Your Money

If you need a quick $1,000, there's a new option that is both interest-free and penalty-free. The Internal Revenue Service (IRS) has made it easier to withdraw a limited amount of money from a traditional retirement account without penalties. Previously, accessing your savings without penalty was more restrictive and often involved more paperwork. Now, you can withdraw up to $1,000 for any self-defined emergency.

This change follows the IRS's clarification of what qualifies as an emergency personal or family expense under a 2022 retirement law that took effect this year. Eligible reasons include medical expenses, funeral costs, and car repairs, but the key term is the broad “any other necessary emergency personal expenses.”

While this new feature is interest and penalty-free, it is still taxable if you don’t return it within 60 days.

Using Your Retirement Account as an Emergency ATM Just Got Easier
by Ashlea Ebeling

Your Life

September 22^nd marks the first day of Fall in 2024. For many, the kids returning to school or the end of Labor Day weekend marked the beginning of Fall. Whatever way, Fall not only brings thoughts of Halloween, pumpkins, and vibrant colors of reds, oranges, and yellows on falling leaves but also football! Tailgating, rooting for your favorite teams and players, and the high and low emotions of every play. This year, you will see something a little different and much safer for the players. For the first time, the NFL will let players wear Guardian Caps in regular season games, potentially expanding the protective gear’s usage since it was first mandated for certain positions in 2022 preseason practices. As a matter of fact, six players, five members of the Indianapolis Colts and an offensive lineman for the Pittsburgh Steelers, wore the Guardian Caps during the opening weekend of the NFL preseason.
 
But what is the Guardian cap? The Guardian Cap is a padded, soft-shell cover that wraps over a regular helmet to absorb contact and help minimize the impact of violent collisions, reducing concussions. "We now have two years of data showing significant concussion reductions among players who wear Guardian Caps," Jeff Miller, NFL executive vice president overseeing player health and safety, said in a statement in April.
 
When the Guardian Caps debuted in 2022, the NFL said they could reduce the force from head contact by 10% for a player wearing one. If all players wore them, that could rise to 20%. In addition, the NFL reported that the mandatory use of Guardian Caps for linemen and running backs in preseason practices has resulted in a 50% decrease in concussions since 2022.
 
Players suffered about the same number of concussions throughout the past two seasons: 213 in 2022 and 219 in 2023. Concussion numbers have trended lower since 2018. The NFL said they conducted about 1.6 concussion evaluations per game in 2023. About every three to four evaluations turned up a positive concussion diagnosis.
 
They may look a little odd at first, but there’s no price (monetary, vanity, popularity, etc.) that is too great for safety.

Guardian Caps make football safer. Will you see them in regular-season NFL games?
by Jennifer Borresen

Complexity Simplified

Are you in the market for a new car? Should you trade in or sell your old car? Which option will give you the most money with the least headache? 

Trading in is the easiest way and, generally, gets you less money. At best, you can get the vehicle’s wholesale value. There's a tax advantage. Most states charge sales tax only on the difference between the trade-in value and the new-car price.

Selling it yourself can require a great deal of effort and time, but you usually get the most money, which is somewhere between the vehicle’s retail and wholesale values. However, with the internet comes new and numerous online websites, like Clicklane, Carvana, Carmax, Driveway, etc., that will give you instant offers at the convenience of your couch. Some will even pick up your vehicle. The only downside is the lack of negotiation to get the most money.

Best Ways To Sell a Car
by Daniel Robinson

Trivia