DUBLIN and PARIS, Dec. 17, 2020 Atos today announces it will deliver its first GPU-acceleratedAtos Quantum Learning Machine Enhanced(Atos QLM E), the worlds highest-performing commercially available quantum simulator, to the Irish Centre for High-End Computing (ICHEC).

The Atos QLM E will be integrated with the Irish national supercomputer Kay and equipped with a variety of quantum software programming tools. As a hybrid HPC-Quantum Computing environment, the integrated Kay-Atos QLM E platform will serve theQuantum Programming Ireland (QPI) Initiativefor conducting R&D and national-level skills development activities in quantum technologies by ICHEC as well as other Irish organizations in academic, enterprise and public sector.

Offering up to 12 times more computation speed than the original Atos QLM, the Atos QLM E is also an integral component of the NEASQC project, in the 1 bn European flagship quantum initiative, of which Ireland is a partner along with 11 other European companies and research labs, andcoordinated by Atos.

Once the Atos QLM E is delivered on-premise, Atos will provide a fast-track training program and continue to enhance the system throughout its lifetime to ensure that it delivers the functionality required in this fast-moving discipline of quantum computing.

Prof. Jean-Christophe (JC) Desplat, Director at ICHEC, said:As Irelands high performance computing authority, were committed to using the power of technology to solve some of the toughest challenges across public, academic and enterprise sectors. Working with a number of partners across Europe, we look forward to utilizing the Atos QLM E related for R&D on a number of scientific and industry-relevant quantum computing use-casesand supporting scientific breakthroughs in high-performance computing.

Agns Boudot, Senior Vice President, Head of HPC & Quantum at Atos, said:As the first Atos QLM E deployed globally, this partnership marks an important milestone in our Quantum Program. We look forward to supporting ICHEC on their quantum journey, helping them explore with their users the huge potential that quantum computing offers. The solution will provide a scalable, future-proof, national framework for the porting of hybrid applications, and for the training and skills development of Irish researchers, and ICHECs partners across Europe.

Atos QLM E has been optimized to drastically reduce the simulation time of hybrid classical-quantum algorithms simulations, leading to quicker progress in application research.

Atos, a pioneer in quantum

In 2016, Atos launched Atos Quantum an ambitiousprogram to anticipate the future of quantum computing. As a result of this initiative,Atos was the first organization to offer aquantum noise simulation modulewithin its Atos QLM offer. Atos QLM is being used in numerous countries worldwide includingAustria,Finland,France,Germany,India, Italy,Japan,the Netherlands, Senegal,UKand theUnited States, empowering major research programs in various sectors like industry orenergy. Recently, Atos introduced Q-score, the first universal quantum metrics reference, applicable to all programmable quantum processors.

Source: Atos

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Atos Delivers Its First GPU-Accelerated Quantum Learning Machine to the Irish Centre for High-End Computing - HPCwire

By GREGORY ZELLER //

The Stony Brook University scientist who came in from the cold is getting some serious chills and this time, hes really got something to cryo about.

Slowa Solovyov, a multi-patented, 23-year veteran of U.S. Department of Energy collaborations, is diving into the coldest environments man can create on a quest to improve quantum-level efficiencies. The longtime SBU adjunct professor of electrical engineering is flipping the switch on Next Cryo, a startup enterprise focused on reducing quantum-computing losses through the composition of new materials and the application of some truly frigid temperatures.

Trained at the Moscow Institute for Physics and Technology (masters degree in applied physics) and Ukraines G.V. Kurdyumov Institute for Metal Physics (PhD in solid-state physics), Solovyov is no rookie entrepreneur: In 2015, along with Brookhaven Technology Group President Paul Farrell, he launched NextSwitch, an ambitious startup focused on high-temperature superconductivity.

High-temperature superconductivity is slightly misleading high references temperatures above 77 degrees Kelvin (roughly minus 321 degrees Fahrenheit), which is frosty on your skin but the boiling point of liquid nitrogen, a primary cryogenics coolant.

