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Motley Fool Answers

Motley Fool Answers: The Energy Sector in 2020 and Beyond

Motley Fool Answers

The Motley Fool

Taxes, Saving, Money, Investing, Planning, Retirement, Personalfinance, Finance, Education, Business

4.4823 Ratings

🗓️ 8 December 2020

⏱️ 30 minutes

🧾️ Download transcript

Summary

Saving, spending, planning — you've got money questions and we've got answers. Every week host Alison Southwick and personal finance expert Robert Brokamp challenge the conventional wisdom on life's biggest financial issues to reveal what you really need to know to make smart money moves. It’s the second part of our series with the help of the folks over at Industry Focus. This week, Nick Sciple joins the team to drill down, identify headwinds, and mix metaphors in the energy sector. Bro offers his best advice to close 2020 with a strong (financial) finish.

Guest: Nick Sciple
Originally Published: Wed 09 Dec 2020

Transcript

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0:00.0

This is Motley Fool Answers. I'm Alison Southwick and I'm joined as always by Robert Brohoho

0:09.7

Ho Brokamp, personal finance expert here at the Motley Fool. That didn't work out at all, did

0:15.0

it.

0:16.0

Season's greetings to you all.

0:18.0

In this week's episode, it's part three of our year-end investing series with the help

0:23.0

of industry focuses Nick Seiple. We're going to dig into the energy sector. Get it? Puns.

0:28.4

All that and more on this week's episode of Molly Phil Answers. So, bro, what's up?

0:34.4

Well, Alison, by the laws of personal finance multimedia, I am obliged at this time

0:39.5

of year to offer a few year-end financial planning tips. Some of the times I'm going to say you've

0:43.9

heard every year, but there are a few that are unique to 2020. And boy, it's been a unique year.

0:48.8

So here are some ways to make the most of this interesting year. In fact, I have five. Number one,

0:56.2

max out employer-sponsored accounts. So you actually have until April 15th of next year to make a 2020 contribution to an IRA.

1:02.6

But the deadline for most employer-sponsored accounts like 401Ks and 4-3Bs is December 31st.

1:10.4

So if you haven't yet maxed out the account, if you have a little

1:13.3

money lying around, you still have a little bit of time. But you generally can't wait until the

1:18.3

last day of the month. For most employers, you have to change your rate of contribution a few days

1:23.3

before the final payroll of the year. Just an example here at the Motley Fool, if you want to

1:28.8

max out your account this year, you have until December 10th before 4 p.m. to do it. But of course,

1:35.5

your job will be different. So talk to your HR department. The bottom line here is that most 401k plans,

1:41.0

or at least many, don't actually allow you just send a check. You have to do it through

1:45.0

the payroll. Just as a reminder, the contribution limits in 2020 for most employer-sponsored

1:50.7

retirement accounts, it's 19,500 with an additional 6,500, if you'll be 50 or older by December 31st.

...

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