Tamila McDonald

Is The Stock Market Closed on Christmas Eve 2020?

December 23, 2020 By Tamila McDonald Leave a Comment

Thursday, December 24 is Christmas Eve. While it’s not a federal holiday, it isn’t uncommon for some organizations to close, giving their employees more time to spend with their families. If you were hoping to handle some stock market trades on Christmas Eve, you might be wondering if the New York Stock Exchange or NASDAQ are open. If that’s the case, here’s what you need to know.

Is the Stock Market Closed on Christmas Eve?

No, the stock market is not closed on Christmas Eve. However, both the NYSE and the NASDAQ do shut down early on December 24. They are set to close at 1:00 pm EST instead. That means the core session, which typically runs until 4:00 pm EST, will be cut short.

Stock Market Christmas Week Schedule

If you want to get some trading done during the week of Christmas, you’re in luck. You’ll have plenty of opportunities, as long as you plan around the stock market’s schedule.

Here’s a look at the stock market core trading session opening and closing times during the week of Christmas:

Monday, December 21 – 9:30 am to 4:00 pm EST
Tuesday, December 22 – 9:30 am to 4:00 pm EST
Wednesday, December 23 – 9:30 am to 4:00 pm EST
Thursday, December 24 – 9:30 am to 1:00 pm EST
Friday, December 25 – Closed for Christmas

Per usual, the stock market is closed on Saturdays and Sundays. If you need to complete trades before Christmas, you’ll need to wrap it up before 1:00 pm EST on December 24. Otherwise, you’ll have to wait until the market reopens on Monday, December 27, or take advantage of after-hours trading options that don’t rely on the stock exchanges.

Are International Stock Markets Closed on Christmas Eve?

When it comes to international markets, some are open on Christmas Eve while others aren’t. For instance, the Australian, Frankfurt, Tokyo, and Toronto (as well as some others) are open, though they may have an earlier closure. On the other hand, the Sao Paulo Brazil, Milan, and Frankfurt Stock Exchanges are closed on Christmas Eve.

If you dabble in the international markets, you’ll want to look at that markets holiday schedule before the holiday. That way, you’ll know if you can execute trades on Christmas Eve or if you’ll have to wait.

Is the Bond Market Closed on Christmas Eve?

No, the bond market will not be closed on Christmas Eve. However, like the stock markets, it is scheduled to close earlier than usual. The trading session will end at 2:00 pm instead of the typical time.

Additionally, the bond market closes on Christmas, just like the stock markets. However, the bond market does maintain its usual operating schedule from Monday, December 21 through Wednesday, December 23, so you do have a decent amount of time during Christmas week to handle your transactions.

Do you wish that the Stock Market was open all day on Christmas Eve instead of closed early? Why or why not? Share your thoughts in the comments below.

If you enjoy reading our blog posts and would like to try your hand at blogging, we have good news for you; you can do exactly that on Saving Advice. Just click here to get started. If you want to be able to customize your blog on your own domain and need hosting service, we recommend trying BlueHost. They offer powerful hosting services for $3.95/month!

Is Target Open On Christmas Day 2020?

December 18, 2020 By Tamila McDonald Leave a Comment

The holiday season is usually a joyous time, but it can also be exceptionally hectic. Juggling work and personal obligations can get tricky, and all of the running around may increase the odds that you’ll forget to buy something you need for Christmas Day. If that happens, you may be wondering if your favorite store happens to be open. If you want to find out if Target is open on Christmas Day 2020, here’s what you need to know.

Is Target Open on Christmas Day 2020?

No, Target is not open on Christmas Day. Christmas Day is one of the two days where Target closes its doors universally, giving its employees the chance to spend time with loved ones during the holiday.

Usually, Target only closes on two days each year: Easter and Christmas. However, in response to COVID-19, the retailer added a third closure in 2020: Thanksgiving Day.

Is Target Open on Christmas Eve?

Yes, Target is open on Christmas Eve. Typically, the retailer actually offers extended hours on Christmas Eve, giving shoppers more time to pick up last-minute items before the holiday.

However, that may or may not happen in 2020. Rules regarding retail operations during COVID-19 could impact Target stores in your region, for example. Additionally, the retailer hasn’t formally announced its holiday week schedule.

