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    Does inflation have you worried about retirement? Here's what experts say to do

    Geber86 | E+ | Getty Images

    Inflation may have you worried about your retirement.
    Prices have been rising on everything from food to housing. In April, the consumer price index, which measures the prices of goods and services, notched an 8.3% increase from the year-earlier period.

    In fact, 70% of Americans are calling inflation “a very big problem” for the country, according to a Pew Research survey.
    Meanwhile, some older adults are choosing to put off retiring: Thirteen percent of Gen Xers and baby boomers said they’ve postponed or considered delaying plans to leave the workforce because of rising costs, a survey from the Nationwide Retirement Institute found.
    Add a volatile stock market to the mix and those saving for retirement may start rethinking their investment plans.
    More from Invest in You:The ultimate retirement planning guide for 2022How to calculate your personal inflation rate amid rising prices40% of investors who pulled money out of markets regret it
    Yet investing in equities is the best hedge against inflation, said Tom Henske, a New York-based certified financial planner.

    “One of the main reasons you invest is to protect your purchasing power,” he explained.
    The value of cash decreases with inflation. Your investments may also be affected, but generally equities have held up well against inflation over the last three decades, a 2020 analysis by the U.S. Bank Asset Management Group found.
    With inflation still high and continuing volatility in the stock market, here are steps you can take to protect your retirement portfolio.

    Keep contributing

    If you aren’t experiencing a reduction in income, continue to contribute to your retirement plan, said certified financial planner Marguerita Cheng, CEO of Blue Ocean Global Wealth in Gaithersburg, Maryland.
    “With your employer-sponsored plan, you are taking advantage of dollar-cost averaging,” she said.
    That means you are investing your money in equal portions at regular intervals, no matter how the market is doing. In essence, it reduces risk but may not generate returns as well as lump sum investing.

    If you are over age 50 and can take advantage of a Roth 401(k), Roth 403(b) or Roth TSP (thrift savings plan), consider directing catch-up contributions into the account. For 2022, that is a maximum of $6,500. You pay tax on contributions, so you don’t have to pay when you withdraw the money.
    “Tax diversification is important,” said Cheng, a member of the CNBC Financial Advisor Council. “Building a bucket of tax-free income in retirement is definitely something to consider.”

    Hold on to some cash

    It’s important to have cash reserves in the event of an emergency. By having a savings account separate from your investments, you don’t have to tap into any equities or other assets if you need money.

    Check your emotions

    Getting caught up in the drama of a volatile market is easy and could lead to emotional decisions that could potentially affect your retirement savings. It’s best to check those emotions at the door.
    If you are worried about your ability to do keep your feelings out of the equation, consider asset-allocation funds or target-date funds, Cheng said.
    Target-date funds essentially put your savings on autopilot, set to adjust based on your targeted retirement date. An asset-allocation fund has a diversified portfolio across different asset classes.

    Be diversified

    jayk7 | Moment | Getty Images

    Your portfolio should be a mix of different assets, like stocks and bonds, and the allocation should be determined by your risk tolerance, time horizon, cash-flow needs and taxes, Cheng said.
    Bonds pay a yield for holding them until maturity. With bonds, be diversified in terms of credit, quality and maturity, she said.
    Some of your fixed income can be in Treasury inflation-protected securities. Like traditional Treasury bonds, TIPS are issued and backed by the U.S. government. However, TIPS offer protection against inflation because the principal portion changes with inflation, as measured by the consumer price index.
    Your portfolio should also include both growth and value stocks and mutual funds or exchange-traded funds, Cheng said. In addition, you should consider companies that pay dividends regularly which can help weather volatility, she said.
    “Large companies that have a long history of paying consistent dividends each year have something to their advantage in an inflationary environment: They can weather — and actually benefit — from higher prices,” Cheng explained.

    Then there are assets that are traditionally considered inflation hedges, like gold and other commodities, as well as real estate investment trusts. The decision to add them to your portfolio, and how much, again depends on your time horizon, Henske said.
    “The further away you are from needing the money, the more equity exposure you have in your portfolio,'” he said.
    The closer you get to retirement, you might build up some of your hedges, likes TIPS, gold and commodities, Henske added. “You want to do everything in moderation, because you don’t have a crystal ball,” he said. “We don’t know what’s going to happen.”
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    How to sidestep a tax bomb when selling your home

    With soaring prices and record home equity, you may expect a profit when selling property.
    However, you may owe capital gains taxes if the windfall exceeds $250,000 for single sellers or $500,000 for married couples filing together.
    You can reduce your bill by adding certain home improvements to the original purchase price, experts say.

