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    More women are out-earning their husbands but still picking up a heavier load at home

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    The share of women who earn as much as or significantly more than their husbands has roughly tripled over the last half-century, according to a new Pew Research Center survey.
    But as women’s financial contributions increase, they still pick up a heavier load when it comes to household chores and caregiving responsibilities, the report also found.

    More women are becoming breadwinners, but the division of labor at home has barely budged, a new report found.
    Although men still out-earn women in most households, the share of women who earn as much as or significantly more than their husband has roughly tripled over the last half-century, according to a new Pew Research Center survey and analysis of government data.

    Today, 55% of opposite-sex marriages have a husband who is the primary or sole breadwinner, down from 85% 50 years ago, Pew found.
    Now, both spouses earn about the same amount of money in nearly one-third, or 29%, of such marriages, up from only 11% in 1972.

    And about 16% of opposite-sex marriages have a breadwinner wife, a jump from just 5% five decades ago, the analysis found.
    Women are achieving increasing levels of education, making them more likely to out-earn their husbands, according to Richard Fry, a senior researcher at Pew.
    But as women’s financial contributions increase, they still pick up a heavier load when it comes to household chores and caregiving responsibilities, the report also found.

    “The reality is, the majority of traditional marriages still adhere to traditional gender roles,” said Stacy Francis, a certified financial planner and president and CEO of Francis Financial in New York. She is also a member of the CNBC Financial Advisor Council.

    More from Ask an Advisor

    Here are more FA Council perspectives on how to navigate this economy while building wealth.

    Age, race and family size also play a role, the Pew report found, with Black women, as well as older women and women without children, more likely to be the breadwinners.
    Many studies show that women shoulder the brunt of the responsibilities at home, regardless of their financial contributions.
    In marriages where husbands and wives earn about the same, women spend roughly 2 hours more a week on caregiving and about 2½ hours more on housework, according to the Pew data.
    “Even though there may be more egalitarian marriages, their duties at home have not been equalized,” Fry said. “The gender imbalance in time spent on caregiving persists, even in marriages where wives are the breadwinners.”

    The only exception is in marriages where the wife is the sole breadwinner, Pew found: In those marriages, husbands devote more time to caregiving. However, husbands and wives still spend roughly the same amount of time on household chores.
    “Even there, it’s still the case that she does an equal amount of housework,” Fry said.
    Eve Rodsky, author of “Fair Play,” said “this will not change on its own.”
    Although there is no quick fix, there is a solution, she added. “Understand that it’s much more than meets the eye and tell your story,” Rodsky advised.
    Francis said she also struggled with this early on in her marriage. “We had to have that conversation,” she said. Together, Francis and her spouse came up with a plan to tackle joint responsibilities at home and cover family expenses equitably. The key, she said, “is to talk about what’s working and what’s not working.” More

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    As inflation starts to subside, a lower Social Security cost-of-living adjustment for 2024 may be on the horizon

    If inflation continues to fall at the current rate, the Social Security cost-of-living adjustment for 2024 may be less than 3%, according to The Senior Citizens League.
    This year, Social Security beneficiaries saw a record 8.7% bump to their Social Security benefits, the highest in four decades.
    To be sure, early estimates for next year’s COLA and Medicare Part B premium may change as the year progresses.

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    New government inflation data shows inflation is cooling — and that could point to a lower cost-of-living adjustment, or COLA, for Social Security beneficiaries next year.
    The Consumer Price Index for all Urban Consumers, or CPI-U, rose 5% from a year ago and 0.1% in March, according to data from the U.S. Bureau of Labor Statistics released on Wednesday.

    Yet another measure used to calculate the Social Security COLA each year — the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W — rose 4.5% over the last 12 months and 0.3% for the month prior to seasonal adjustment.
    More from Personal Finance:Here’s the inflation breakdown for March 2023 — in one chartThis strategy could shave thousands off the cost of collegeWhy travel to Europe is no longer as much of a bargain
    If inflation continues to fall at the current rate, the Social Security COLA for 2024 may be less than 3%, according to an unofficial estimate from The Senior Citizens League, a nonpartisan senior group.
    To be sure, that is a very early estimate, according to Mary Johnson, Social Security and Medicare analyst at The Senior Citizens League. Gauging how much the increase for 2024 will be, if there is one, will be clearer toward the second half of the year, she said.
    In 2023, Social Security beneficiaries saw an 8.7% bump to their Social Security benefits, a four-decade record prompted by high inflation.