Cold-blooded: Slowa Solovyov, with cryogenics coursing through his veins.

When you operate in the quantum world, you want to reduce noise and temperature is what makes noise, Solovyov noted. Temperature destroys connections between quanta, or information.

With his new startup, Mr. Freeze will really chill out. The typical MRI machine operates around absolute zero (about minus 460 degrees Fahrenheit), but quantum computers turn things down significantly from there, operating at temperatures about 50 times lower, according to Solovyov.

The innovator envisions the commercialization of cutting-edge materials that not only allow quantum computers to do their thing with reduced quanta degradation, but could benefit multiple sciences where cold is hot, including superconducting magnets, fusion reactors and other cutting-edge tech.

Upon launch, scheduled for January 2021, Next Cryos basic plan is simple: materials preparation and testing at SBUs Advanced Energy Research and Technology Center, validation at Brookhaven National Laboratory (Solovyov is an old friend) and a series of customer pilots with major quantum-computing companies, according to the scientist, with on-point customer feedback eventually informing a breakthrough product.

The startup a client of SBUs Clean Energy Business Incubator Program, along with the Brookhaven Technology Group should have a good idea of what the product will look like by this time next year, Solovyov added.

There are a lot of different solutions and approaches, he said. But what the product should actually look like is the goal of this customer-discovery process.

Next Cryo

Whats It? Next-gen R&D focused on improving super-cold supercomputing

Brought To You By: From-Russia-with-doctorates Stony Brook University adjunct Slowa Solovyov, whos bundled up before

Status: Cooling off for a hot start in 2021

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With Next Cryo, a startup that's really cooling its jets - Innovate Long Island - Innovate Long Island

Dec. 18, 2020 Super-fast quantum computers and communication devices could revolutionize countless aspects of our livesbut first, researchers need a fast, efficient source of the entangled pairs of photons such systems use to transmit and manipulate information. Researchers at Stevens Institute of Technology have done just that, not only creating a chip-based photon source 100 times more efficient that previously possible, but bringing massive quantum device integration within reach.

Its long been suspected that this was possible in theory, but were the first to show it in practice, said Yuping Huang, Gallagher associate professor of physics and director of the Center for Quantum Science and Engineering.

To createphoton pairs, researchers trap light in carefully sculpted nanoscale microcavities; as light circulates in the cavity, its photons resonate and split into entangled pairs. But theres a catch: at present, such systems are extremely inefficient, requiring a torrent of incoming laser light comprising hundreds of millions of photons before a single entangled photon pair will grudgingly drip out at the other end.

Huang and colleagues at Stevens have now developed a new chip-based photon source thats 100 times more efficient than any previous device, allowing the creation of tens of millions of entangled photon pairs per second from a single microwatt-powered laser beam.

This is a huge milestone for quantum communications, said Huang, whose work will appear in the Dec. 17 issue ofPhysical Review Letters.

Working with Stevens graduate students Zhaohui Ma and Jiayang Chen, Huang built on his laboratorys previous research to carve extremely high-quality microcavities into flakes of lithium niobate crystal. The racetrack-shaped cavities internally reflect photons with very little loss of energy, enabling light to circulate longer and interact with greater efficiency.

By fine-tuning additional factors such as temperature, the team was able to create an unprecedentedly bright source of entangled photon pairs. In practice, that allows photon pairs to be produced in far greater quantities for a given amount of incoming light, dramatically reducing the energy needed to power quantum components.

The team is already working on ways to further refine their process, and say they expect to soon attain the true Holy Grail of quantum optics: a system with that can turn a single incoming photon into an entangled pair of outgoing photons, with virtually no waste energy along the way. Its definitely achievable, said Chen. At this point we just need incremental improvements.