    SDI Productions

    With soaring prices and record home equity, you may expect a profit from selling your property. But the windfall may trigger an unexpected tax bill next April. 
    While home profits dipped slightly, the typical single-family seller still scored a $103,000 gross profit during the first quarter of 2022, according to ATTOM, a nationwide property database. 

    Although many skirt taxes with profits under the capital gains thresholds, others — especially long-time homeowners — may have a costly surprise, experts say. 
    More from Personal Finance:Inflation is the ‘top problem’ facing America, survey showsNearly 40% of investors who pulled money out of markets in the last year regret itHere’s how young women are deciding how much to save for retirement
    Home sales profits are considered capital gains, levied at federal rates of 0%, 15% or 20% in 2022, depending on taxable income.

    The IRS offers a write-off for homeowners, allowing single filers to exclude up to $250,000 of profits and married couples filing together can subtract up to $500,000.
    But these thresholds haven’t changed since 1997, and median home sales prices have more than doubled over the past two decades, affecting many long-term homeowners. 

    “It’s become a huge part of the conversation now,” said John Schultz, a CPA and partner at Genske, Mulder & Company in Ontario, California.
    While the exemption may be significant for some homeowners, there are strict guidelines to qualify. Sellers must own and use the home as their primary residence for two of the five years preceding the sale.
    “But the two years don’t have to be consecutive,” said Mary Geong, a Piedmont, California-based CPA and enrolled agent at the firm in her name.

    Someone owning two homes may split time between the properties, and if their cumulative time living at one place equals at least two years, they may qualify.
    Moreover, someone may convert a rental property to a primary residence for two years for a partial exclusion. In that case, the write-off is based on the percentage of their time spent living there, she explained.
    For example, if a single filer owns a rental property for 10 years and lives there for two, they may be eligible for 20% of the $250,000 exclusion or $50,000.
    “But you need good recordkeeping,” Geong added.

    Boost purchase price

    If homeowners exceed the exemptions and owe taxes, they may reduce profits by adding certain home improvements to the original purchase price, known as basis, Schultz explained.
    For example, home additions, patios, landscaping, swimming pools, new systems and more may qualify as improvements, according to the IRS. 
    However, ongoing repairs and maintenance expenses that don’t add value or prolong the home’s life, such as painting or fixing leaks, won’t count. 

    Of course, homeowners need to show proof of improvements, which can be difficult after many years. However, if someone lost receipts, there may be other methods.
    “Property tax history can help you go back and recalculate some of that,” Schultz pointed out, explaining how reasonable estimates may be acceptable. 
    Homeowners may also increase basis by adding certain closing costs, such as title, legal or surveying fees, along with title insurance.

    Other tax issues

    There’s also the possibility of other tax consequences when selling a home with a large profit.
    For example, boosting adjusted gross income can affect eligibility for health insurance subsidies, and may require someone to pay back premium credits at tax time.

    And retirees’ increasing income may trigger higher future payments for Medicare Part B and Part D premiums.
    “If you’re selling any asset of significance, you should be talking to some type of advisor,” Schultz said.
    A financial advisor or tax professional can project possible outcomes depending on someone’s complete situation to help them pick the best move.

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    Op-ed: Energy and health care are attractive sectors to watch the rest of the year

    Expect mid-to-late cycle dynamics to play out once the inflation scare recedes, meaning financial, energy and materials companies will do best. Then indexes will rebound.
    Stocks to keep an eye on include Shell, Eli Lilly and Ulta Beauty.
    The investing environment is not nearly as bad as it seems. Good days are ahead.

    “Segments of the health-industry should also perform better than most,” says Andrew Graham, founder and managing partner of Jackson Square Capital, pointing to Eli Lilly, in particular.
    Tetra Images | Tetra Images | Getty Images

    Today’s investment landscape appears bleak, seemingly plagued by a host of factors, including mounting inflation, rising interest rates, an economic contraction during the first quarter and a war in Ukraine that has exasperated already lingering supply-chain issues.
    Add it all together, and it’s been a horrible year for stocks. The tech-heavy Nasdaq shed 13% in April, its worst month since the Financial Crisis, and has lost more than a quarter of its value this year.