    The Social Security Administration recently revised its projections for how long its trust funds can continue to pay full benefits — moving the depletion date one year earlier, to 2034, in part due to the higher COLA. At that point, it is expected 80% of benefits will be payable, unless Congress acts sooner.
    “Hopefully we don’t have as large of a COLA because it’s also bad of the trust fund to try to have to keep up with increasing benefits by that much,” said Kelly LaVigne, vice president of consumer insights at Allianz Life.
    While a higher cost-of-living adjustment may not be great for Social Security’s trust funds, it does help put more money in beneficiaries’ pockets.
    As the rate of inflation subsides, the cost-of-living adjustment may be lower, but grocery bills and other expenses may not eat up as much of retirees’ Social Security checks.

    Recouping, regrouping could take some time

    Still, it will take time for Social Security beneficiaries to recoup losses incurred from a couple of years of fast-growing inflation that outpaced cost-of-living adjustments.
    This year’s 8.7% increase has exceeded the rate of inflation in every month of 2023 so far by an average of 2.6%, according to The Senior Citizens League.
    Average benefits have recovered just $179.40 since the start of the year, the research found.

    Hopefully we don’t have as large of a COLA.

    Kelly LaVigne
    vice president of consumer insights at Allianz Life

    Yet average benefits fell short of inflation by about $1,054 from January 2021 to December 2022, according to the nonpartisan senior group.
    Even so, beneficiaries may not necessarily be catching up this year due to Medicare Part B premiums.
    The standard Part B premium is $164.90 this year, down from $170.10 in 2022.
    Those premiums, which are typically deducted directly from Social Security checks, are likely completely consuming the extra money beneficiaries have seen from the cost-of-living adjustment so far, according to The Senior Citizens League.

    While signs point to a lower Social Security COLA next year, the Medicare Part B premium may be higher. The estimate for 2024 is $174.80, according to the Medicare trustees report released last month.
    Experts emphasize those numbers are subject to change.
    “We won’t really know 100%” what the Social Security COLA or Medicare Part B premium for 2024 will be until later this year, according to LaVigne. More

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    Health plans could soon reduce coverage for preventive care. Here’s what to know

    After a federal judge in Texas struck down a key provision of the Affordable Care Act, experts say health insurance plans may scale back their preventive care coverage.
    People could soon get higher bills for certain cancer screenings and disease-preventing medications.

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    Tens of millions of Americans could be affected

    The ACA’s preventive services mandate covered most people who have private health insurance, either through their employer or from the public exchange, Donovan said.
    Around 100 million people with private insurance got preventive care required under the ACA in 2018, one estimate found, making it the provision with the widest reach. Insurers generally must not impose copays or deductibles on the recommended preventive care.
    The ruling doesn’t appear to have a direct impact on those covered by Medicaid or Medicare, experts say.

    Cancer screenings, heart meds among care at risk

    The decision out of Texas means insurers are no longer required to provide free coverage based on recommendations made from the U.S. Preventive Services Task Force since 2010.
    However, the other two panels that advise the government on preventive care, the Advisory Committee on Immunization Practices and the Health Resources & Services Administration, may have made similar recommendations that will prevent some kinds of care from losing coverage, Donovan said.

    Still, because of the ruling, people in their late 40s may face higher costs for colorectal screenings.
    Similarly, certain lung cancer screenings for adults between the ages of 50 and 80 with a history of smoking could be subject to new out-of-pocket costs, according to the Kaiser Family Foundation.
    In addition, some medications to prevent heart disease, such as statins, and drugs to lower the risk of breast cancer may also be subject to copays, deductibles and coinsurance now.
    Advocates are also concerned that costs will rise for PrEP, a medication highly effective for preventing H.I.V.

    Changes unlikely to be immediate

    Although the decision is likely to drive up health-care costs for some people, Kosali Simon, professor of health economics at the O’Neill School at Indiana University, said there was little reason for panic just yet.
    “Many preventive care services are not covered by this decision,” Simon said.

    Insurers are also not likely to make changes to their coverage in the middle of the plan year, she added. That means any reduced coverage might not kick in until 2024. It’s also possible insurers will wait until the legal disputes over the provision are resolved before amending their policies.
    Health plans will still be required to ensure no copays for many preventive services, including birth control and mammograms, Simon said. Some states have their own mandates, meanwhile, on free preventive care.

