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Roth IRA conversion: Here’s everything you need to know before converting

Published Sat, 08 Feb 2025 02:39:08 GMT

James Royal, Ph.D. | Bankrate.com (TNS)A Roth IRA is the best retirement account around, according to many experts, and it offers huge benefits such as tax-free income and the ability to leave tax-free money to heirs. Plus, because of its tax-free status, a Roth IRA gives you flexibility when it comes to taking retirement income.But what if you have another retirement plan? The good news is that you can convert plans such as a 401(k) or traditional IRA to a Roth IRA and take advantage of its range of benefits.“Converting to a Roth can be a great way to take advantage of historically lower tax rates and establish a tax-free retirement,” says Eva Victor, senior director of high-net-worth wealth planning at Northwestern Mutual. “Once you have a Roth IRA, it can produce tax-free income for years, even decades.”Here’s how to use a Roth IRA conversion to set up tax-free income for your retirement.What is a Roth IRA?A Roth IRA is a tax-advantaged retirement account. With a Roth IRA, you de...

US sets record for expensive weather disasters in a year — with four months yet to go

Published Sat, 08 Feb 2025 02:39:08 GMT

By SETH BORENSTEIN (AP Science Writer)The deadly firestorm in Hawaii and Hurricane Idalia’s watery storm surge helped push the United States to a record for the number of weather disasters that cost $1 billion or more. And there’s still four months to go on what’s looking more like a calendar of calamities.The National Oceanic and Atmospheric Administration announced Monday that there have been 23 weather extreme events in America that cost at least $1 billion this year through August, eclipsing the year-long record total of 22 set in 2020. So far this year’s disasters have cost more than $57.6 billion and claimed at least 253 lives.And NOAA’s count doesn’t yet include Tropical Storm Hilary’s damages in hitting California and a deep drought that has struck the South and Midwest because those costs are still be totaled, said Adam Smith, the NOAA applied climatologist and economist who tracks the billion-dollar disasters.“We’re see...

US approves updated COVID vaccines to rev up protection this fall

Published Sat, 08 Feb 2025 02:39:08 GMT

By LAURAN NEERGAARD (AP Medical Writer)WASHINGTON (AP) — The U.S. approved updated COVID-19 vaccines Monday, hoping to rev up protection against the latest coronavirus strains and blunt any surge this fall and winter.The Food and Drug Administration decision opens the newest shots from Moderna and Pfizer and its partner BioNTech to most Americans even if they’ve never had a coronavirus vaccination. It’s part of a shift to treat fall updates of the COVID-19 vaccine much like getting a yearly flu shot.There’s still another step: The Centers for Disease Control and Prevention must sign off. A CDC advisory panel is set to issue recommendations Tuesday on who most needs the updated shots. Vaccinations could begin later this week, and both the COVID-19 and flu shot can be given at the same visit.COVID-19 hospitalizations have been rising since late summer although –- thanks to some lasting immunity from prior vaccinations and infections –- not nearly as...

Flooding in eastern Libya after weekend storm leaves 2,000 people feared dead, prime minister says

Published Sat, 08 Feb 2025 02:39:08 GMT

By SAMY MAGDY (Associated Press)CAIRO (AP) — Mediterranean storm Daniel caused devastating floods in Libya that swept away entire neighborhoods and wrecked homes in multiple coastal towns in the east of the North African nation. As many as 2,000 people were feared dead, one of the country’s leaders said Monday.The destruction appears greatest in Derna, a city formerly held by Islamic extremists in the chaos that has gripped Libya for more than a decade and left it with crumbling and inadequate infrastructure. Libya remains divided between two rival administrations, one in the east and one in the west, each backed by militias and foreign governments. The confirmed death toll from the weekend flooding stood at 61 as of late Monday, according to health authorities. But the tally did not include Derna, which had become inaccessible. Many feared that many of the missing, believed to be in the thousands, were also carried away by the waters. Video by residents of the city post...

Source explains JuJu Smith-Schuster’s lack of snaps for Patriots in Week 1

Published Sat, 08 Feb 2025 02:39:08 GMT

One of the biggest surprises from the Patriots’ Week 1 loss to the Eagles from a personnel standpoint was wide receiver JuJu Smith-Schuster’s relative lack of playing time.Smith-Schuster, who the Patriots elected to sign to a three-year, $25.5 million contract over bringing back Jakobi Meyers in free agency this offseason, played just 43 of 80 total offensive snaps. He was outpaced by Kendrick Bourne (73 snaps) and rookie Kayshon Boutte (55 snaps). He out-snapped rookie Demario Douglas (33 snaps) by just 10 plays.Most shocking out of those figures is Boutte’s high snap count compared to Smith-Schuster’s playing time. The reasoning behind it, according to a source, is largely because Smith-Schuster doesn’t play the X-receiver role that was left vacant when DeVante Parker (knee) was ruled inactive. Boutte essentially served as a 1-for-1 swap for Parker, primarily playing the X-receiver role. Then the Patriots had a three-man rotation with Bourne, Smith-Schuster and Douglas for the Z a...