Until then, the team plans to continue refining their technology, and seeking ways to use theirphotonsource to drive logic gates and other quantum computing or communication components. Because this technology is already chip-based, were ready to start scaling up by integrating other passive or active optical components, explained Huang.

The ultimate goal, Huang said, is to make quantum devices so efficient and cheap to operate that they can be integrated into mainstream electronic devices. We want to bring quantum technology out of the lab, so that it can benefit every single one of us, he explained. Someday soon we want kids to have quantum laptops in their backpacks, and were pushing hard to make that a reality.

More information:Ultrabright quantum photon sources on chip,Physical Review Letters(2020).arxiv.org/abs/2010.04242,journals.aps.org/prl/accepted/ da6c4d64a454565839ae

Source: Stevens Institute of Technology

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Chip-Based Photon Source Is 100X More Efficient than Previous, Bringing Quantum Integration Within Reach - HPCwire

Economic Security Planning, Inc.

Today's column addresses questions about spousal benefits before delayed retirement credits at 70, potential effects on Social Security benefits of the WEP and the GPO due to receiving a public pension and what happens to other benefits drawn on a person's record when child benefits end. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc, which markets Maximize My Social Security and MaxiFi Planner.

See more Ask Larry answers here.

Have Social Security questions of your own youd like answered? Ask Larry about Social Security here.

Will Changes In The Full Retirement Age Reduce My Social Security Benefit At 70?

Hi Larry I turn 68 January 2021 and I was planning on waiting until 70 to start drawing my Social Security retirement benefits. I currently receive my spousal benefit, which is relatively small. My wife retired at 62. Will my age 70 Social Security benefit be reduced due to all these changes of full retirement age I've heard about? Thanks, Jonathan

Hi Jonathan, Your own Social Security retirement benefit amount won't be reduced as a result of the fact that you've been drawing spousal benefits. Nothing has changed with regard to Social Security regulations that would affect your ability to wait and claim your full rate at 70 when you reach that age. Your full retirement age (FRA) is 66, so if you wait until the month you turn 70 to start drawing your retirement benefits, you'll receive four full years of delayed retirement credits (DRCs). That will make your benefit rate 32% higher than if you'd started drawing your retirement benefits at FRA. Best, Larry

Is It True That My Social Security Amount Will Be Reduced If I Receive PERS Retirement?

Hi Larry, I am a retired NV teacher in the marvelous PERS retirement system. I worked enough summer jobs and NV National Guard to qualify for about $900 when I turn 66 years and two months old. The rumor mill out here claims that Ill only get about $300 monthly from Social Security because Im receiving PERS money. Please, tell me the rumor mill is wrong. Thanks, Chuck

Hi Chuck, Your monthly Social Security retirement benefit rate won't be reduced by as much as $600 because of your PERS pension, but it sounds like it will almost certainly be reduced significantly due to the Windfall Elimination Provision (WEP). The WEP can cause a person's Social Security retirement benefit rate to be calculated using a less generous calculation formula if they receive a pension based on their work and earnings that were exempt from Social Security taxes.

I don't have enough information to be able to give you an idea of how much your Social Security rate may be reduced, but you may want to consider using my company's software Maximize My Social Security or MaxiFi Planner to analyze your options so that you can determine the best strategy for maximizing your benefits. Our software is fully capable of handling WEP computations as well as the Government Pension Offset (GPO) that could also come into play if you receive auxiliary or survivor benefits based on another person's Social Security record. Social Security calculators provided by other companies or non-profits may provide proper suggestions if they were built with extreme care. Best, Larry

What Happens When My Son's Benefits End?

Hi Larry, My last son is turning 18 in January and his Social Security benefits will end. What happens to the money and does it come back to me or does it just end? Thanks, Rita

Hi Rita, Your son's benefits will simply stop being paid when he's no longer eligible. Child benefits paid from the record of a living parent are auxiliary benefits. In other words, they are an extra benefit paid in addition to the parent's own retirement benefit rate. Auxiliary benefits are only paid if an eligible family member qualifies for such benefits.

