms, some could be strong to severe in the late evening and possibly overnight hours. Winds: E 10-15 mph. High 66. Another potential severe weather outbreak beginning in the Tuesday/Tuesday night time frame Extended outlook calls for cooler weather to finish out the week-- but some nice sunshine. Highs on Wednesday will be in the morning near 70 before the front goes through. Mid to low 50's by the time of the evening commute. Upper 40s on Thursday, low 50s on Friday. Easter weekend is looking pleasant. Mix ...

McDonald's offices to close briefly ahead of layoffs: report

Published Thu, 06 Feb 2025 10:14:00 GMT

NEW YORK (AP) — A report says McDonald’s has closed its U.S. offices for a few days as the company prepares to inform employees about layoffs.The Wall Street Journal cited an internal email from the Chicago-based fast-food giant saying U.S. corporate staff and some employees overseas should work from home while the company notifies people of their job status.McDonald’s did not immediately reply to emailed requests for comment. The report said McDonald’s would inform its employees this week about staffing decisions that are part of a wide restructuring of the company announced earlier.Though the U.S. labor market remains strong, layoffs have been mounting, mainly in the technology sector, where many companies over-hired after a pandemic boom. IBM, Microsoft, Amazon, Salesforce, Facebook parent Meta, Twitter and DoorDash have all announced layoffs in recent months.Policymakers at the Federal Reserve have forecast the unemployment rate may rise to 4.6% by the end of this year, a sizabl...

2 charged with cutting 2,000 fiber optic cables; 40,000 lose internet service

Published Thu, 06 Feb 2025 10:14:00 GMT

NORWALK, Conn. (AP) — Connecticut police have charged two people with cutting more than 2,000 fiber optic cables, leaving over 40,000 homes and businesses without internet service in the southwestern part of the state.Norwalk police said they arrested Asheville, North Carolina, residents Jillian Persons and Austin Geddings on Saturday during a surveillance operation. Both were charged with larceny and criminal mischief crimes, as well as interfering with police. Persons also was accused of giving a false statement to police.Both were detained on $200,000 bail. It was not immediately clear if they have lawyers who could respond to the allegations. Hundreds of weekend flights canceled, delayed amid deadly storms Police said they responded to the reported damage of the Optimum cables on March 24 in Norwalk and quickly identified suspects and their vehicle. Authorities did not release details of how they made the identifications.Officers arrested Persons while staking out a business...

UFC and WWE combine to create $21.4 billion entertainment company

Published Thu, 06 Feb 2025 10:14:00 GMT

WWE and the company that runs Ultimate Fighting Championship will combine to create a $21.4 billion sports entertainment company.A new publicly traded company will be formed that houses the UFC and WWE brands, with Endeavor Group Holdings Inc. taking a 51% controlling interest in the new company. Existing WWE shareholders will hold a 49% stake.The companies put the enterprise value of UFC at $12.1 billion and WWE at $9.3 billion.In this photo provided by WWE, rapper Snoop Dogg gets ready to drop The People's Elbow on Mike "The Miz" Mizanin during WrestleMania 39 on Sunday, April 2, 2023, at SoFi Stadium in Inglewood, Calif. The rapper stepped in at the last second to perform in the match after Shane McMahon was injured. (WWE via AP)The new business will be lead by Endeavor CEO Ari Emanuel. Vince McMahon, executive chairman at WWE, will serve in the same role at the new company.The announcement comes after Vince McMahon, the founder and majority shareholder of WWE, returned to t...

Hundreds of weekend flights canceled, delayed amid deadly storms

Published Thu, 06 Feb 2025 10:14:00 GMT

(The Hill) -- Nearly 1,800 flights were canceled in the U.S. over the weekend as severe storms battered states in the Midwest and South, leaving more than 30 people dead. According to online flight tracker FlightAware, 796 scheduled flights in the U.S. were canceled on Sunday and another 974 on Saturday. Thousands more flights were delayed: 8,555 on Sunday and 4,401 on Saturday. Dallas-Fort Worth International Airport saw the most flights canceled on Sunday, with 86, and Minneapolis−St. Paul International Airport had the most cancellations on Saturday, with 71. Atlanta's Hartsfield-Jackson International Airport and D.C.'s Ronald Reagan National Airport were also among the most impacted. The flight cancellations come as severe storms ripped through parts of central and southern U.S. over the weekend, with tornadoes believed to have hit at least eight states. Put down the cookie dough, CDC warns amid salmonella outbreak affecting multiple states Thirty-two people were confirmed de...

Lanes reopened after crash on southbound I-35 near McNeil Drive

Published Thu, 06 Feb 2025 10:14:00 GMT

AUSTIN (KXAN) -- All lanes of southbound I-35 have reopened after being closed Monday morning due to a wreck near McNeil Drive. Round Rock Police tweeted at 6:12 a.m. Monday that all southbound lanes of I-35 were shut down near RM 620/Round Rock Avenue due to a wreck. One lane was reopened by 6:30 a.m., and all lanes were reopened by 6:35. REAL TIME TRAFFIC MAP Traffic was diverted onto the frontage road. Northbound I-35 was unaffected.The wreck involved two vehicles. It's not clear if anyone was injured.It happened in an area where there are overnight closures for construction. Police did not say if that's what caused the crash.

A record will be set later this afternoon

Published Thu, 06 Feb 2025 10:14:00 GMT

AUSTIN (KXAN) -- The morning clouds will yield to a partly cloudy to mostly sunny sky this afternoon with many highs reaching the low to mid 90s. The record high for today is 90° in 2017. Today's forecast high is 94°.At least one record will be brokenOne lone thunderstorms moved over Cameron Sunday night between 8:45 and 10:00 leaving .23" at the Cameron Municipal Airpark. There will be another chance for showers and thunderstorms late this afternoon although the models are now downplaying that chance.The Storm Prediction Center has the area under a Marginal risk for severe thunderstorms.1 out of 5 risk for severe weather late this afternoon/early evening UPDATED April forecast increases chances for rain Tuesday will be dry albeit with a mostly cloudy sky. The next round of showers and thunderstorms arrives late Tuesday night to Wednesday morning. A brief break from the rain happens for most of the area Wednesday afternoon to Thursday morning.Then we get into excellent chance for ...

BLOG: CMT Music Awards at Austin's Moody Center

Published Thu, 06 Feb 2025 10:14:00 GMT

AUSTIN (KXAN) -- Country music's A-listers and superstars were in Austin as the 2023 CMT Music Awards kicked off from Moody Center Sunday night. CMT behind the scenes with Kelsea Ballerini, Kane Brown and the Texas Longhorns CMT brought the award show to Austin for the first time. Kane Brown and Kelsea Ballerini co-hosted the show and also performed. Carrie Underwood, Keith Urban, Carly Pearce, Cody Johnson and Jelly Roll also performed.Doors opened for the show at 5:30 p.m. Sunday and closed at 6:30 p.m. with the show starting at 7 p.m.KXAN had live updates from the red carpet.Follow reporter Ricky Garcia's live updates from the CMT Music AwardsTweets by RickyG_TV