If Target follows a schedule similar to 2019’s, you can potentially expect extended hours during the week prior to Christmas. For 2019, that meant many stores were opening at 7:00 am and closing at 12:00 am instead of following the typical operating hours. But individual store schedules can also vary, so it’s important to keep that in mind.

Is the Target Website Open on Christmas?

Yes, the Target website is open on Christmas. In fact, you can shop online at Target.com any day at any time. Just keep in mind that certain options won’t be available on Christmas Day. For example, while you can place an online order for in-store pickup on Christmas, you can’t actually retrieve your order until after the holiday, as Target stores will not be open.

Stores Open on Christmas Day

Some stores do traditionally welcome customers on Christmas Day. Here are a few chains that usually open on Christmas:

Acme
Albertsons
CVS
Giant Foods
Rite Aid
Safeway
Walgreens
Wawa

Typically, any locations that do open only offer limited hours. However, some may not. For example, Wawa is usually operating 24/7, including on holidays, and that may continue this year, as well.

It is important to note that COVID-19 may cause some stores that are usually open to close. If you need to shop on Christmas Day, you may want to call ahead and confirm your area location is open.

Do you usually need to shop on Christmas? Do you wish Target was open on Christmas Day? Share your thoughts in the comments below.

How to Retire Well in Maryland

December 15, 2020 By Tamila McDonald Leave a Comment

Figuring out where to retire can be exciting. Although it might also be a bit challenging. Where you decide to live has a major impact on your quality of life. Particularly when it comes to how long your savings will last. That’s why you want to examine what each state offers carefully. This allows you to choose the right option. If you are wondering how to retire well in Maryland. Here some critical points to consider.

Cost of Living

In most cases, retirees should take a close look at a state’s cost of living scores before choosing where to retire. They help you determine the overall affordability of a location by comparing it to the national average.

The scoring model is fairly simple. The national average is permanently set at 100. When a state’s score above 100. It means they are more expensive than average. When a score is below 100, it usually indicates that the area is more affordable.

Maryland’s overall cost of living score is quite high. Their cost of living score comes in at 128.1. Additionally, it’s category scores all sit above the 100-point mark.

For groceries, the score is 114.6. Utilities come in at 108.6, while transportation and healthcare sit at 110.1 and 122.6, respectively.

Housing is incredibly expensive in Maryland. The housing cost of living score is a shocking 180.2. Additionally, while the average home value in the nation is $262,604. The average home value in Maryland is $330,332. That’s a $67,728 difference.

That doesn’t mean that homes are generally nicer in Maryland. Instead, if you had two comparable properties, one located in the Old Line State and one in an area that aligns with the national average. The home just costs more in Maryland.

Tax Considerations

When you’re exploring retirement destination options. Don’t overlook local tax rates. How much you need to pay in taxes does impact your budget. As you’ll have to dedicate funds to handle that expense.

Maryland does have a state income tax. It uses a bracket-based system. Not unlike how federal taxes are calculated. Depending on your income level, you’ll owe 2 to 5.75 percent in taxes.

However, it doesn’t stop there. There are also county-level income taxes. They can push your tax bill even higher. How much you owe at that level also depends on your yearly income. Overall, they can range from 2.25 to 3.2 percent. That’s in addition to what you pay the state.

Now, there is some good news for seniors. The Old Line State doesn’t tax Social Security or Railroad Retirement income. Additionally, if some of your retirement income is from public pensions or IRAs. You can potentially qualify for a deduction that lowers your tax bill.

The deduction is worth up to $31,100, though you have to subtract how much you receive from Social Security from that amount. For example, if you receive $15,000 in Social Security, your deduction would become $16,100.

Non-public pensions are fully taxed. The same goes for non-Social Security retirement income above the deduction cutoff.

Maryland has a sales tax, as well. The base rate is 6 percent for most purchases, though there are some exceptions. For example, alcoholic beverages are taxed at a rate of 9 percent.

Overall, property tax rates in Maryland are near the national average. Additionally, there are some deductions, exemptions, or credits that can reduce the amount owed for seniors. For example, there’s a Homeowners’ Property Tax Credit Program.

There is also a mix of Senior Property Tax Credit programs, which may lessen your burden, too. Those involve a state credit and, potentially, a supplement from the county. Exactly how much they are worth can vary, so you’ll want to examine your unique situation to get a solid estimate.