The payment of auxiliary benefits does not reduce the benefit amount payable to the worker whose record the benefits are paid from. Therefore, since your son's benefits had no effect on your benefit rate in the first place, your benefit rate won't change as a result of your son's payments stopping. Best, Larry

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Ask Larry: Will Changes In The Full Retirement Age Reduce My Social Security Benefit At 70? - Forbes

Most Americans approaching retirement have not saved nearly enough. More than a third of those 55 and older have socked away less than $100,000, and about 60% have saved less than $250,000 (perthe 2019 Retirement Confidence Survey). Clearly, even factoring in Social Security income, most people will need additional sources of retirement income.

The good news is that there are a lot of ways to generate retirement income, such as working for a few more years and tapping life insurance policies. Here are five sources of retirement income, all of which relate to your home.

Image source: Getty Images.

One way to generate income from your home is to occasionally (or frequently) rent out parts of it -- or all of it -- via a service such as Airbnb or VRBO.com. This is a particularly powerful strategy if you live in an area where many business or vacation travelers might like to stay, such as in a big city or by a beach. As an example, last year (pre-pandemic), the average daily Airbnb rate in Steamboat Springs, Colorado -- a skiing hotspot -- was around $450, while in Boston, it was $266.

You might be able to take this strategy further, if you want, by taking in a boarder. If someone rents a room in your home and pays you, say, $500 per month, you're looking at $6,000 in extra income. Plus, when you're retired, a trusted housemate can be helpful and reassuring to have around.

Another way to wring dollars out of your home in retirement is via a reverse mortgage. That's where you borrow against the equity of your home, receiving either a lump sum or specified regular payments. You're allowed to remain in your home, but when you leave -- perhaps due to moving to a long-term care facility or when you die -- the loan will need to be repaid. That typically is handled by selling the home.

A downside is that your heirs generally won't get your home. Read up on this strategy and learn a lot more about its pros and cons before getting a reverse mortgage.

You might also get more money for retirement by downsizing into a smaller home. Doing so will generally give you smaller mortgage or rent payments and should cost you less in property taxes, insurance, maintenance, repairs, and utilities. It might not cramp your style too much, either, if your kids have grown and moved out, leaving you with more space than you need during retirement.

You might also generate more retirement income by moving to a less costly town or part of the country. This could include moving to a smaller home, but it might not. Check out the median home value in some representative cities, along with a recent cost-of-living score there (with a score of 100 representing the national average):

City

Median Home Price

Cost of Living

Portland, Oregon

$419,600

130.8

Longmont, Colorado

$398,000

122.0

Salt Lake City, Utah

$392,000

118.9

Charleston, South Carolina

$316,500

111.5

Nashua, New Hampshire

$289,700

111.1

Atlanta, Georgia

$259,000

107.5

Chicago, Illinois

$229,100

106.9

Tampa, Florida

$219,400

100.1

Richmond, Virginia

$214,400

95.10

Yuma, Arizona

$156,300

88.2

Oklahoma City, Oklahoma

$130,000

85.4

Ocala, Florida

$148,200

83.8

Tulsa, Oklahoma

$118,700

83.2

Hobbs, New Mexico

$140,600

78.5

Source: BestPlaces.net.

There are, of course, lots of other possible locations that can be great places to retire.

Finally, another way to generate more retirement income from your home is to work there doing a side gig. That might be tutoring kids online in a subject you're good at, such as math or French, or running an online store where you sell sweaters you've knitted or wooden jigsaw puzzles you've cut or soaps you've made. There are many other side gigs to consider that can bring in needed income. If you can generate just $200 extra per week, you're looking at more than $10,000 in additional annual income.

Take some time to figure out how much income you'll really need in retirement, and see whether any of the above strategies can help you. Be sure not to ignore healthcare costs, and factor Social Security income into your overall plan, too.

