New Year's Eve, retirement accounts, Brexit: 5 things to know Thursday
Today's the last day to contribute to some retirement accounts
If you want to end up with the largest nest egg possible, knowing when to contribute to your retirement account is almost as important as contributing in the first place. You must make your 401(k) contributions by Dec. 31, 2020, if you want to write them off on this year's taxes. That might sound obvious, but other savings accounts – like an IRA or health savings account (HSA) – allow you to do so up until the tax filing deadline, which is April 15, 2021. For your 401(k), you usually cannot make lump-sum contributions, but instead need to change the amount of money your employer withholds from each paycheck.
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Trump to cut short Florida trip, return to White House
President Donald Trump will cut his annual holiday trip to Florida short and return to Washington on New Year’s Eve, the White House said. The announcement Wednesday came hours after media reports indicated Trump would go forward with an annual New Year’s Eve celebration at his Palm Beach club, Mar-a-Lago, amid the coronavirus pandemic. White House officials did not disclose the reason for Trump’s decision to return on Thursday. Trump has kept a low profile in Florida since arriving on Dec. 23 and has rarely been seen outside the golf course. Instead of providing a detailed schedule, the White House said only that he was working “tirelessly for the American people” and would take “many meetings and calls.” The president’s return date had long been somewhat in the air, but he has in the past attended the annual black-tie New Year’s Eve celebration at Mar-a-Lago.
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How your New Year's Eve may fare, weather-wise
Fitting for the last day of 2020, a pair of storms could put a damper on New Year's Eve celebrations across large portions of the U.S. Some areas could see rain, thunderstorms, snow or even ice. The storm in the eastern half of the nation will bring unwelcome heavy rain to some areas and locations from the Great Lakes region to the Appalachians and Southeast should be ready for what could be a soggy New Year's Eve. At Times Square in New York City, the few revelers who are out should see rain and temperatures in the 40s. There also could be severe thunderstorms – including the chance for tornadoes – across portions of the Deep South and the Southeast.
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The UK's divorce from the European Union finally completes
The United Kingdom's long and divisive Brexit journey will finally be completed Thursday, after the nation voted in a June 2016 referendum to leave the European Union. The U.K. left the EU that it had joined in 1973 almost a year ago, but remained within the bloc’s economic embrace during a transition period that ends at midnight Brussels time (6 p.m. EST). Britain’s Parliament voted on Wednesday to approve a trade deal with the EU, averting economic chaos with just one day to spare. Big changes are coming on New Year’s Day. The trade agreement, hammered out after more than nine months of negotiations and sealed on Christmas Eve, will ensure Britain and the 27-nation EU can continue to trade in goods without tariffs or quotas. That should help protect the $894 billion in annual trade between the two sides, and the hundreds of thousands of jobs that rely on it. But Brexit will still bring inconvenience and new expense for both individuals and businesses — from the need for tourists to have travel insurance to the millions of new customs declarations that firms will have to fill out.
What is open and closed on New Year's Eve?
Whether you need groceries or want to pick up a bottle of bubbly to celebrate the end of a trying year and welcome 2021, take note. Many stores will close early Thursday, hours before the ball drops and have limited hours Friday for New Year’s Day. Amid the coronavirus pandemic, expect some stores to limit the number of shoppers allowed inside. To help plan your last-minute shopping down to the minute, here are New Year’s Eve and New Year’s Day store hours for department stores, discount retailers and grocers. As for restaurants, unlike Christmas, when many major chains closed, more restaurants will be open to bid 2020 a farewell and welcome in 2021. Expect to find many restaurants operating with special hours Thursday and Friday.
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Contributing: The Associated Press