Part-Time Job Opportunities

For some seniors, retirement doesn’t mean completely walking away from the workforce. Instead, it’s a time of transition, and many want a part-time job to be part of the equation. Not only can a part-time position keep them active, but it can also help them make their retirement savings last longer.

If you want to find a part-time job in Maryland, opportunities are usually easy enough to come by. However, COVID-19 has influenced overall availability and may continue to do so for some time.

Pre-COVID, the unemployment rate in the Old Line State was just 3.3 percent (as of March 2020), which was much lower than the national average of 4.4 percent.

When COVID struck, Maryland saw a smaller increase in the unemployment rate than many other areas, only hitting 10.1 percent in April 2020. That’s far below the national average at that time, which came in at 14.7 percent.

However, recovery hasn’t been as quick in the Old Line State. As of October 2020, the unemployment rate was around 7.8 percent. That’s only a 2.3 percentage point difference from its high point. When you compare that to the national average (6.9 percent) and its change rate (a decline of 7.8 percentage points), it appears that Maryland is lagging a bit.

That could mean that finding part-time job opportunities in Maryland may be more challenging, at least until COVID-19 is no longer relevant. As a result, retirees may want to ensure that they have enough in savings to carry them through even if they can’t find a position, just to be safe.

Retirement Apps you can use in Maryland

For seniors, retirement means having the right amount of savings. Here are some retirement apps that can help you do that. This table compares three of them and corresponding fees and what it is best for.

App	Fees and Minimum	Best for:
Betterment	0.25% per year no account minimum	Saving for retirement
Ellevest	$1-$9 per month no account minimum	Retirement especially for women
Personal Capital	Free	Planning retirement

Best Cities for Retirees in Maryland

When you’re choosing a retirement destination, you have to look beyond the state. The city you select significantly impacts how you’ll spend your golden years, affecting your access to amenities, entertainment options, and more. Plus, each town may have a slightly different cost of living, so it’s important to take that into consideration as well.

If you aren’t sure where to begin, Bel Air can be an excellent choice for retirees heading to Maryland. It has a vibrant arts and entertainment district, as well as numerous retirement communities and medical facilities. Plus, the Saturday Farmers Market is often a favorite for retirees who like to eat fresh, locally grown food.

Chevy Chase is another city that should be on your shortlist. It essentially borders the District of Columbia (Washington DC), so you have easy access to everything the nation’s capability provides. Plus, its retiree population is high, so you’ll have an easier time meeting people who are also enjoying their golden years.

You may also want to consider Ocean City. While it’s mainly considered a resort town, it has a lot to offer seniors. The oceanside location means there’s lovely stretches or beach and bustling boardwalks to enjoy. Plus, there’s a slew of recreational opportunities beyond fun in the sand.

If you’re looking for a small-town feel and a town with historic charm, consider Cumberland. In comparison to many other cities, Cumberland is actually reasonably affordable. Plus, this town has a unique vibe, combining classic architecture, magnificent wineries, and unconventional art museums to create something all its own.

How Much Money You Need to Retire Well in Maryland

Maryland is one of the more expensive states to live in, both for working professionals and retirees. You’ll need more income here than if you chose to head to many other states. At times, this may even make Maryland an unsuitable destination for many retirees, particularly those with limited savings and a tight budget.

To put it simply, since Maryland’s cost of living is higher, it takes more money to retire comfortably there. Generally speaking, retirees may want to have access to $81,139 per year before heading to the Old Line State. That way, they can cover all of their needs and afford some wants, ensuring they can retire well in Maryland without any undue financial hardships negatively impacting their golden years.

Do you have any other tips on how to retire well in Maryland? Share your thoughts in the comments below.

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How to Retire Well in Kansas

December 11, 2020 By Tamila McDonald Leave a Comment

When you get close to retirement, you may decide that now is the time to head somewhere new. Many retirees relocate to a different area, allowing them to enjoy what a particular state has to offer. While Kansas isn’t a traditional choice, it’s critical not to overlook the Sunflower State. Aside from great affordability, it brings a lot more to the table. If you’re wondering if you can retire well in Kansas, here’s a look at some critical decision-making points.