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5 Unexpected Sources of Retirement Income -- All Related to Your Home - Motley Fool

The pandemic has accelerated a major social and economic shift that has been unfolding over the past three decades: Retirement is less a binary choice you are either working or retired and more another transition into a mix of activities, some paid and others unpaid. The so-called retirement years (better yet, unretirement years) often include activities that may include a mix of volunteering, grandparenting, leisure, flexible work, part-time jobs, gig tasks, self-employment and encore careers.

Behind the shift in expectations is the fact that Americans are living longer and healthier lives (on average) since retirement-as-leisure became commonplace in the 1950s and 1960s. The typical person now reaching age 65 will spend about 22 years in the traditional retirement years, according to the MIT AgeLab. Not many people can save enough to maintain their standard of living for that length of retirement. The pandemic recession has been hard on so many older workers that the need to earn an income longer for financial security is greater than before. At the same time, working a meaningful job offers purpose, a reason to get out of bed in the morning exerts a powerful pull.

Deciding on the right mix of paid and unpaid activities for you is a difficult task to figure out on your own. Tapping into professional expertise, say, financial planners, career coaches and lifestyle tutors can help, of course. What if you don't command the kind of resources it takes to hire well-schooled professionals? Where can you turn for guidance?

That's the question moderator Rich Eisenberg, managing editor of PBS' Next Avenue, asked a group of experts during a panel discussion on "Unretiring: The New Rules of the Second Half of Life." Panelist Andrew Scott, professor of economics at the London Business School, hit the mark when he urged people nearing the transition to unretirement to hold many discussions in their household. Your household, your family and extended family are an incredibly valuable resource. Don't try navigating this major transition (or any big transition for that matter) on your own.

Engage in conversation with your broad network for ideas, suggestions, and insight. Run the numbers to see how your income and savings match up with your portfolio of desired paid and unpaid activities. Budget and learn new skills as needed. Personal finance is nothing more than making realistic calculations to support your goals, your dreams and your values.

Chris Farrell is senior economics contributor, "Marketplace," and Minnesota Public Radio.

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Considering retirement? Here's why you need to talk about it. A lot. - Minneapolis Star Tribune

Approximately 52% of workers say they plan to continue working past age 65, or never retire at all, according to a survey from the Transamerica Center for Retirement Studies.

If the idea of working well into your senior years sounds dreadful to you, retiring as early as possible may be a better option. While retiring early isn't easy, there are a few steps you can take to make sure you're on the right path.

Image source: Getty Images.

No matter what age you choose to retire, you'll need to set a savings goal. But it's especially important if you're retiring early, because you'll have to save more money in a shorter amount of time.

Use a retirement calculator to estimate how much you'll need to save. Remember, too, that depending on how early you plan to retire, you may not be able to depend on Social Security benefits. You're not eligible to begin claiming benefits until age 62, so if you intend to retire before that age, you may need to survive on your savings alone until you can start collecting benefits.

The average 65-year-old couple can expect to spend close to $300,000 on out-of-pocket healthcare costs during retirement, according to research from Fidelity Investments. In addition, you won't become eligible for Medicare until age 65. So if you retire before then, healthcare costs could take a substantial bite out of your budget.

You have a few options when it comes to covering healthcare costs in retirement if you're not eligible for Medicare yet. You can enroll in COBRA insurance after you leave your job, for instance, but the caveat is that you can only keep COBRA coverage for up to 18 months. So if you retire before age 63 1/2, you'll need to find another type of health insurance before you can enroll in Medicare.

Another option is to buy health insurance through the Affordable Care Act marketplace. You may face higher premiums or deductibles than when you were still employed, but if you develop health problems, having expensive insurance is better than no insurance at all. Just be sure to account for these costs as you're budgeting for retirement.

