Business

Do I have to transfer my 401(k) money when I retire?

Published

4 months ago

December 21, 2025

Do I have to transfer my 401(k) money when I retire?

Dear Liz: When I retired, I had a small 401(k) with about $12,000 in it. Instead of rolling that money into an IRA, I took a distribution and paid taxes on it. I had no immediate need for the remaining funds, so eventually I opened a new IRA account and deposited the money.

I now realize I should have put it in a Roth IRA so I wouldn’t face double taxation on the money. This is the stupidest thing I’ve done in recent memory. Is there any legal mechanism I can use to get that money out and into a Roth without paying taxes the second time?

Answer: You made a mistake, but probably not the one you think.

You can’t contribute to an IRA — or a Roth IRA, for that matter — if you don’t have earned income. So if you’ve fully retired, you should contact your IRA administrator and let them know you need to withdraw your “excess contribution” as well as any earnings the contribution has made.

If you contributed this year, you have until your tax filing deadline — typically April 15, 2026 — to remove the funds without penalty. If you contributed in a previous year, you’ll typically face a 6% excise tax for each year the money remained in your account.

Now, a warning about financial mistakes: They tend to become more common as we age. That can be incredibly unsettling, especially to do-it-yourselfers used to handling finances competently on their own. Retirement is a good time to start implementing some guardrails to protect ourselves and our money.

Hiring a tax pro would be a good first step. Anything to do with a retirement fund should be run past this pro first to make sure you’re following the tax rules.

Dear Liz: In response to a reader who asked about creating a will, you suggested options for low-cost online resources. That is great! But, I would encourage you to remind readers to designate beneficiaries on accounts and assets where that option is available.

While they should still have a will, many readers may not know that they can add beneficiaries to brokerage, checking, and savings accounts (in addition to IRA and retirement accounts) so that their assets will pass directly to the designated beneficiaries and not have to go through probate with the extra hassle, time and expense.

For those without a trust, designating beneficiaries may be the easiest way to pass on many of their assets. In California (and some other states), even houses may pass without probate with a transfer-on-death deed. Many readers may not know about the option to add beneficiaries, and you would do your readers a service by educating them about it.

Answer: Anyone adding beneficiaries to accounts needs to be aware of some major potential drawbacks.

A big one involves settling the estate. If all available funds are transferred directly to beneficiaries, the person settling the estate may not have enough cash to do their job.

Beneficiary designations can also result in unintentionally unequal distributions if there’s more than one heir, and complications if the beneficiaries die first or aren’t changed appropriately as life circumstances change.
That’s not to say that beneficiary designations are the wrong choice, but they’re certainly not a one-size-fits-all option.

Dear Liz: Your recent column about advanced directives said that people could get a free version at PrepareForYourCare.org. I found there is a charge. Is this for all online directives?

Answer: Prepare is a free site supported by donations, grants and licensing agreements. If you were asked to pay, you either clicked the donate button or weren’t on the correct site.

Liz Weston, Certified Financial Planner, is a personal finance columnist. Questions may be sent to her at 3940 Laurel Canyon, No. 238, Studio City, CA 91604, or by using the “Contact” form at asklizweston.com.

Business

How Iran’s Information War Machine Operates Online

Published

7 hours ago

April 9, 2026

Press Room

How Iran’s Information War Machine Operates Online

In late March, Iran circulated a shaky video supposedly showing an American F/A-18 under attack. Iranian officials claimed they had destroyed the jet, though the Pentagon denied that. The video quickly earned millions of views online, demonstrating how Iran has exploited the global media ecosystem to propagate an image of military prowess.

The New York Times reconstructed how Iran was able to use overt and covert global networks alongside unwitting participants to spread its message through social media, state-affiliated news organizations and American influencers.

Here is how the claim went from a single post to a global audience of millions in 69 minutes.

1:04 p.m.

An obscure account on X, linked to Iran, posted the video first, in English, at 1:04 Eastern, followed a minute later by a post on Telegram by Iran’s Islamic Revolutionary Guards Corps. The posts received little attention at first, according to an analysis based on data from Alethea, Graphika and Cyabra, three companies monitoring online activity during the war.

1:04 p.m.

Almost simultaneously, official accounts of Iranian embassies and consulates repeated the claim on X, giving the narrative an imprimatur of legitimacy.

1:06 p.m.

An Iranian state television network then shared the video on X. Within a minute, RT, Russia’s international network, reposted the video with its own logo. The timing suggested coordinated coverage of the war from Iran and Russia.

1:14 p.m.

One of the most popular posts about the attack, from a pro-Russian influencer account known as Megatron, amassed nearly two million views, according to Graphika. At that point, there was no confirmation of an attack from any other sources.

1:21 p.m.

Sixteen minutes after its first post on Telegram, the Revolutionary Guards posted an update, claiming that the jet had been “precisely hit” and “fell into the Indian Ocean,” a detail that may have been intended to explain why there was no evidence of wreckage on the ground.

1:25 p.m.