    Other indexes have fared better, but not much. The Dow Jones Industrial Average is off nearly 12% thus far in 2022, while the S&P 500 Index is down more than 16%.
    Yet it’s important to keep in mind that what spurred the market’s descent was not a confluence of the issues mentioned above — it was the Federal Reserve. As 2021 drew to a close, fundamentals were reasonably solid. Corporate earnings growth remained strong; the labor market, though tight, was healthy and adding jobs; and consumer balance sheets were in good shape.
    More from Personal Finance:What the Fed’s half-point rate hike means for your moneyAs mortgage rates rise, should you buy a home or rent?Rising interest rates mean higher costs for car loans
    However, at the beginning of January, policymakers began to signal that they would start to raise rates and rein in their bond-buying program. From that point, the S&P 500 began to tumble, shedding nearly 16% over the next four weeks.
    In retrospect, the drawdown should not have surprised anyone. Markets declined by similar amounts the previous four times the Fed began to remove policy accommodation, in 1983, 1994, 2004 and 2015. Notably, however, in each instance, stocks rebounded quickly and reached new highs within 12 months of hitting bottom.

    Granted, this is hardly a significant statistical sample. But it’s the sample we have, and for a few reasons, history is likely to repeat itself this time around.
    For one, bearish sentiment recently hit a record low, according to a survey compiled by the American Association of Individual Investors. Over the years, when the market outlook is this one-sided, it’s a good contrarian indicator that the opposite will happen.

    Similarly, when institutions — hedge funds, pensions, etc. — go light, it’s also a signal to pounce. Such investors are currently underinvested in equities, meaning the market will soon run out of sellers.
    The biggest issue, though, is inflation — it’s simply not as bad as most fear. 
    When the Fed began to talk about raising rates earlier this year, the bond market reacted reasonably, with yields climbing slowly. Then, Russia invaded Ukraine, increasing the chances that fuel and food costs would rise, and nerves began to fray. Investors responded by bidding up Treasury Inflation-Protected Securities, or TIPS, causing inflation-breakeven yields to skyrocket.
    Even so, inflation has likely peaked. Indeed, the upcoming data will have a hard time matching May 2021 comps. At the time, vaccines had just become widely available, which caused spending at retail stores and restaurants to spike as more and more people ventured out.

    Therefore, what we are seeing now is a panic, one that could quickly recede once we get more data.
    So, what does all this mean?
    For starters, expect mid-to-late cycle dynamics to play out once the inflation scare recedes, meaning financial, energy and materials companies will do best. After that, look for indexes to recover and then reach new highs sometime near the end of this year led by cyclical/value stocks.
    Specifically, Shell is a name to watch the rest of 2022. As alluded to above, many energy companies are well-positioned in today’s environment, but Shell has perhaps the most upside. The reason, in large part, comes down to liquefied natural gas.

    Liquid natural gas a solid bet

    A liquid natural gas (LNG) tank.
    Artinun Prekmoung / Eyeem | Eyeem | Getty Images

    The easier-to-transport form of natural gas is perhaps the key to making Europe less reliant on Russian oil exports. The company dominates this market segment, delivering more than 65 million tons last year.
    More broadly, Shell’s integrated gas business represents around 40% of its net asset value, and the company’s scale allows it to generate big margins in dislocated markets. This year, the stock could gain another 30% and pay out a 3.5% dividend.
    Segments of the health-industry should also perform better than most. Eli Lilly has the most potent existing pharmaceutical lineup within this sector, and its pipeline is promising.
    Though the company’s long-term prospects could hinge on the efficacy of Donanemab, an Alzheimer’s drug in testing that could be a game-changer, shorter-term, the concern is a weight-loss drug aimed at combatting obesity.

    It showed promising results in a recently concluded clinical trial. If approved, the drug represents a huge, multi-billion-dollar opportunity.
    Meanwhile, despite a recent public relations snafu, Ulta Beauty controls a significant percentage of the high-end beauty and cosmetics market. Admittedly, it lost some ground during the Covid shutdowns, but it is adding more inventory to its remaining physical locations in an effort to capture even more share of this segment.
    More and more white-collar professionals returning to the office spells good things for its business, while the cost savings it has created in recent years (it has closed roughly 2,000 stores since 2019) also help.
    Fear is a powerful emotion. But that’s where many investors are right now — gripped by fear. And while no one should discount the challenges of the current landscape, the environment is not nearly as bad as it seems. Good days are ahead.