It's hard enough to save when you're planning on retiring at the traditional retirement age, but it's even more challenging if your goal is to retire early. You'll need a hefty nest egg to enjoy retirement comfortably, and unless you have loads of spare cash lying around to invest, you may need to make some budget cuts.

Depending on how much you need to save for retirement and how many years you have left to prepare, you might need to make significant financial cutbacks. But the sooner you start saving, the fewer sacrifices you'll need to make.

If you're unable to save as much as you need, you may consider reducing your retirement expenses instead. You may choose to downsize to a smaller home once you retire, for example, or consider relocating to a more affordable city. The more you can reduce your expenses, the easier it will be to retire early.

Early retirement is more achievable than you may think, but you'll need to have a strategy in place. By making these money moves right now, you'll be on your way to retiring as early as possible.

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3 Moves to Make Right Now if You Want to Retire Early - The Motley Fool

Signed into law on March 27, 2020, Congress created the Coronavirus Aid, Relief and Economic Security (CARES) Act to provide financial relief to Americans suffering from the economic fallout of Covid-19.

Several of the more high-profile retirement provisions of the CARES Act have expiredincluding stimulus checks, supplemental weekly unemployment benefits and the suspension of federal student loan payments. But there are still a few important CARES Act benefits that you can take advantage of before the end of 2020.

The CARES Act eliminates the 10% withdrawal penalty for qualified retirement account holders who have a valid Covid-19-related financial hardship. It allows them to withdraw up to $100,000 from their tax-deferred retirement accounts, or taxable earnings in a Roth account, in 2020.

Under normal circumstances, withdrawing funds from most tax-deferred retirement accountslike a 401(k) or a traditional IRAbefore age 59 triggers a 10% penalty from the IRS in addition to the income tax youd normally owe on the withdrawal. Earnings, but not contributions, withdrawn from a Roth account are hit with the penalty as well.

Valid Covid-19-related hardships include a positive coronavirus diagnosis for the account owner, their spouse or a dependent; a lay-off, furlough, reduction in hours, inability to work or lack of childcare because of Covid-19; a delayed or rescinded job offer because of Covid-19; or Covid-related closing or reduced hours for a business owned by the account holder or their spouse.

The CARES Act has also waived the 20% mandatory tax withholding requirement for early withdrawals from workplace tax-advantaged retirement accounts. This withholding is how the IRS normally ensures that plan participants pay the necessary taxes on their early withdrawals.

But just because you can avoid both the early-withdrawal penalty and the mandatory withholding does not make your early distribution free of taxes, however. Michele Cagan, a certified public accountant (CPA) based in Baltimore, warns plan participants to remember the tax bite. The lowest tax bracket under current tax law is 10%, so you need to prepare to pay at least 10% of what you take out. So if you need to take a $50,000 withdrawal, expect to owe at least $5,000 in taxes.

The CARES Act allows for some flexibility in paying those taxes. Cagan notes that you have the option of paying your taxes in three even installments for the 2020, 2021, and 2022 tax years.

Heres how that might look. According to Vanguard, the median coronavirus-related withdrawal was $12,000. A hypothetical participant could either choose to add the entire $12,000 withdrawal to their 2020 income to pay taxes all at once, or increase their 2020, 2021 and 2022 income by $4,000 each year, spreading the tax burden over three years.

That said, if your income was significantly diminished in 2020 and you can afford to pay any applicable taxes this year, you might save money compared to future years.

The CARES Act also allows participants to redeposit the money within three years of the distribution, which is much longer than the usual 60 day allowance for redepositing early withdrawals. If you do choose to return the money, you will owe no taxes, although you may have to file an amended tax return to get back any taxes you paid on the early distribution prior to redepositing it.

While expanded access to retirement funds may provide an important financial lifeline, Cagan suggests participants try to exhaust other options first. Even with all of these CARES Act breaks, taking early withdrawals could end up costing you thousands of dollars and putting you in an even worse financial position than youre already in, she says.