The conversation surrounding these posts included suspected bot accounts mingled with authentic profiles, according to an analysis by Cyabra, suggesting some of the engagement was manufactured. Replies to RT’s post, for instance, often featured “short, affirmative comments” with celebratory emojis to show support for Iran, Cyabra’s analysis said.

1:32 p.m.

As the video spread, prominent influencers began posting about it, giving a boost to Iran’s narrative whether they intended to or not. Sulaiman Ahmed, an anti-Israeli activist with more than 800,000 followers on X, shared RT’s video about 10 minutes later.

1:33 p.m.

Ed Krassenstein, an American influencer, shared the claim to his more than one million followers on X. While his post made it clear that the attack was not confirmed by any other sources, influence campaigns benefit from the attention of prominent voices to amplify their narratives to broader audiences.
“I am always as careful as I can be to note where the information is coming from if it’s from a foreign government,” Mr. Krassenstein said in response to questions.

The number of posts mentioning the F-18 or similar terms began to surge, generating more than 35 million views on X alone that day, according to data from Tweet Binder by Audiense. Some users doubted the claim, but many pro-Iranian accounts celebrated the attack as a military triumph.

2:00 p.m.

Barely an hour had gone by, and the narrative had reached millions of views on social media, amplified by authentic and fake accounts based in dozens of countries, from Afghanistan to Yemen. The video appeared not only on X and Telegram but also on TikTok, Facebook and Instagram.

2:01 p.m.

Mario Nawfal, an influencer who has spread right-wing talking points and misinformation in the past, also shared RT’s post and video to his more than 3.2 million followers, noting the historical significance of an attack — “if true.”
“Our approach is to present claims transparently while clearly signaling their verification status, allowing our audience to assess credibility in real time,” Mr. Nawfal wrote in a statement.

2:05 p.m.

Prominent news organizations around the world began reporting on the claim. They included Pravda, Al Jazeera, the India Economic Times and official state media in China. Many repeated Iran’s claim that it had shot down the jet.

2:13 p.m.

An hour and nine minutes after the claim, the United States Central Command posted a denial on X, saying no American aircraft had been shot down. Its post created a new flurry of debate. Some users wrestled with the language, asking whether the plane had in fact been hit but not “shot down.” It declined to comment further.

Despite the statement from Central Command, Iranian, Chinese and Russian state broadcasters continued to feature the video over the next 24 hours, and to post about it across social media. An anchor on Russia 24 reported on “the destruction of yet another U.S. Air Force aircraft,” citing Iranian sources along with the denial from Central Command.

Since the video appeared, no evidence has emerged that Iran shot down an American F/A-18 jet. (This month, Iran successfully downed an F-15E Strike Eagle and an A-10 Warthog.) Still, millions consumed the narrative, spread by witting and unwitting actors.

“By the time an official denial lands,” the monitoring company Alethea wrote in an analysis, “audiences in multiple countries have already processed the story as confirmed.”

Business

Meta, Oracle and Qualcomm share details on layoffs across California

Published

8 hours ago

April 9, 2026

Press Room

Meta, Oracle and Qualcomm share details on layoffs across California

Tech behemoths, including Oracle and Meta Platforms, are laying off hundreds of California workers as they invest heavily in artificial intelligence.

Some of the top companies in tech that already had announced big plans to lay off thousands have revealed more details about where they are cutting in recent government filings.

Software giant Oracle has shed more than 700 workers in Santa Monica, Redwood City, Pleasanton and Santa Clara, filings to the California Employment Development Department show. The company, which was founded in California before moving its headquarters to Texas, started notifying employees of mass layoffs in late March.

Oracle declined to comment. The company hasn’t said publicly how many workers it has laid off. Several news outlets, citing people familiar with the matter, reported that the company laid off thousands of employees across multiple divisions.

As of May 2025, Oracle had 162,000 workers.

Software developers, analysts, sales representatives and product managers were among California Oracle workers who lost their jobs. Laid-off employees will officially separate from the company June 1.

California is home to some of the world’s most powerful and largest tech companies. But as they race ahead to advance AI-powered tools that can generate text, images and code, workers are anxious that businesses will automate tasks and shrink their workforce workforces. Tech companies also are more wary about their expenses, even as they spend billions of dollars on data centers and developing new products.

In March, Meta began laying off employees who worked on its virtual reality efforts.

The company laid off roughly 200 employees at its offices in Burlingame and Sunnyvale. They’re expected to leave the company May 29. Meta laid off engineers, recruiters, product managers and other workers.

“Teams across Meta regularly restructure or implement changes to ensure they’re in the best position to achieve their goals. Where possible, we are finding other opportunities for employees whose positions may be impacted,” a Meta spokesperson said in a statement.

Meta has been doubling down on its efforts to sell AI-powered smart glasses and is working on more powerful AI that surpasses human intelligence. The company, which debuted a new AI model Wednesday, is building a personal “superintelligence” to help people achieve their goals, create and be more productive.

Meta had 78,865 workers as of December 2025.

Chipmaker Qualcomm recently laid off more than 60 workers. The cuts hit employees across various offices in San Diego. Laid-off employees are anticipated to leave the company May 26. Various information technology and cybersecurity jobs were among the roles slashed as part of the layoffs.