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    Citigroup shares jump 5% after Warren Buffett reveals a near $3 billion stake in the struggling bank

    Berkshire Hathaway Chairman and CEO Warren Buffett.
    Andrew Harnik | AP

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    The 91-year-old “Oracle of Omaha” scooped up Citi shares while they have been underperforming the rest of the financial sector in the past 12 months. The stock is down nearly 40% while the Financial Select Sector SPDR Fund is off by 12% over the same period.
    Citi welcomed Jane Fraser as its new CEO a year ago, the first female chief of a major U.S. bank. She has set a medium-term target of 11% to 12% for return on tangible common equity, aiming to overhaul a company that has deeply underperformed U.S. rivals for years.
    Fraser has opted to exit less-profitable parts of the firm’s global empire, including leaving 13 retail markets across Asia and Europe.
    Citi now joins some of those rivals in Buffett’s portfolio. Berkshire owned $41.6 billion of Bank of America at the end of March, marking its second biggest holding next to Apple. Berkshire has owned Bank of American since 2017.
    Berkshire built a $390 million new stake in Ally Financial. The stock jumped 4% in premarket trading Tuesday after the disclosure.
    The conglomerate also held shares in Bank of NY Mellon, U.S. Bancorp, Mastercard and Visa. The conglomerate exited its position in Wells Fargo in the first quarter.

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    Paramount shares jump 10% after Buffett's Berkshire reveals new stake

    Shares of Paramount Global jumped Tuesday after Warren Buffett’s Berkshire Hathaway revealed a new stake in the media company.
    Berkshire bought 68.9 million shares of Paramount to build a stake worth $2.6 billion as of the end of March, according to a regulatory filing released Monday.
    Paramount was Berkshire’s 18th largest holding at the end of the first quarter.

    In this photo illustration, Paramount+ (Paramount Plus) logo is seen on a smartphone against its website in the background.
    Pavlo Gonchar | SOPA Images | LightRocket | Getty Images

    Shares of Paramount Global jumped Tuesday after Warren Buffett’s Berkshire Hathaway revealed a new stake in the media company.
    The stock rallied 10% in premarket trading Tuesday morning.

    Berkshire bought 68.9 million shares of Paramount to build a stake worth $2.6 billion as of the end of March, according to a regulatory filing released Monday.
    Paramount was Berkshire’s 18th largest holding at the end of the first quarter. The new stake adds another streaming property to Berkshire’s portfolio, whose top holding is Apple.
    The media company in February rebranded from ViacomCBS to Paramount in a move to emphasize its flagship Paramount+ streaming service. While Paramount missed earnings expectations in its latest quarterly report, Paramount+ added 6.8 million subscribers in the first quarter.
    Paramount shares are beating the market this year, down 7.2% versus the S&P 500’s 14.9% decline.
    It is unclear if the purchase of Paramount shares came from Buffett or one his investing deputies, Todd Combs and Ted Weschler. Combs and Weschler independently manage roughly $30 billion of the conglomerate’s equity portfolio. In recent years, Berkshire bought a slew of technology names including Apple and Activision under their influence.

    Berkshire also added new stakes in HP and Citigroup during the first quarter, among other changes to its equity portfolio
    —CNBC’s Yun Li contributed reporting.

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    'Unretiring'? Here's how to handle your Medicare coverage if you return to the workforce

    If you go to a company with fewer than 20 employees, you would generally need to keep Medicare, even if you were to enroll in the employer plan.
    At larger companies, you might have the option to sign up for a health plan and drop your current coverage until you need it again down the road.
    Be sure to evaluate how the extra job income would impact your premiums if you remain on Medicare.

    Blackcat | E+ | Getty Images

    Retirees on Medicare who are heading back to the workforce may discover they have choices when it comes to their health-care coverage.
    That is, depending on the size of your new employer, you might be able to pick up the company health plan and drop Medicare — and then re-enroll again down the road.

    If you go this route, however, there are many rules and deadlines to know. Yet sticking with your Medicare coverage may result in higher premiums due to the extra income from your job (more on that below).

    Basic Medicare is Part A (hospital coverage) and Part B (outpatient care). Some beneficiaries pair that with a standalone Part D prescription drug plan and a Medigap policy (which covers some costs that come with basic Medicare). Others choose to get Parts A and B through an Advantage Plan (Part C), which usually includes Part D and some extras like dental and vision.
    Part A comes with no premium as long as you have a 10-year history of contributing to the program through payroll taxes. For Part B, the standard monthly premium is $170.10 (for 2022) and Part D premiums average $33.
    However, higher-income beneficiaries pay more for Parts B and D premiums. This means it’s worth considering how extra income from a job could affect what you pay. (See charts.)