Thats because money taken out of your retirement investments cant grow. You lose the momentum of your investment which makes it harder for your account to recover, Cagan says. And though you may need money now, youre taking it from your 75 or 80-year old self, and it will be that much harder to get needed money once you reach that age.

These pitfalls may explain why only 4.5% of Vanguard plan participants decided to take a coronavirus-related distribution as of Oct. 30, 2020.

In addition to penalty-free early withdrawals, the CARES Act also expanded hardship loans from employer-sponsored retirement accountssuch as 401(k), 403(B), and 457suntil Sept. 22, 2020.

Under the CARES Act, plan participants were allowed to borrow up to 100% of the vested balance or $100,000, whichever was less. This was double normal hardship loan limits50% of the vested balance or $50,000, whichever is less.

The window for borrowing the expanded amount from a workplace retirement account has already closed, so anyone considering a hardship loan now will be limited to the 50% or $50,000 maximumor a coronavirus hardship withdrawal of up to $100,000.

One hardship loan provision does remain in effect until December 31, 2020: If you took a hardship loan prior to the Covid-19 pandemic and have a repayment due between March 27 and Dec. 31, 2020, your repayment can be delayed for up to one year. Thats because the CARES Act allows retirement account borrowers (including new borrowers) to forgo repayment in 2020. Under normal circumstances, you must pay back your loan within five years and you are required to begin paying it back immediately.

According to Vanguard, only 1.0% of plan participants took advantage of the Coronavirus Hardship Retirement Account Loan options. This may be in part because participation in the loan program was optional, so not all workplaces allowed for participants to take loans. But the downsides of 401(k) loans may also have discouraged people.

According to Kevin Matthews II, creator of Building Bread, a financial education company, People think a 401(k) loan has no drawbacks since you repay it. But taking money out of the market means you lose the compounding factor, and you wont see the true opportunity cost until years later.

Considering the major market rebound since May of this year, Matthews worries that participants who took 401(k) loans in the spring, when the market tanked, may have hurt their future account growth. Borrowers wont see the same bounce as those who remained invested, Matthews says. The S&P 500, for example, has grown 64% from its March low as of mid December 2020.

Additionally, job stability is a concern for 401(k) loans. Though participants are no longer beholden to the old rule requiring repayment of such a loan within 60 days of terminating employment, you will still have to repay it when your federal tax return is due for that year, with extensions, or else you will have to treat the loan as a distribution and owe taxes on it.

For 2020, that means if you take a loan this year and lose your job, you will have to repay the loan in full by Oct. 15, 2021. For that reason, if your job is not secure, a 401(k) loan could be a risky proposition and wind up a large financial burden.

While financial experts implore struggling Americans to find other places to look for extra money, like 0% APR credit cards or low-interest personal loans, Cagan concedes that if you need to take it because there are no other choices, then take it.

But dont take the maximum simply because you can. Cagan recommends you take only what you need and not more. But consider including the amount you will need to pay taxes so youre not left scrambling come tax time. For instance, if you need $30,000, plan on withdrawing $34,000 and paying your tax bill with the excess.

And to prevent such a dilemma in the future, Matthews offers some advice: Everyone should have three different tax buckets for investing: a tax-deferred retirement account, a Roth retirement account and taxable investments. Then, if youre strapped for cash, you can take money from the taxable investments without worrying about the implications on your tax-deferred retirement accounts, he says. A Roth, with its penalty-free and already-taxed contributions, might then be your next line of defense.

Another important provision of the CARES Act was the suspension for 2020 of required minimum distributions (RMDs), or mandatory minimum withdrawals the IRS mandates for most retirement accounts. This was done to give retirement accounts a chance to bounce back from the market downturn in the first half of 2020.

Until Aug. 31, 2020, anyone who had already taken an RMD for 2020 and wished to return it could do so with no penalty. If you have not yet returned your RMD for 2020, though, the window has closed.