    Patients can check in with insurers

    Those who are worried about changes to their health-care coverage should call their insurer and ask about any upcoming scheduled appointments, Donovan said.
    Whatever you learn, Donovan said, “We recommend going forward with any planned appointments. These preventive services may save your life.” More

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    Here’s the inflation breakdown for March 2023 — in one chart

    The consumer price index eased to 5% in March 2023 on an annual basis, down from 6% in February, according to the U.S. Bureau of Labor Statistics inflation report.
    Energy and food prices declined in March. Housing prices have proven stubborn, but are expected to start falling in coming months, economists said.
    Inflation for physical goods has largely eased. But that for “services” has been stickier, largely due to dynamics in the labor market, economists said.
    Banking turmoil is expected to cool the economy and inflation in coming months.

    South_agency | E+ | Getty Images

    Inflation continued to retreat in March as energy prices pulled back from a year ago, when they began to spike due to Russia’s invasion of Ukraine.
    But swings in gasoline and other energy mask price pressures that, while easing, remain under the surface, economists said.

    “It’s improving and the economy is cooling, but it’s still far from tepid,” Diane Swonk, chief economist at KPMG, said of inflation.

    The consumer price index, a key gauge of inflation, rose by 5% in March relative to 12 months earlier, the U.S. Bureau of Labor Statistics said Wednesday.
    The index measures price changes across a broad basket of consumer goods and services, such as food, housing, electronics and recreation.
    The latest annual reading declined from 6% in February. The reduction doesn’t mean prices fell; they’re still rising, just more slowly than a year ago.  
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    A little bit of inflation is good — policymakers aim for about 2% a year, according to a different but related measure.
    While still “painfully high,” inflation has eased significantly from its peak of more than 9% in June, said Mark Zandi, chief economist of Moody’s Analytics. Inflation seems poised to fall back to policymakers’ target by this time next year, barring any unforeseen derailments, he said.
    “Inflation is fundamentally moderating,” Zandi said. “And all the trend lines look good.”
    “I can say that with increasing confidence.”

    What drove inflation in March 2023

    Housing was a “notable” inflation driver in March and over the past year, according to the bureau.
    The shelter index increased 8.2% in the last year, accounting for over 60% of the total increase in consumer prices after stripping out the volatile energy and food categories. Other notable annual increases include motor vehicle insurance, at 15%; household furnishings and operations, 5.6%; recreation, 4.8%; and new vehicles, 6.1%, the bureau said.
    “There are a lot of categories that continue to see outsized increases month after month,” said Greg McBride, chief financial analyst at Bankrate. “And [some of] those are categories that are staples in the household budget.”
    “We’ve got to see improvement in terms of moderating price pressures across a broad range of categories,” he added.
    The overall energy index is down 6.4% in the past year.
    Average U.S. gasoline prices topped out at over $5 a gallon in June, following a surge in oil prices after Russia invaded Ukraine in February 2022. The price increase for both regular motor gasoline and diesel fuel from February to March 2022 was the largest monthly gain on record, according to the U.S. Department of Transportation.

    It’s improving and the economy is cooling, but it’s still far from tepid.

    Diane Swonk
    chief economist at KPMG

    To compare, average pump prices were about $3.54 a gallon this March, according to the U.S. Energy Information Administration. They’ve risen in recent weeks after a bloc of major oil-producing nations announced output cuts.
    Housing accounts for the largest share of average household expenses. Elevated inflation in housing has therefore served to prop up CPI readings.
    There’s been a “huge” moderation in newly signed rent agreements, said Paul Ashworth, chief North America economist at Capital Economics. But price changes generally take nine months to a year to flow into CPI reports, due to how economists calculate price changes in the housing category, he said.
    “The big uncertainty is: We know housing costs should start to moderate … soon [in the CPI], but none of us know exactly when,” Ashworth said.
    The food at home index, i.e., grocery prices, fell 0.3% in March, its first monthly decline since September 2020. That’s due to a combination of things, such as lower prices for diesel, a key component in transporting food to stores, and easing supply chain issues, Zandi said.
    “It signals the food inflation fever has been broken,” Zandi said.