    If you’re going to work for a small employer, you’d need to keep both Parts A and B even if you end up enrolling in the firm’s health plan.

    “If they go back to work for an employer with less than 20 employees, they’ll want to keep both Part A and B because Medicare is primary and the group coverage is secondary,” said Danielle Roberts, co-founder of insurance firm Boomer Benefits.
    It also may not make financial sense to choose the group plan instead of, say, a Medigap policy or an Advantage Plan.

    “Sometimes health coverage at a small employer costs considerably more,” Roberts said, adding that it’s worth crunching the numbers before making a determination.
    If the employer’s plan ends up being a good fit, you can disenroll from your prescription plan if the group coverage is as good as or better than (“creditable”) Part D benefits.

    At large companies

    If you’re looking at a health plan at a company with 20 or more employees, be aware of a few potential snags.
    First, if the work-based coverage comes with a health savings account, or HSA, you cannot contribute to it if you remain on any part of Medicare, including just Part A.
    And, canceling Part A solely to take advantage of an HSA may not be practical.
    “If they’ve already begun taking Social Security retirement benefits, they cannot cancel Part A without having to pay back all the benefits they received from Social Security so far,” Roberts said.
    More from Personal Finance:Inflation is costing households an extra $311 a monthNearly 7 in 10 Americans want to live to 100, study findsA Roth IRA conversion could pay off in a down market
    If you do want to use the employer health plan, you could drop Part B and save on those premiums. Be sure to confirm that your employer plan would be considered creditable coverage for Part D. Your insurance company should provide you with that information.
    “Those HSA plans might be okay for Part B but not Part D,” said Elizabeth Gavino, founder of Lewin & Gavino and an independent broker and general agent for Medicare plans.
    Additionally, if you have a Medigap policy, you’d have to drop that, as well.
    However, down the road when you would pick up Part B again, you’d get a new six-month window to buy a Medigap policy without underwriting, Roberts said.
    “It is one of the very few ways a person can get a second Medigap open enrollment window,” she said.

    There are other deadlines to be aware of when you eventually do lose your employer coverage and want to switch to Medicare, and, often, requirements for proof that you had qualifying coverage.
    Once you stop working, you get an eight-month window to enroll or re-enroll in Part B. You could face a late-enrollment penalty if you miss it. For each full year that you should have been enrolled but were not, you’ll pay 10% of the monthly Part B standard premium.
    To sign up for Part D — whether as a standalone plan or through an Advantage Plan — you’d get two months after your workplace plan ends. If you miss that window, you could face a late enrollment penalty. That amount is 1% of the base premium for each full month that you could have had coverage but didn’t.

    Those HSA plans might be okay for Part B but not Part D.

    Elizabeth Gavino
    Founder of Lewin & Gavino

    Likewise, if you want an Advantage Plan, you only get two months from when your work coverage ends to sign up for one. If you miss that, you’d have to wait until the next enrollment period.
    For those who may cycle in and out of the workforce and therefore in and out of workplace insurance: Each time you lose the coverage, the eight-month window restarts, according to the Centers for Medicare & Medicaid Services.
    In other words, if you go to another employer that provides qualifying coverage before that timeframe runs out, you’re in the clear. The next time you drop it, that window restarts. However, remember that for drug coverage, it’s two months.
    As for providing proof of coverage: Once you no longer have it through work, the insurer should mail you a letter showing the dates you were covered in its plan.
    For Parts A and/or B signup, you need to provide the Social Security Administration with a form from your employer that certifies you were covered, Roberts said.

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    Nearly 40% of investors who pulled money out of markets in the last year regret it

    Moyo Studio | E+ | Getty Images

    Many investors who pulled money out of the stock market in the last year now regret their decision.
    Some 38% of investors said they sold stocks last year due to a current event, according to a study from MagnifyMoney. Of that group, 40% said they wish they’d kept their money invested. The online survey of more than 1,000 U.S. consumers was conducted April 15 to 20.