Cost of Living

Before you settle on a place to retire, it’s crucial that you take a look at a state’s cost of living scores. Those metrics give you indications about a state’s affordability, both in comparison to other states and the national average.

For simplicity, the national average is always set at 100. If a state has scores above 100, either overall or in individual categories, it means that it is more expensive than average. For scores below 100, it can be a mark of affordability.

Overall, Kansas has a cost of living score of just 87.9. Additionally, the Sunflower State has some of the lowest housing costs around, coming in with a score of only 71.8.

In the United States, the average home value is $262,604. However, in Kansas, the average is just $167,248. That’s a $95,356 difference.

As for other cost of living categories, Kansas also does very well. All of the scores remain below 100. Groceries and transportation are just 92.8 and 94.8, respectively. Healthcare comes in with a 98.4, and utilities, which has to highest score, is still only 99.4.

Tax Considerations

When you’re choosing a place to retire, looking at various local tax rates is a smart move. How much you’ll owe in taxes impacts how far your income and savings will go, significantly affecting your budget.

Kansas does have a state income tax. The Sunflower State mimics the federal government’s approach, using a bracketed system. Depending on your income level, your tax rate can vary between 3.1 and 5.7 percent.

There are some exemptions that can reduce your income tax burden. For example, retirement income from a Kansas Public Employees Retirement System account isn’t taxed. If your federal adjusted gross income is no more than $75,000 a year, then Social Security may be exempt, too.

However, most other retirement income is taxable. This includes military retirement, as well as IRA, 401(k), private pensions, and similar sources.

Kansas also has a sales tax. The base rate for most retail purchases is 6.5 percent. Cities can also add more sales tax. For example, starting in 2021, the combined tax rate in Douglass will hit 8.5 percent. But that isn’t the highest rate. In some locations, sale tax rates are 10 percent or more.

In Kansas, property tax rates are generally reasonable. Plus, retirees may qualify for programs that reduce how much they owe. For example, the Kansas Property Tax Relief for Low Income Seniors provides qualified individuals with a property tax refund worth up to 75 percent of what’s owed. For those who aren’t eligible for that program, there’s also a Homestead Refund worth up to $700.

Part-Time Job Opportunities

One option may retirees take is to find a part-time job after leaving their main career. It provides them with a source of income, something that can help them stretch their retirement savings or even set aside more money for their golden years.

Generally speaking, part-time jobs are typically available in Kansas. However, COVID-19 has shaken things up a bit, impact the availability of opportunities.

When the pandemic first began, The Sunflower State saw it’s unemployment rate skyrocket from 2.8 percent in March 2020 to 11.9 percent in April 2020. While those numbers are both markedly better than the national averages at that time – which came in at 4.4 percent and 14.7 percent, respectively – it does show that opportunities dwindled quickly.

As time passed, Kansas has largely recovered. While the national average in October 2020 came in at 6.9 percent, Kansas was at 5.3 percent, a full 1.6 percentage points lower. However, that’s still high in comparison to March’s 2.8 percent. That means it may be harder to find a part-time job, at least for a little while. So, it’s important to make sure you have enough in savings to cover you if you can’t secure a position.

Best Cities for Retirees in Kansas

Another big decision point for retirees is the city they head to for retirement. Every location can bring something a bit different to the table. Some a vibrant while others are laidback, for example. Additionally, they may offer up a unique variety of amenities and can have different costs of living.

If you’re trying to figure out which city may be a good choice, there are a few that stand out. If you want to be near Kansas City, then Lansing might be right for you. It’s a smaller city along the Missouri River that’s just brimming with amenities, all while being just a quick drive away from the big city.

Lawrence can also be a great choice. While it’s seen as a college town, it has a lot to offer retirees. It has a vibrant arts scene, for example. Lawrence also does well when it comes to accessing critical amenities.

Atchison should also be on your list. This quaint railroad town was the birthplace of Amelia Earhart, and it also settled near the banks of the Missouri River. There’s also a college in the area that gives the city a hint of youthful flare.

The same goes for Emporia. This charming town is between Wichita and Topeka, making both cities accessible. It’s also a college town, ensuring it remains vibrant and that there are plenty of amenities.

How Much Money You Need to Retire Well in Kansas

With the cost of living in Kansas being fairly low, retiring comfortably there doesn’t take as much income as some other areas. With a moderate amount of income, you might be able to retire well in The Sunflower State.