    Why inflation popped up and remains high

    Consumer prices began rising rapidly in early 2021 as the U.S. economy started to reopen after the pandemic-related shutdown. Americans unleashed a flurry of pent-up demand for dining out, entertainment and vacations, aided by savings amassed from government relief.
    Meanwhile, the rapid economic restart snarled global supply chains, a dynamic exacerbated by Russia’s invasion of Ukraine. In other words, supply couldn’t keep up with consumers’ willingness to spend.
    Inflation was initially siloed in categories of physical goods such as used cars and trucks. But the dynamic has morphed.
    “The supply shortage was very much a 2021, 2022 story,” Ashworth said.

    Richard Ross | The Image Bank | Getty Images

    Now, inflation is more a story of “services,” which includes categories such as haircuts, auto insurance, airline fares, medical care and rent, economists said.
    That’s largely due to conditions in the job market, characterized by historic demand for workers, low unemployment and strong wage growth, economists said. Higher labor costs pressure businesses to raise their prices, especially in labor-intensive service industries, economists said. While the labor market remains hot, it has been gradually cooling.
    The U.S. Federal Reserve has been raising interest rates aggressively to tame inflation. This mechanism aims to increase borrowing costs for consumers and businesses, who pare back spending, thereby cooling the economy and labor market and, ultimately, inflation.
    Recent turmoil in the banking sector is expected to reduce banks’ willingness to make loans — and those tighter credit conditions are expected to further cool the economy and help tame inflation.
    That credit tightening will likely help cool inflation in the second half of the year, Swonk said.
    “It’s a slow squeeze,” she said. More

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    Financial experts share their greatest money regrets — all have one thing in common

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    CNBC Financial Advisor Council members share their greatest money mistake, and what they learned from it.
    In every case, their younger selves made tradeoffs that sacrificed their long-term financial well-being.

    Mistakes happen, especially when it comes to money.
    Even our most trusted sources for financial information and advice have their own regrets.

    Here, CNBC Financial Advisor Council members share their greatest money mishaps, and what they do differently now. In every case, their younger selves made tradeoffs that sacrificed their long-term financial well-being.
    Maybe if we can learn from them, we won’t fall into the same trap.
    Money mistake: ‘I didn’t negotiate my first salary’
    “When I first started in financial planning, I got an offer for $40,000 with a 401(k) and a 4% match and I thought I had won the lottery,” said Sophia Bera Daigle, CEO and founder of Gen Y Planning, an Austin, Texas-based financial planning firm for millennials. That elation led to a mistake: “I didn’t negotiate my first salary.”
    However, the next year, the economy skidded to a halt, annual raises were sidelined and her employer rescinded the 401(k) match, she said. “For my first five years in financial planning, I made the same amount of money.”
    Although wages were particularly stagnant during the Great Recession, salaries are in the spotlight once again as inflation weighs on most workers’ financial standing.

    And still, more than half of workers don’t negotiate when given a job offer, CareerBuilder found.
    Yet negotiating works. According to Fidelity, 85% of Americans — and 87% of professionals ages 25 to 35 — who countered on salary, benefits or both got at least some of what they asked for. 
    Confidence is key, said Bera Daigle, who is also a certified financial planner and a member of CNBC’s Advisor Council. Know your worth and what you want. It may be a higher paycheck or increased opportunities for advancement, flexibility or vacation time.
    “If you get a hard ‘no,’ ask what it would take for a salary increase to be on the table in six months,” she advised. “That’s really helpful too.”
    Money mistake: Leasing ‘too much’ car

    Thianchai Sitthikongsak | Moment | Getty Images

    “My biggest money mistake was back when I was working at Smith Barney as an early financial advisor,” said Winnie Sun, co-founder and managing director of Sun Group Wealth Partners, based in Irvine, California. “My colleagues at the time really encouraged me to get a new luxury vehicle and said that given what we do, a lease would be a good option.”
    So, Sun, a member of the CNBC Financial Advisor Council, splurged on her dream car. “I signed a three-year contract and pulled off the lot with a shiny white convertible Mercedes Benz.
    “Was it beautiful? Yes,” she said. “Was it the right way to spend my money? Absolutely not.”
    These days, financing a new or used car is even more expensive, new research shows.

    More from Ask an Advisor

    Here are more FA Council perspectives on how to navigate this economy while building wealth.

    Amid rising interest rates and elevated auto prices, the share of new car buyers with a monthly payment of more than $1,000 jumped to a record high, according to Edmunds. Now, more consumers face monthly payments that they likely cannot afford, according to Ivan Drury, Edmunds’ director of insights.
    Sun said her hefty lease payments came at the expense of other investments. “I could have done so much more with the money and invested it for the future.”
    In fact, most experts advise spending no more than 20% of your take-home pay on a car, including payments, insurance and fuel or electricity. 