Qualcomm didn’t immediately respond to a request for comment.

Business

Jeff Shell steps down as Paramount president after legal battle with gambler

Published

20 hours ago

April 8, 2026

Press Room

Jeff Shell steps down as Paramount president after legal battle with gambler

Jeff Shell agreed to step down as president of Paramount Skydance after becoming entangled in a legal battle with a controversial Las Vegas gambler and self-styled “fixer.”

Paramount announced Shell’s departure Wednesday after the two sides negotiated an amicable resolution to the drama. Paramount said its external review into Shell’s conduct, initiated by Paramount’s board of directors, found no violation of securities laws.

Shell also resigned as a Paramount board member to focus on his legal skirmish, the company said.

His departure comes after just eight months on the job.

Paramount Skydance “is grateful for Mr. Shell’s many contributions and to have relied on him as a valued advisor,” the company said in its statement.

The veteran entertainment executive officially joined the media company with David Ellison’s takeover in August, though he had been a key member of Ellison’s team for nearly two years as the group worked to assemble the pieces of the tech scion’s growing empire. Ellison’s Skydance Media acquired Paramount and then pulled off a stunning $111-billion deal to buy Warner Bros. Discovery in late February.

Shell brought substantial experience running a media company to Ellison’s inner circle, a group that included former investment bankers and others who haven’t run a large-scale enterprise. But his role within the company long felt awkward because key division managers, including the heads of CBS, the Paramount movie studio and the company’s streaming businesses, reported to Ellison, which left Shell with a nebulous portfolio.

He wasn’t planning to stay on after the company acquires Warner Bros. Discovery, according to two people close to the situation who were not authorized to speak publicly. Paramount hopes to complete that deal this summer.

Shell’s exit this week was prompted by his unlikely association with the high-roller, Robert James “R.J.” Cipriani, who created a public stir after his dealings with Shell went south.

Cipriani sued Shell in Los Angeles County Superior Court on March 9, alleging fraud and breach of an oral contract. Cipriani claimed that he provided Shell with “sophisticated, high-value crisis communications services,” according to his suit.

He alleged Shell spilled corporate secrets, which Shell has denied. Cipriani said he reported Shell to the U.S. Securities & Exchange Commission because Shell allegedly had discussed highly sensitive Paramount information with him: Paramount’s $7.7-billion deal last summer to bring UFC mixed-martial arts fights to CBS and other Paramount outlets.

Cipriani accused Shell of failing to deliver on a verbal pledge to help him produce an English-language version of a Roku TV Spanish music show.

Shell maintained Cipriani fictionalized the two men’s dealings, then spread “false and salacious lies to extract a massive payday,” according to a counterclaim filed by Shell. Cipriani has been seeking $150 million in damages.

In his court documents, Shell said the two men met only twice and that Shell owed him nothing.

But the Cipriani controversy made Shell’s future at Paramount untenable, the sources told The Times.

There was just “too much noise,” one of the sources said.

The Ellisons wanted to stay focused on building Paramount and completing their Warner Bros. takeover. The company needs to line up regulatory approvals in the U.S. and abroad.

Jeff Shell, Paramount Skydance president.

(Paramount / Skydance)

Paramount’s board last month hired the Gibson Dunn law firm to look into Cipriani’s allegations.

The firm conducted a “complete and thorough” review, Paramount said.

“The facts demonstrated that [Cipriani’s] allegations do not establish a securities law violation,” Paramount said. “Mr. Shell promptly notified PSKY of these accusations and is taking forceful legal action.”

Paramount Skydance, and its board members also named in Cipriani’s lawsuit, plan to respond “to the frivolous and baseless claims against PSKY and its named board members and stockholders,” the company said.

The firm attributed Shell’s decision to step down as “consistent with Mr. Shell’s commitment to prioritizing PSKY’s success.”

His departure comes three years after he was ousted as NBCUniversal chief executive.

NBCUniversal-owner Comcast hired a law firm to investigate him after a CNBC anchor filed an internal sexual harassment claim against him. Shell stepped down, acknowledging that he’d had an “inappropriate relationship” with the journalist, who has since left the company.

The job at Paramount was envisioned to be his second act.

Shell’s dealings with Cipriani began with an August 2024 meeting at litigator Patty Glaser’s Century City office.

At the time, Glaser represented both men and urged Cipriani to “cease” his efforts to drum up damaging stories about Shell, who was trying to recover from the scandal that cost him his job at NBC.

Robert James "R.J." Cipriani in Amazon Prime Video's 2025 series, "Cocaine Quarterback."

Near the end of that meeting, Cipriani pledged to help Shell keep negative publicity at bay, according to sources and court documents.

The two men communicated via text messages, on-and-off, for about 18 months.

“Nobody believed me,” Cipriani said Wednesday. “The best thing I did was cooperate with Gibson Dunn and showed them that the texts were real.”

It’s unclear whether Ellison will look to bring in other experienced media executives or look to senior Warner Bros. Discovery executives following Paramount’s proposed takeover of that company.

Times staff writer Stacy Perman contributed to this report.