Overall, if your annual income level is at least $54,832, you will likely be in pretty good shape in Kansas. Covering your needs shouldn’t be an issue, and many of your wants should fit into your budget, too.

Retirement Apps you can use in Kansas

App	Fees and Minimum	Best for:
Betterment	0.25% per year no account minimum	Saving for retirement
Ellevest	$1-$9 per month no account minimum	Retirement especially for women
Personal Capital	Free	Planning retirement

Do you have any other tips that can help someone retire well in Kansas? Share your thoughts in the comments below.

How Long Will Mortgage Rates Stay This Low?

December 10, 2020 By Tamila McDonald Leave a Comment

Whether you’re considering buying your first home, moving to a new one, or refinancing an existing loan, mortgage interest rates may play a big role in your decision. Today, mortgage rates hit a record low during 2020, motivating some people to buy or refinance. However, if you aren’t able to get into the market now, you may wonder, “Will these low mortgage rates last?” If you fall into that category, here’s what you need to know.

COVID-19 and 2020 Mortgage Rates

The coronavirus did have an impact on mortgage interest rates in 2020. In June, they fell below 3 percent due to the effect of a previous Federal Reserve policy update and certain investor activity. The Fed was aiming to stabilize the economy, while investors sought out safe havens to protect them from market fluctuations and uncertainty.

Currently, the Fed rate is also sitting near zero and has been since March. That has also been keeping rates at or close to record lows.

Mortgage Rates in 2021

While it is impossible to predict exactly what mortgage rates will do, they will likely stay low during the early months of 2021. COVID-19 is still a concern, and that may not change until coronavirus vaccines begin safeguarding significant portions of the population and, ultimately, slow the spread.

Some experts believe that mortgage rates will stay near where they are now through the first half of 2021. The thought is that, beyond that point, economic conditions may improve. If that is the case, mortgage rates will rise during the latter half of the year.

But even if mortgage rates rise, they might not go up quickly. Many experts believe the rate could stay below 3.5 percent during 2021, which is still incredibly low in a historical sense.

How Long Will These Rates Last?

Overall, the existing economic climate means that rates will likely remain near today’s rates for several months, if not through mid-2021. After that, increases are possible if economic conditions improve.

However, the rise in interest rates will likely remain fairly slow. The United States may see near record lows for all of 2021, particularly if the Fed chooses not to revise its rates until 2022, as some experts predict as being likely.

Exactly what will happen depends on factors that can’t be fully predicted, such as the impact of the COVID-19 vaccines. With that in mind, if securing a low rate is your goal, it may be wise to act as quickly as possible, suggesting it doesn’t cause an undue hardship. That way, you can snag a near-record low rate before they begin to trend upward.

Are you taking advantage of low mortgage rates? Why or why not? Share your thoughts in the comments below.

What Is The Cost of Getting a Covid-19 Vaccine?

December 9, 2020 By Tamila McDonald Leave a Comment

Significant progress has been made with the COVID-19 vaccine. In the United Kingdom, the Pfizer coronavirus vaccine was approved for use in early December. The United States may have a decision about vaccine options for emergency use before mid-December. As a result, many people are beginning to wonder what the COVID-19 vaccine will cost. If you are curious about how much a coronavirus vaccine will likely run. Here’s what you need to know.

How Much Different COVID-19 Vaccines May Cost

Moderna’s COVID-19 Vaccine Cost

Moderna, a U.S. biotech firm, has created a COVID-19 vaccine that has a potential effectiveness rate above 94 percent. It relies on messenger RNA (mRNA) technology. This is a process that uses genetic material to create a desired immune response in vaccine recipients. Which gives them protection against the target virus.

Cold temperatures are required to store the Moderna COVID vaccine. While it can remain stable if kept in a freezer that runs from 36 to 46 degrees Fahrenheit – similar to the temperature you’d find in a standard medical or home freezer – for up to 30 days. For longer storage, it needs to be kept at -4 degrees Fahrenheit.

Those who receive the Moderna vaccine would need two doses, spread four weeks apart. Back in August, Moderna stated that it intends to charge between $32 and $37 per dose for certain customers. That means, for two doses, the total cost of using the Moderna COVID-19 vaccine would be $64 to $74.