    I never bought another new car for myself again.

    Winnie Sun
    managing director of Sun Group Wealth Partners

    Used vehicles could be a better deal. A certified pre-owned vehicle, usually one coming off a lease, often includes warranty coverage, which greatly reduces the worry that can also come with buying a used car.
    “I never bought another new car for myself again,” Sun said. “And the money I save has gone into my kids’ college savings accounts and have grown nicely and is surely more valuable than a leased car.” 
    Money mistake: Going all in on tech
    “I came into investing during the ‘go-go’ 90’s, which were great years for the market,” said certified financial planner Carolyn McClanahan, founder of Life Planning Partners in Jacksonville, Florida. “We were invested in tech stocks and everything risky.”
    These same companies largely took the fall when the dot-com bubble burst in 2000.
    “We lost a lot of money when the market crashed,” said McClanahan, who also is a member of CNBC’s Advisor Council. 

    “If we had known about diversification and using a low-cost passive approach, we would have been much better off.”
    When it comes to investing, most experts recommend a well-diversified portfolio of stocks and bonds or a diversified fund, like an S&P 500 Index fund, to help weather the ups and downs rather than chasing a hot stock or sector.
    Investors should also check back in regularly to review their investment allocation and make sure it is still working to their advantage. 
    Money mistake: Unloading inherited stock
    “My wife had inherited shares of Phillip Morris stock from her father,” said Lee Baker, a certified financial planner based in Atlanta.
    But since smoking had contributed to his death, the couple wrestled with owning shares of the tobacco giant. At the same time, “there was discussion in Congress about a sin tax, so I figured it was a good time to sell.”
    The legislation failed to get off the ground, however, and Philip Morris continued to thrive.  
    “For me, the biggest lesson is to be careful about making investment decisions based on what politicians say they want to do,” said Baker, who is the founder, owner and president of Apex Financial Services and a member of CNBC’s Advisor Council.

    Patcharanan Worrapatchareeroj | Moment | Getty Images

    Still, some investors find it important to consider backing companies that reflect their values or lifestyle.
    “Today, when we talk to clients about inherited stock, we still take the time to find out if there are any emotions attached to the stock, either positive or negative,” he said.  “Once we have a handle on the emotional side of the equation, we are in a better position to discuss the stock from an investment perspective.”
    For some, that may mean shifting a portfolio away from owning tobacco, even though stocks like Philip Morris have been proven winners within the vice group.
    Money mistake: Not considering long-term care
    Most families don’t think about long-term care until there is a health crisis.
    “I waited until we were in our mid-50s,” said Louis Barajas, CEO of International Private Wealth Advisors in Irvine, California. He is also a certified financial planner and member of CNBC’s Advisor Council.
    “It was procrastination on our part or being too busy,” said Barajas. In the meantime, his wife, Angie, was diagnosed with colon cancer. “It will be a lot more expensive now, it might be unaffordable,” he said.
    There are insurance options to help offset the costs — from traditional long-term care insurance to hybrid policies that combine life insurance and long-term care coverage. But, in general, the younger you are, the cheaper your insurance premiums. 
    Insurance premiums rise by an average of 8% to 10% for each year you postpone buying coverage, according to Policygenius, which is why some experts advise addressing long-term care as soon as you can.
    “You need to start thinking with one eye on the present and one eye on the future,” Barajas said. More

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    Buffett says U.S. bank deposits are safe and the government would backstop all of them if necessary

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    Warren Buffett said Americans should not be concerned about their bank deposits in the wake of the latest financial shock in the sector and the government would ensure no depositor in this country lost a dime.
    “People shouldn’t be worried about losing the money and the deposits they have in an American bank, and today, they have no reason to worry,” said the Berkshire Hathaway chairman and CEO in an interview with Becky Quick from Tokyo on CNBC’s “Squawk Box” Wednesday. “But the message has gotten very confused and people don’t really understand how it all works.”