    The survey found that younger investors were more likely to panic-sell. Nearly 70% of Gen Z investors pulled money from the market along with 57% of millennials. At the same time, 49% of men sold stocks due to a negative event, compared to 24% of women.
    “Time is the ultimate weapon when it comes to investing,” said Matt Schulz, chief credit analyst at LendingTree. “It gives younger investors a huge advantage over their older counterparts.
    More from Invest in You:Choosing a health plan that fits your budget and life3 ways retirees can better cope with inflationHow to buy more than $10K in government I bonds
    “Unfortunately, however, Gen Z and millennials risk squandering that advantage if they pull their money out of the market when times get tough.”
    The best move for young investors is to stay focused on the future and leave their money where it is, Schulz said.

    “Ride the wave and trust that better times are ahead, because history has shown that when it comes to the stock market, they almost always are,” he said.
    Different events spook investors more
    Certain current events have sparked more worry from investors, the survey found. Overall, inflation topped the chart as the item that has most unnerved U.S. consumers in the last year.
    Americans are also worried about the coronavirus pandemic, economic policy and the war between Russia and Ukraine.

    Emergency savings and how much money people are willing to invest were the most hit by current events in the last year, according to the survey. People also rethought their living situations as housing prices surged, and are revising the level of risk they’re willing to take in investing.
    How to avoid regret
    To shield yourself from too much investing regret, experts generally recommend starting as soon as possible and coming up with a plan for your money to grow it over time.
    “You want to start as soon as you can,” said Shelly-Ann Eweka, senior director of financial planning strategy at TIAA. This is because with more time, you’ll reap greater benefits from compounding, which is the interest earned on your invested money.
    Some people may put off investing to prioritize other financial goals, which Eweka cautions against.   More

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    Goldman Sachs gives senior managers a new perk: 'Flexible vacation’ policy

    The investment bank told managing directors and partners last month that starting May 1, the new “flexible vacation” policy will let them take time off “when needed without a fixed vacation day entitlement,” according to a memo obtained by CNBC.
    Rank-and-file employees will get at least two more vacation days annually starting next year, Goldman said in a separate memo.
    “We are pleased to announce enhancements and changes to our global vacation program designed to further support time off to rest and recharge,” the bank said.

    David Solomon, CEO, Goldman Sachs, speaking at the World Economic Forum in Davos, Switzerland, Jan. 23, 2020.
    Adam Galacia | CNBC

    Goldman Sachs is giving its top managers a new perk more common in the tech industry: the ability to take as much vacation time as they want.
    The investment bank told managing directors and partners last month that starting May 1, the new “flexible vacation” policy will let them take time off “when needed without a fixed vacation day entitlement,” according to a memo obtained by CNBC. Rank-and-file employees will get at least two more vacation days annually starting next year, the bank said in a separate memo.

    “We are pleased to announce enhancements and changes to our global vacation program designed to further support time off to rest and recharge,” Goldman said.
    While the new policy means theoretically unlimited time away from work for senior executives, in practice, doing so would amount to career self-harm, particularly during market upheaval. Wall Street’s elite often have the opposite problem of not using the vacation they are allotted.
    Perhaps that’s why Goldman is mandating that all workers take at least three weeks of vacation annually, including at least one consecutive week away, according to the memo, reported earlier by the Telegraph.
    The perk for managing directors and partners — the two most senior and difficult-to-achieve ranks at Goldman — is similar to flexible vacation policies at technology companies including Netflix and LinkedIn.
    The move could be a way to give senior talent some flexibility back as Goldman CEO David Solomon encourages his workforce to return to the office. Solomon said earlier this month that in-person attendance at U.S. offices is still below the pre-pandemic level of about 80%.

    Here’s an excerpt from the memo:

    April 22, 2022Enhancements and Changes to Our Global Vacation Program for Partners and Managing Directors
    As a firm, we are committed to providing our people with differentiated benefits and offerings to support well-being and resilience.  As we continue to take care of our people at every stage of their careers and focus on the experience of our partners and managing directors, we are pleased to announce enhancements and changes to our global vacation program designed to further support time off to rest and recharge: For Partners and Managing Directors

    Flexible Vacation: Effective May 1, we are introducing flexible vacation for all partners and managing directors, allowing you to take time off when needed without a fixed vacation day entitlement.
    At Least Three Weeks Off Each Year: Starting January 1, 2023, all of our people, including partners and managing directors, will be expected to take a minimum of 15 days (three weeks) away from work in a given calendar year, or your required minimum if greater – with at least one week of consecutive time off (or more if required by Compliance for your role or applicable local law).

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