Modern has stated that large volume purchases could result in a lower charge per dose. However, Moderna hasn’t said how much of a bulk-purchase discount might be available.

Additionally, that is the cost Moderna plans to charge institutions who would buy the vaccines to administer to patients. As a result, individuals may end up paying a different amount to receive the vaccination. Institutions who administer vaccines – including doctor’s offices, pharmacies, and hospitals – may have to charge more to cover their purchasing costs as well as expenses related to actually administering the vaccine, like a physician’s time.

That cost also doesn’t account for patients with medical insurance. Insurers may cover some or all of the cost of getting the vaccine

Pfizer’s COVID-19 Vaccine Cost

Pfizer and BioNTech also have a COVID-19. Its effectiveness rate is testing at above 90 percent. Like the Moderna vaccine, two doses are required, though they only need to be 21 days apart. Additionally, this coronavirus vaccine also uses mRNA technology.

The Pfizer COVID-19 vaccine is harder to store than the Moderna version. It has to be kept at -94 degrees Fahrenheit, including during transit. If kept in a regular refrigeration unit, it lasts just five days.

As for cost, the Pfizer and BioNTech vaccine is significantly cheaper than Moderna’s. The companies are reportedly planning to charge $20 per dose. The two-dose series would, therefore, cost institutions just $40.

However, it isn’t clear what patients would ultimately pay. For those with medical insurance, insurers may cover all or some of the burden. For those without, the out-of-pocket cost could be above the $40 mark.

AstraZeneca COVID-19 Vaccine Cost

The AstraZeneca COVID-19 vaccine, which is being developed in collaboration with the University of Oxford. Isn’t as far along into testing as the Moderna and Pfizer vaccines. However, late-stage trial data is expected to be made available before 2020 draws to a close. Though initial reports are promising.

AstraZeneca’s vaccine also requires two doses. The final version of the vaccine is likely to be able to be stored in a standard refrigeration unit. Additionally, it’s anticipated to be the lowest cost option.

Early deals suggest that the price per dose is somewhere around the $3 or $4 mark. Making a two-round series cost to providers a mere $6 to $8. AstraZeneca has openly stated that it does not intend to make a profit on its COVID-19 vaccine for early orders. So it is possible the cost will rise over time.

As with the other vaccines, the final cost a patient pays will be dependent on whether they have medical insurance or are paying out-of-pocket. However, even if a patient has to shoulder the entire expense, the AstraZeneca vaccine may be the cheapest option.

Johnson & Johnson COVID-19 Vaccine Cost

Differentiating itself from the pack, the Johnson & Johnson COVID-19 vaccine may only require a single dose. It relies on a different technology than mRNA, using the same approach that was used to manufacture the company’s Ebola vaccine.

Johnson & Johnson’s vaccine still needs more testing before its effectiveness can be determined. What is known is that it only requires traditional refrigeration for storage. Additionally, it may cost institutions around $10 per dose.

The cost to patients will depend on whether the patient has insurance. However, even without coverage, a price tag not far above $10 could be possible.

Cost of COVID Vaccine for Medicare Recipients

The Trump Administration’s Centers for Medicare & Medicaid Services (CMS) has already released guidance stating that any COVID vaccine that is authorized by the Food and Drug Administration (FDA) – either with a Biologics License Application (BLA) or through an Emergency Use Authorization (EUA) – will be fully covered under Medicare as a preventative vaccine. This means Medicare recipients will have no out-of-pocket cost.

The guidance also works to ensure that private health insurers will be able to follow suit. By using certain CARES Act provisions, the COVID-19 vaccine would be free to insured individuals, including if they use an in-network or out-of-network provider for the vaccine.

Other steps are also being taken, including efforts to ensure price transparency and some to manage Medicaid program costs. However, at this time, it isn’t fully clear what patients outside of those with Medicare would ultimately pay out-of-pocket.

Do you think the cost of getting a COVID vaccine is reasonable? Do you plan on getting the COVID-19 vaccine once it’s available? Share your thoughts in the comments below.

If you enjoy reading our blog posts and would like to try your hand at blogging, we have good news for you; you can do exactly that on Saving Advice. Just click here to get started. If you want to be able to customize your blog on your own domain and need hosting service, we recommend trying BlueHost. They offer powerful hosting services for $3.95/month!