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Amanda Blankenship

Is the Post Office Open on MLK Day 2020?

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is the post office open on MLK day

The hustle and bustle of the new year can make it difficult to stay on top of upcoming holidays and events. Because of this, Martin Luther King Jr. Day often creeps up on people and finds them unprepared for the closings associated with a federal holiday. This year, MLK Day falls on January 20. If you’re thinking about using the day off to run errands, you may want to know is the post office open on MLK Day?

Is the Post Office Open on MLK Day?

No, the post office is closed on MLK Day. United States Postal Service employees are given every federal holiday off. This includes Martin Luther King Jr. Day.

Is the Post Office Open The Weekend Before MLK Day?

As usual, some post offices will be open on Saturday but all will be closed on Sunday. If your local post office branch is not typically open on Saturdays, it won’t be open the Saturday before MLK Day. Call USPS or visit their website to see the weekend hours for locations near you.

Even if the post office is closed, you can still take advantage of other services available to the public 365 days a year. You will still be able to drop off packages and letters to be mailed. Most post offices also have a machine where you can buy stamps and other postage as well. If you’re unsure of what services are available at your post office, give them a call.

Anything that needs to be sent on Sunday or a federal holiday may need to be taken to FedEx or UPS.  Even these services aren’t available 365 days a year though.

Is UPS Open on Martin Luther King Jr. Day?

Yes, the United Parcel Service is open on Martin Luther King Jr. Day. UPS recognizes Martin Luther King Jr. Day, but the company doesn’t observe the holiday. All UPS services are available and the company will run as if it were any other typical Monday.

Is Federal Express Open on MLK Day?

Yes, Federal Express is open on Martin Luther King Jr. Day. FedEx treats Martin Luther King Jr. Day as a regular Monday, and provides their normal pickup and delivery service on January 20.

If there is another local delivery service or parcel pick up that you’re wondering is open or not, give them a call to see if they are open on MLK Day.

Photo: Flickr: Mike Licht

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Are Banks Open on Martin Luther King Jr. Day?

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are banks open on mlk day

In 2020, Martin Luther King Jr. Day falls on Monday, January 20. It is the second federal holiday of the year and, because it falls so close to the new year, often gets forgotten until it is upon us. When a holiday like this sneaks up on you-you may find yourself confused as to what’s open and what’s closed. Banks typically follow the federal holiday schedule but are banks open on Martin Luther King Jr. Day?

Are Banks Open on MLK Day?

Most banks will be closed on Martin Luther King Jr. Day. Typically, the bank holiday schedule mirrors the federal holiday schedule. Because MLK Day is a federal holiday, most banks will not open their doors. However, not all banks adhere to this rule of thumb. Institutions located in retail outlets, malls, and grocery stores may remain open on the holiday.

Are Credit Unions Open on Martin Luther King Jr. Day?

Like banks, most credit unions are closed on Martin Luther King Jr. Day. Although credit unions don’t explicitly follow the bank holiday schedule, most close on federal holidays. The only credit unions that will be open on Martin Luther King Jr. Day are those located within retail locations.

Banking Services Available on MLK Day

If you need to do any banking on January 20, you still have some options. As mentioned above, banks within retail locations may be open. And even if you’re not lucky enough to have a bank that is open, some services are available 24 hours a day, even on holidays.

Basic banking transactions like deposits, withdrawals, and transfers can be done through your bank’s website, mobile app, or ATM. In fact, most people don’t need to visit the bank at all anymore. Each of these is available 24 hours a day, seven days a week. For the most part, they are available 365 days a year as well (though scheduled maintenance may hinder that at times).

Keep in mind, some banks will put a hold on deposits and may take longer to process transactions over the holiday. If you need the money to post right away, you may have a problem getting access to your newly deposited cash on MLK Day. Worse comes to worst, you can always cash a check at a grocery store or other check-cashing facility if you need the money immediately.

MLK Day Weekend Hours

Most banks and credit unions are open Saturday but will be closed Sunday during Martin Luther King Jr. Day Weekend. Some banks are open on Saturdays, some are not. If your local bank branch is usually open, they will still be open Saturday. However, most banks are closed on Sunday and will not be open this Sunday to make up for the Monday holiday. There are a few exceptions, so if you are wondering if your bank is open on Sunday, give them a call and make sure.

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Is the Stock Market Open on MLK Day 2020?

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is the stock market open on MLK Day

Federal holidays impact the day-to-day business of many institutions in the United States. Typically, banks close and U.S. Postal Service employees have the day off. However, the stock market follows a different holiday schedule. With the year’s second federal holiday approaching, many people are wondering is the stock market open on MLK Day?

Is the Stock Market Open on MLK Day?

The stock market will be closed on MLK Day. Investors will not be able to trade or sell on Monday, January 20. Any business that needs to be done will need to be completed before the close of business Friday. All other business will need to wait to be taken care of until Tuesday.

