No, 2020 is not over yet. While a lot of us may wish that was the case for one reason or another, we still have to stick it out for another couple of months. But that’s not necessarily a bad thing. If this year has upended your retirement plan, you still have some time left to course-correct. Here are three moves you should make before 2020 is over if they make sense for you.

1. Contribute to your retirement accounts

Millions of Americans lost their jobs, at least temporarily, this year, and that can throw off your retirement contributions. If things are a little more stable for you now, consider bumping up your retirement contributions to make up for your missed contributions earlier in the year.

Smiling man using laptop at home

Image source: Getty Images.

There are a few things you’ll need to keep in mind, though. First, you’re only allowed to contribute up to $19,500 to a 401(k) in 2020, or $26,000 if you’re 50 or older. You may also contribute up to $6,000 to an IRA, or $7,000 if you’re 50 or older. Most people won’t max out their accounts, but if you typically contribute a lot to your retirement accounts, you don’t want to exceed this. Otherwise, the IRS could tax these funds twice.

You also can’t contribute more money than you earned during the year. Unemployment benefits don’t count as earned income according to the IRS. So if you only earned $15,000 at your job this year and you’ve spent the rest of the year on unemployment, the most you could contribute to all of your retirement accounts for the year would be $15,000, unless you return to work later on in the year.

2. Do a Roth IRA conversion if it makes sense for you

Roth IRA conversions change your

BANGOR — The City Clerk’s office will be moving to the Cross Insurance Center Monday to Friday from 8 a.m.-4:30 p.m. starting Tuesday, Oct. 13. Regular City Clerk services such as business licenses, marriage licenses, birth certificates and voter registration will continue to be offered in-person during regular hours.

The City Clerk’s Cross Insurance Center location will stay open until 5:30 p.m. each day for early in-person voting. Early voting closes at 5 p.m. on Friday, Oct. 30. This will allow for the city to follow physical distancing guidelines while continuing to provide in-person City Clerk services.

“As a city we continue to prepare and take proactive steps for what we anticipate to be high voter turnout for this election,” said Bangor City Manager Cathy Conlow. “This move gives us more room for people to physically distance and stay safe while utilizing important City services like voter registration and early voting.”

With the City Clerk’s office moving to the larger space, the Treasury Department for the City will relocate back to City Hall, effective Tuesday, Oct. 13. Hours for the City’s Treasury Department will be Monday-Friday from 8 a.m. – 4:30 p.m. All Treasury Department services such as vehicle registrations, property tax payments, and sewer/stormwater payments will once again be offered in-person at City Hall.

Many of the in-person services are also offered on the City of Bangor website at www.bangormaine.gov.

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Boeing announced plans to shift its remaining 787 Dreamliner production from Washington State to South Carolina—wounding the nation’s largest aerospace union.

Boeing said it will make the mid-2021 move to “preserve liquidity” and “enhance efficiency and improve performance for the long-term,” in a statement.

Employee representatives say it’s all about cutting union jobs.

“It’s a very anti-union company,” said Bill Dugov, communications director for the Society of Professional Engineering Employees in Aerospace (SPEEA), which represents 11% of Boeing employees. “They’ve spent millions just battling our unions on organizing efforts. Their official stance from what they’ve told us is they’ll work with unions where they have to.”

Approximately 35% of Boeing’s 162,000 employees are union members. The U.S. has 7.5 million private sector union jobs total, according to the Bureau of Labor Statistics. South Carolina is a so-called right-to-work state that doesn’t allow employment to require union membership. Boeing opened that second 787 plant in 2009.

“Boeing can’t stand the idea that those who design and build the aircraft, who are the heart and soul of the manufacturing process, have rights,” said a statement from the International Association of Machinists and Aerospace Workers

A former relic of the mutual fund industry is about to become exchange traded.

Fidelity filed last week to launch ETF versions of some of its mutual funds including the legendary Fidelity Magellan Fund. Once run by famed investor Peter Lynch, the Fidelity Magellan Fund was the best-performing mutual fund in the world from 1977 to 1990, raking in staggering 29% annualized returns.

That outperformance has since faded, however, and the Magellan fund’s 77-basis-point ownership fees have cannibalized its gains.

The fund has underperformed the S&P 500 significantly over the last 20 years, down 11% while the S&P is up more than 134%.

Now, the fund will enter the ETF sphere in an actively managed, nontransparent format. Unlike standard ETFs, so-called ANTs disclose their holdings quarterly instead of daily in an effort to prevent managers from getting front-run on their strategies.

“This fund’s been out there for 57 years and it’s definitely not the fund that it was when Peter Lynch was running it,” Kim Arthur, president and CEO of Main Management, told CNBC’s “ETF Edge” on Monday.

“It’s underperformed its benchmarks and … probably most of the underperformance is from the 77-basis-point fee that it charges,” he said.

While the ETF structure largely offers investors lower costs and higher tax efficiency than the mutual fund format, there’s not much else to be excited about in this transition, Arthur said.

“If they were to come out and say, ‘Hey, we’re reconstituting this and we are now going to be a thematic innovation strategy — not just growth, but we’re focusing in on where the puck’s going on innovation, on great themes,’ then you could maybe say, ‘We’re going to go ahead and give this thing a second derivative life,'” he said. 

“But to just go ahead and change the wrapper

FRANKFURT, Germany (AP) — With consumers increasingly using cashless ways to buy things, the European Central Bank on Friday took a step closer to issuing a digital version of the euro currency shared by 19 countries, saying it had to be ready to launch digital money if a changing world requires it.

The central bank issued a comprehensive report outlining the reasons why it might need to take the step. The ECB also said it would hold public consultations on the idea with citizens, academics and bankers.

It said no decision has been made, and that any digital euro would complement cash, not replace it. The consultations will start Oct. 12.


“The euro belongs to Europeans and our mission is to be its guardian,” said Christine Lagarde, ECB President. “Europeans are increasingly turning to digital in the ways they spend, save and invest. Our role is to secure trust in money. This means making sure the euro is fit for the digital age. We should be prepared to issue a digital euro, should the need arise.”

A digital euro would be different from current cashless payment systems run by the private sector because it would be official central bank money – trustable, risk-free and likely less expensive to use. A central bank digital currency could also be used offline, for instance, to transfer small amounts between individuals using digital wallets on their smartphones and a Bluetooth connection.

The use of cash is dwindling in some countries, led by Sweden, where most bank branches no longer handle cash and shops, restaurants and museums accept only cards or mobile payments. Additionally, the pandemic has led to an increase in touchless, non-cash ways of paying in shops. Cash still has its adherents because it is convenient and private, and the ECB was at