What You Should Know about 401ks and IRAs When You Start Your First Job

You’ve graduated and landed your first job. If you start investing early, that $5 you’re about to spend on coffee could grow to $100 by the time you retire. Thanks to compound interest, which means you’ll be earning interest on your interest, the younger you start, the bigger and faster your nest egg will grow. But before you invest your hard-earned money, there are some things to know about 401ks and IRA plans. Free Money… seriously If your employer offers you a 401(k) or a plan that has a matching program, consider it free money. It could mean thousands of dollars per year. Let’s say you’re making $45,000 and your employer offers you a 50-percent match of 6-percent of your salary. That would likely be $1350 in free money by the end of the year. Some 401(k)s also allow you to take loans against them. Cons: You might not have as many investment choices as an IRA, administrative costs may be higher and your money is generally on lockdown until you’re 59½. The annual contribution limit is $18,000. If there’s no sponsored plan, start a Roth IRA or traditional IRA as soon as possible. What’s better, a Roth or Traditional IRA? It’s not as confusing as it sounds. People under 50 can contribute $5,500 per year to either one. The big difference them is when you’ll pay taxes. Traditional IRA like a traditional 401(k), it offers tax-deferred growth. Pros? You don’t have to pay taxes on your money until it’s withdrawn and, if you don’t have a 401(k), some contributions reduce your taxable income. If you follow the rules,...

Celebrity Hacks and Sports Licensing Panels on Monday

Author: Christine Giordano Whether you’re an attorney for Taylor Swift, Beyoncé or Zayn Malik, or if you’re dealing with any kind of celebrity for that matter, you’ll likely be dealing with hacked phones and iCloud accounts. It doesn’t matter if the nude photos from hacked phones actually exist or are photoshopped-body-swaps. What does matter is what you’ll advise your celebrity client. On Monday, February 9, 2015, from 1 to 3 p.m the New York Bar Association will be presenting a panel program called, “The TMZ Effect: Legal Repercussions When Celebrity Photos Leak.” The event will be held at New York Hilton Midtown, 1335 Avenue of the Americas at West 53rd Street Murray Hill Room – 2nd Floor. Panelists planned are Frederick P. Bimbler of Cowan, DeBaets, Abrahams & Sheppard LLP (New York City), Robert A. Boland, New York University and moderator Jason Aylesworth of Sendroff & Baruch, LLP (New York City) The topic is in response to the spate of celebrities who have seen their private photographs, text messages and emails exposed for public consumption by gossip sites and media outlets like TMZ. It will ask the question: What are the repercussions for athletes and celebrities throughout the entertainment and sports industry, and how should attorneys advise their clients when personal matters jeopardize their professional careers? Sports Licensing Panel: If you’re up for a double feature, later that day, from 3:30 to 5:30 p.m., the Bar Association will also present the topic “Athletes, Attorneys and the NFL: New Trends in Pro Sports Licensing.” Panelists will include: Christopher R. Chase of  Frankfurt Kurnit Klein & Selz, PC (New York City);...