Will NASDAQ be open on MLK Day?

NASDAQ will be closed on Monday, January 20. Because the NASDAQ and NYSE have the same holiday schedule, they are closed the same days, including MLK Day.

Bond Market MLK Day

The bond market will be closed on MLK Day. The SIMFA or bond market runs on a different schedule than the NYSE or NASDAQ. However, it will still be closed on Monday. Any urgent business needs to be taken care of before 5 p.m. EST Friday.

The Stock Market Holiday Schedule

The stock market (NYSE and NASDAQ) is closed each year in observance of the following federal holidays: New Year’s Day, Martin Luther King Jr. Day, Washington’s Birthday, Good Friday, Memorial Day, Independence Day, Labor Day, Thanksgiving and Christmas Day.

It is important to note that the market closes at 5 p.m. EST on regular business days. There are two days during the year in which the market closes early (1 p.m. EST). Those days are Christmas Eve and Black Friday. No dates around MLK Day are impacted this way.

Because the stock market holiday schedule varies slightly from the federal holiday schedule, active traders should note holidays and days the market closes early and plan accordingly.

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A Cup of Green Tea a Day Can Help You Live a Longer Life

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green tea

The average life expectancy in the United States is 78.69 years old. That number has risen drastically over the years, but people are constantly looking for ways to extend their lifespan. Now, a new study has found that drinking green tea on a regular basis can help you live longer.

How Green Tea Can Help Extend Your Lifespan

Although many people start their day with a cup of coffee, researchers found that swapping that out for green tea can help lower the risk of heart problems. To come to this conclusion, scientists examined health and behavioral information of 100,000 Chinese adults.

Each study participant self-reported the amount of tea they drank. Those who drank less than three cups of tea per week were found to have a higher risk of cardiovascular problems. Individuals who drank more had a 20% lower risk of cardiovascular issues, a 22% reduced risk of death associated with cardiovascular problems and a 15% lower risk for premature death. It has even been shown to help prevent some types of cancer.

Individuals who drank green tea on a regular basis also lived a year longer than those who do not, on average. This is because green tea is jam-packed full of flavonoids that help improve the function of blood vessels, relieve inflammation, lower oxidative stress, and increase the efficiency of heart muscle cells.

Cardiovascular disease is one of the leading causes of premature death worldwide. For this reason, it is important to look into things, like drinking green tea, to help people prevent it. At the very least, adding more green tea into your diet promotes healthy teeth and hydration, so why not give it a try?

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Stock Market Holiday Schedule 2020

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stock market holiday schedule 2019

Many companies, organizations, and entities close their doors during specific holidays. In many cases, people assume that those holiday schedules will align with the federal holiday closures. However, that isn’t always the case. There is no legal requirement (beyond federal offices) that organizations close when the government does, so every entity has the ability to create their own holiday schedule. When it comes to the stock markets, both the New York Stock Exchange (NYSE) and NASDAQ use the same closure and short-day schedule, while the U.S. bond market (SIFMA) uses a different one. This creates a degree of confusion about when the stock market will or won’t be open each year.

U.S. Stock Market Holiday Schedule 2020

Both the NYSE and NASDAQ rely on the same holiday closure schedule. Whenever one is closed for the holiday, so is the other. The only times when one will close while the other remains open usually involve technical issues that impact one market and not the other.

If you want to know if the stock market will be open or closed on a particular holiday, here is an overview of the NYSE and NASDAQ stock market holiday schedule, including both short-days and full closures, for 2020:

Holiday NYSE & NASDAQ Date
New Year’s Day Closed Wednesday, January 1
Martin Luther King, Jr. Day Closed Monday, January 20
Washington’s Birthday Closed Monday, February 17
Good Friday Closed Friday, April 10
Memorial Day Closed Monday, May 25
Day Before Independence Day Closed (July 4 Holiday Observed) Friday, July 3
Independence Day Closed Saturday, July 4
Labor Day Closed Monday, September 7
Thanksgiving Closed Thursday, November 26
Day After Thanksgiving Closes Early at 1:00 pm EST Friday, November 27
Christmas Eve Closes Early at 1:00 pm EST Thursday, December 24
Christmas Day Closed Friday, December 25

While the stock markets close on most federal holidays, you may notice that there are two where the federal government closes, but the markets do not: Columbus Day and Veterans Day. Additionally, while the federal government doesn’t view Good Friday as a holiday, the NYSE and NASDAQ do. Both of them close in observance of Good Friday close for the day. There are also a few short days that the formal federal government holiday schedule doesn’t include, but the stock markets both use.