    related investing news

    The banking sector went through a brief panic in March as depositors fled Silicon Valley Bank, which had mismanaged its bond portfolio and was overly leveraged to the tech industry. Fear grew that depositors with more than the $250,000 FDIC insurance limit would lose their money. But over the weekend on March 12, the government backstopped all depositors in SVB, along with those in Signature Bank, no matter the amount they had with the banks.
    Buffett said the government would likely step in to backstop all depositors in all U.S. banks if that was ever necessary, though he did note that would require Congressional approval.
    “We’ll get the OK,” he said when asked if Congress would approve that extraordinary action. Buffett noted that Congress would also adjust the debt ceiling for this to take place in order to avoid financial ruin for the country.
    The banks closures have set off a crisis of confidence among investors and customers as they questioned whether other financial institutions could face the same fate. Bank stocks largely tumbled in March as investors grew skittish on the sector, with the selloff specifically focused on regional banks amid liquidity concerns. To restore confidence, 11 banks put $30 billion in deposits in First Republic Bank, whose shares have tumbled during the shock.
    Buffett noted that shareholders may lose out if more bank failures occur and rightly so, but depositors shouldn’t be worried.

    Buffett’s father

    Bank closures are an issue that’s impacted Buffett personally, he said, with his dad losing his job and savings in the 1930s when the bank he worked at failed.
    But things have changed in a positive way since the Great Depression in terms of regulations and knowledge of bank runs and what such things can do to a financial system. The Federal Deposit Insurance Corporation was created during the Great Depression.
    Buffett, 92, said he so confident that U.S. depositors are safe that he would put a million dollars of his own money in a bank and challenged someone else to do the same. He said he will give that money to charity at the end of the year if just one American lost their deposits through a bank closure, but he keeps the other person’s money if U.S. depositors remain whole.
    “If any American depositor has lost money from a bank failure, the other soul gets to name where the $2 million goes, to what charity,” he said. “If they haven’t, I get the payment. And that’s a firm offer, and we’ll see who steps up.” More

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    Here’s what to do if you can’t pay your taxes by April 18 — and how to avoid the ‘biggest mistake,’ tax pro warns

    Smart Tax Planning

    If you can’t pay your taxes by April 18, you may have more options than you expect, according to tax experts.
    You can contact the IRS to arrange an installment agreement, an offer in compromise or currently not collectible status.
    But ignoring the filing deadline is the “biggest mistake” taxpayers can make, according to Lawrence Pon at Pon & Associates in Redwood City, California.

    FatCamera | E+ | Getty Images

    The federal tax deadline is one week away for most Americans, and if you can’t cover your balance by April 18, you may have options, tax experts say.
    Whether you file on time or request an extension, you need to pay taxes owed by the original due date to avoid racking up penalties and interest.  

    Skipping the filing deadline is the “biggest mistake” taxpayers can make, according to Lawrence Pon, a certified financial planner and certified public accountant at Pon & Associates in Redwood City, California.

    More from Smart Tax Planning:

    Here’s a look at more tax-planning news.

    Here’s why: The penalty for failure to file is 5% of your unpaid balance per month, capped at 25%, plus interest. By comparison, the late payment penalty is 0.5%, also levied monthly and limited to 25%, with interest.
    However, some areas, such as most of California and parts of New York, have more time to file and pay this season due to natural disasters, Pon said. There’s a full list here.

    Don’t ignore IRS notices

    Another common mistake is ignoring IRS correspondence once you’ve fallen behind on your taxes, experts say.
    Sheneya Wilson, a CPA and founder of Fola Financial in New York, said avoiding negligence is her “biggest piece of advice.”

    If you receive an IRS letter for an unpaid balance, you need to respond to that notice quickly, she said. Otherwise, solutions with the agency may become more challenging.
    Whether you’re wrestling with a first-time balance or older tax debt, here are some options to consider.

    1. Installment agreements

    Wilson said the most popular option is to apply for an installment agreement, which is a long-term monthly payment plan through the IRS that “takes about five minutes” to set up.
    If you owe $50,000 or less, including tax, penalties and interest, you can set up an installment plan online, but you’ll have to call the IRS for larger amounts, she said.
    However, the agency won’t approve the plan if you have unfiled returns from previous tax years. And if you miss a payment, the IRS can cancel the installment agreement and your remaining balance will be due, Pon warned.

    2. Offer in compromise

    Another option, offer in compromise, may allow you to settle for less than you owe. But the IRS urges taxpayers to explore “all other payment options” first.
    If you can prove you’ve gone through financial hardship, it’s possible to reduce your balance through an offer in compromise, Wilson said.