Abandoned boat found near Torrey Pines State Beach

Published Sat, 08 Feb 2025 02:39:08 GMT

SAN DIEGO — An abandoned boat and several personal flotation boats were found Monday near Torrey Pines State Beach, U.S. Customs and Border Protection said.According to CBP, an abandoned pleasure craft was found near the beach around 6:30 a.m. along with three fuel containers and five personal flotation devices in the vessel. Suspected ‘car prowlers’ lead police on chase before crashing CBP Air and Marine Operations surveyed the area along the La Jolla beach, but no people were found in connection to the incident, a CBP spokesperson confirmed to FOX 5.The boat was seized by CBP Air and Marine Operations.No further information about the incident was immediately available.

Dominican president suspends visas for Haitians and threatens to close border with its neighbor

Published Sat, 08 Feb 2025 02:39:08 GMT

SANTO DOMINGO, Dominican Republic (AP) — The president of the Dominican Republic announced Monday that he has suspended issuing visas to Haitians, and he threatened to shut down land, air and sea traffic between the two neighbors over their latest dispute.President Luis Abinader’s move follows the recent excavation of a supposed canal in Haiti that Dominican officials argue will divert water from the Massacre River and harm its farmers and the environment. The river, which runs in both countries, is named for a bloody battle between Spanish and French colonizers in the 1700s.It is not clear who, if anyone, authorized the digging of the canal in Haiti.“If the conflict is not resolved before Thursday, (officials will) completely close the border to air, sea and land commerce,” the Dominican government said in a statement.That would be an economic blow to Haiti, which gets much of its imports from the Dominican Republic and where inflation has skyrocketed and poverty deepened ami...

MP Michael Chong testifies Tuesday in D.C. about being a foreign interference target

Published Sat, 08 Feb 2025 02:39:08 GMT

WASHINGTON — Canadian Conservative MP Michael Chong will be in the U.S. capital Tuesday to tell Capitol Hill lawmakers what it’s like to be a target of a Chinese foreign interference campaign.Chong is one of several witnesses who are scheduled to appear before the Congressional-Executive Commission on China. Chong says he’s unafraid to tell his story and to speak on behalf of the countless other Canadians that he says have also been targeted.The commission, which includes senators, members of Congress and executive branch officials, was set up in 2000 to keep tabs on China’s human-rights record. Its last annual report described China as a country that speaks the language of human rights and democracy while actively working to undermine both. Canada’s federal Liberal government, dogged by criticism of its handling of the foreign interference file, has launched a public inquiry that’s expected to last 16 months. This report by The Canadian Press was first...

Settlement in sex-assault lawsuit against Quebec religious order

Published Sat, 08 Feb 2025 02:39:08 GMT

MONTREAL — A settlement has been reached in a class-action lawsuit providing compensation for victims of sexual abuse at orphanages and other institutions run by the Frères de Saint-Gabriel religious order in Quebec.Under the settlement announced today, a fund of between $9.4 million and $26.9 million will be made available to victims for assaults committed since 1940.The lawsuit was filed in December 2019 and covers those who were minors when they were sexually assaulted, provided they did not previously sign a release with the Frères de Saint-Gabriel or take part in the compensation program for the Duplessis orphans, who suffered abuse in certain church-run orphanages.The agreement still requires approval from the Quebec Superior Court, which has a hearing scheduled for Sept. 28.If the agreement is approved, victims will have three months to file for compensation, and Jacques Fournier, a retired former chief justice of Quebec Superior Court, will serve as adjudicator.So far, more ...

Explosion and fire injures 8 workers at Illinois soybean processing plant

Published Sat, 08 Feb 2025 02:39:08 GMT

DECATUR, Ill. (AP) — An explosion and fire at a soybean processing facility in Illinois injured eight employees over the weekend and sent a tower of smoke into the air, officials said Monday.The explosion occurred at the east plant in the Archer Daniels Midland processing complex shortly after 7 p.m. Sunday in Decatur, about 150 miles (240 kilometers) southwest of Chicago, the agricultural company said in a statement on its website. Six of the eight injured workers were taken from the scene by ambulance with the “extent of injuries unknown,” Battalion Chief Wade Watson with the Decatur Fire Department said in a statement Monday morning.ADM said in a statement early Monday afternoon that five employees remained in hospitalized “receiving treatment for their injuries” and added that the company’s “priority is providing our injured colleagues and their families support.”The explosion was followed by a large plume of dark smoke high above the facility in a video posted by WCIA-TV....