Regular Stock Market Trading Hours

Beyond the holiday closures and short-days listed above, the stock markets follow a standard operating schedule. At the NYSE, a normal day runs using the schedule below:

  • Pre-opening Session – 6:30 am to 9:30 am ET, Monday through Friday
  • Core Trading Session – 9:30 am to 4:00 pm ET, Monday through Friday
  • Late Trading Session – 4:00 pm to 8:00 pm ET, Monday through Friday

The NASDAQ relies on a very similar schedule but opens for its pre-opening session earlier than the NYSE. Here is an overview of the NASDAQ operating hours:

  • Pre-opening Session – 4:00 am to 9:30 am ET, Monday through Friday
  • Core Trading Session – 9:30 am to 4:00 pm ET, Monday through Friday
  • Late Trading Session – 4:00 pm to 8:00 pm ET, Monday through Friday

U.S. Bond Market Holiday Schedule 2020

As mentioned above, the SIFMA holiday schedule impacts when the bond market opens. Every year, the bond market actually closes more often than the NYSE and NASDAQ. Here’s a look at the SIFMA holiday schedule for this year:

Holiday SIFMA Date
New Year’s Day Closed Wednesday, January 1
Martin Luther King, Jr. Day Closed Monday, January 20
Presidents Day Closed Monday, February 17
Day Before Good Friday Closes at 2:00 pm ET Thursday, April 9
Good Friday Closed Friday, April 10
Friday Before Memorial Day Closes at 2:00 pm ET Friday, May 22
Memorial Day Closed Monday, May 25
Day Before Independence Day Observed Closes at 2:00 pm ET Thursday, July 2
Day Before Independence Day Closed (July 4th Holiday Observed) Friday, July 3
Independence Day Closed Saturday, July 4
Labor Day Closed Monday, September 7
Columbus Day Closed Monday, October 12
Veterans Day Closed Wednesday, November 11
Thanksgiving Day Closed Thursday, November 26
Day After Thanksgiving Closes at 2:00 pm ET Friday, November 27
Christmas Eve Closes at 2:00 pm ET Thursday, December 24
Christmas Day Closed Friday, December 25
New Year’s Eve Closes at 2:00 pm ET Thursday, December 31

 

As you can see, not only does the bond market observe every federal holiday, it also closes to celebrate some holidays that aren’t part of the government’s holiday closure schedule. This includes Good Friday and several short days before or after major holidays, such as the day before Good Friday and the day after Thanksgiving.

Do International Markets Use the Same Holiday Schedule?

No, international markets do not follow the same holiday schedule as the NYSE or NASDAQ. While many markets have at least some closure days in common, the schedules are not fully aligned.

For example, while the London and Shanghai stock exchanges close on New Year’s Day, just like the NYSE and NASDAQ, the National Stock Exchange of India does not. Plus, many U.S. stock market closures are based on holidays in the United States that other nations don’t recognize, such as Martin Luther King, Jr. Day, Presidents Day, and Independence Day. As a result, they aren’t observed with closures in other countries.

 

Do you wish the stock market holiday schedule 2020 was more flexible? Why or why not? Share your thoughts in the comments below.

 

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New Parents Can Take a Penalty-Free Early Withdrawal From Retirement Savings

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Penalty-free early withdrawal

It is the beginning of the year and many people have already started preparing their taxes for April. If you took money out of your 401(k) or other retirement savings, you likely have some penalties to pay on the amount you withdrew. However, new parents can take a penalty-free early withdrawal from retirement savings, but it will increase your taxable income.

Why New Parents Get This Break

Being a new parent can be extremely overwhelming and expensive. New parents get a small break if they need to withdraw funds from their retirement savings with the Secure Act, which was passed in December. If you are struggling for money, this can be a good source of emergency cash.

It is important to note that the penalty-free early withdrawal only applies to individuals with new children. There is also an exception for medical expenses, but you need to make sure that the year you withdraw the funds is also the year you needed medical assistance. You won’t be able to withdraw funds from your retirement savings in the event of financial hardship or any other reason without paying the 10 percent withdrawal fees.

While having that extra cash to fall back on is great, there are definitely a few things to be wary of. Even if you need the money for your child or a medical expense, it may not be the best financial decision.

Should You Consider a Penalty-Free Early Withdrawal?

The Secure Act will allow parents with a new child to deduct up to $5,000 from their retirement savings or individual retirement account (IRA) without having to pay the 10% penalty. The $5,000 limit applies to each parent, meaning the family can deduct up to $10,000 in total as long as they have separate retirement accounts.

Even though they won’t have to pay the 10% penalty, parents will still have to pay taxes on this money. Not to mention, you’ll be removing money from retirement savings that likely took years to accumulate and could take years to re-establish. Additionally, you are creating a habit of borrowing, which is never beneficial to your long-term finances.

Ed Slott, CPA and founder of Ed Slott and Co. said, “Retirement funds are for retirement. If you use them well before retirement, what are you going to have in retirement?” All in all, it is probably not the best idea to withdraw from your retirement savings early. Instead, look for other ways to fund your needs and focus on saving more so you don’t have to resort to deducting money from your 401(k) or IRA.

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