    3. Currently not collectible

    There’s also a “currently not collectible” status, in which the IRS temporarily stops trying to retrieve unpaid balances.
    If the status is approved, your debt may still accrue penalties and interest, and the IRS can use your future tax refunds to cover the balance, according to the Taxpayer Advocate. More

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    Social Security is in the ‘worst public service crisis in memory,’ labor union says. What it may take for services to improve

    Social Security beneficiaries now confront long waits for service on the phone and in person at the agency’s field offices.
    Behind the scenes, the agency’s workers face low staffing levels and overwhelming work loads, a union representing more than 40,000 employees said.
    Increased funding for the program, as well as stronger policies to help retain workers, may help, the union said.

    The Social Security Administration office in Brownsville, Texas.
    Robert Daemmrich Photography Inc | Corbis Historical | Getty Images

    Long wait times for beneficiaries seeking help from the Social Security Administration have become more common since the onset of the Covid-19 pandemic, even prompting a congressional hearing in 2022 to address the issue.
    Beneficiaries who call the agency’s toll-free number may face hold times of more than 30 minutes, experts said Monday during a panel hosted by the American Federation of Government Employees, or AFGE, a union representing more than 40,000 Social Security Administration employees.

    Long lines and shortened hours are common at many of the agency’s field offices, where beneficiaries may seek in-person assistance, the union said. Last year, the agency, in response to lawmakers, outlined steps it planned to take to address those waits.
    Applicants for disability benefits face waits of more than six months for decisions from the agency, the union said.
    The service delays experienced by the program’s approximately 67 million beneficiaries are signs of “an agency in crisis,” according to Rich Couture, AFGE Council 215 president.
    The Social Security Administration did not immediately respond to a request for comment.
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    The agency “is in the midst of the worst public service crisis in memory caused by historic levels of employee attrition due to uncompetitive pay and benefits, exceedingly low employee morale, and overwhelming workloads,” Couture said at Monday’s panel.
    AFGE leaders said the agency’s diminishing services have come amid funding constraints that have lasted for more than a decade.

    White House funding proposal may not be enough

    President Joe Biden has proposed a 10% increase in funding for Social Security with his fiscal 2024 budget to help improve customer service.
    But while Biden is calling for $15.5 billion in funding for the agency, AFGE said it needs $2 billion more, or almost $17.5 billion.
    Staffing is at the lowest level it has been since 2010, according to AFGE Council 220 President Jessica LaPointe.
    Since 2010, the federal agency’s budget has fallen 14%, adjusted for inflation, Rep. John Larson, D-Conn., noted in 2022.
    “As a result, the remaining employees are burned out,” LaPointe said. “The public is not getting timely services they desperately need.”

    AFGE’s surveys show 76% of Social Security staffers say they have overwhelmingly large workloads that prevent them from performing their jobs to the best of their abilities. Meanwhile, 9 out of 10 workers know someone who has left their job due to overwhelming work-related stress.
    Poor employee retention is causing public service to deteriorate, LaPointe said.
    “Simply put, other employers offer better pay, benefits, telework and remote work options, upward mobility and support,” LaPointe said.
    AFGE’s $17.39 billion budget proposal for 2024 would include 56%, or $9.62 billion, for employee salary and benefits; 17%, or $2.92 billion, for state Disability Determination Services; 16%, or $2.75 billion, for rent, equipment, furnishings, security guards and other items; and 11%, or $1.89 billion, for technology.

    Beneficiaries deserve a Social Security system that works and that means a fully funded Social Security Administration.

    Linda Benesch
    communications director at Social Security Works

    It would also include $100 million for employee retention pay, $90 million for mailed Social Security statements and $20 million for magnetometers, or metal detectors.
    Biden’s budget request of 10% more for the Social Security Administration is the “absolute bare minimum that Congress needs to approve for SSA,” Linda Benesch, communications director at advocacy organization Social Security Works, said Monday.
    “Beneficiaries deserve a Social Security system that works and that means a fully funded Social Security Administration,” Benesch said.

    The agency would also benefit if Congress authorized the use of some of the money from the agency’s surplus, which totals about $2.8 trillion, Benesch said.
    In a report released in September, the Social Security Advisory board, an independent federal government agency, encouraged the Social Security Administration to evaluate the quality and accessibility of its services.
    AFGE is slated to soon begin negotiations to pursue changes, including more competitive pay, to help tackle the service delivery crisis, Couture said.
    “Each experienced employee lost to attrition means more claims that go unprocessed, calls that go unanswered, and people who aren’t being served by the system they paid into when they need it,” Couture said. More