The IRS normally requires RMD withdrawals from retirement accounts belonging to individuals over age 70 (for those born before July 1, 1949) or age 72 (for those born after July 1, 1949) as well as non-spousal heirs who inherited tax-deferred accounts. RMDs are calculated each year based upon the balance of the account on December 31 of the previous year.

In addition to decreasing your taxable income by avoiding RMDs this year, you may also be able to decrease income through charitable donations in 2020.

The CARES Act allows taxpayers who dont itemize their deductions to take up to a $300 deduction for a cash contribution made to qualifying organizations in 2020. Under normal rules, you cannot deduct charitable giving unless you itemize your deductions. Further, if you do itemize your deductions, the CARES has temporarily suspended limits on charitable contributions for tax year 2020. Normally, you are limited to deductions of up to 60% of your income. This year, you can deduct 100% of your adjusted gross income.

For the first time ever, you can make your tax liability zero. Give 100% of your AGI to charity, owe zero taxes, says Cagan.

With 2020 rapidly drawing to a close, there are only a few weeks left for CARES Act provisions that can help you access needed funds or reduce your tax burden. However, though there is only a little time left, make sure you consider your financial options carefully before deciding to take advantage of any of these temporary rules.

Consider speaking to a financial advisor or tax professional for help with this decision. You dont want to start 2021 with regrets because you made a hasty decision to beat the deadline.

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Dont Miss These CARES Act Retirement Benefits - Forbes

Supreme Court Justice Stephen Breyer indicated that he does not plan on remaining on the bench for the rest of his lifeand will retire at some point.

Justices enjoy lifetime appointments, and while some like Justices Antonin Scalia and Ruth Bader Ginsburg have remained on the court until their passing, others like Justice Anthony Kennedy have called it quits early. In an interview with Slate, Breyer said he looks to be among the latter.

SUPREME COURT DISMISSES CASE ON EXCLUDING ILLEGAL IMMIGRANTS FROM CENSUS COUNT AS 'RIDDLED' WITH SPECULATION

"I mean, eventually Ill retire, sure I will," Breyer said while noting that "its hard to know exactly when."

Breyer described how this year has posed challenges for him as a result of the coronavirus pandemic. The Supreme Court continued to hear and decide cases, but conducted oral arguments via conference call as the justices remained at home.

JUSTICE GORSUCH SAYS KENTUCKY GOVERNOR SHOULD FACE JUDICIAL REVIEW ON RELIGIOUS SCHOOLS CASE

"The thing that makes that difficult is were doing our normal court work," Breyer said about his time at home. "In fact, COVID cases come along, and there are a few more of them that we have to decide quickly. We have a telephone that is secure. And we do our oral arguments. People have to listen harder and be more direct in their questioningthats all good. But all of that takes time, and we have to write opinions."

U.S. Supreme Court Associate Justice Stephen Breyer is seen during a group portrait session for the new full court at the Supreme Court in Washington, Nov. 30, 2018. REUTERS/Jim Young

A retirement in the near future would allow President-elect Joe Biden the nominate Breyer's replacement, ensuring the ability to replace the liberal jurist with a like-minded successor.

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Earlier this year, rumors abounded that conservative Justices Clarence Thomas and Samuel Alito were considering retirement. The departure of one or both of them from the Supreme Court during Biden's administration would allow Democrats to chip away or overtake the high court's current conservative majority.

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As you check off your to-do list for the end of the year, don't forget to look at your retirement savings.

Whether it is an individual retirement account, an employer-sponsored plan like a 401(k) or a brokerage account, assessing your portfolio is crucial.

That means checking to see where you are at with your savings, comparing it to your long-term financial planning goals and making a plan to bridge the gap, if necessary, said certified financial planner David Totah, senior wealth advisor at Frisco, Texas-based Exencial Wealth Advisors.

There's no better time to do it than the end of the year.

"We are wrapping up the year and beginning a new year and you have the entire year for these changes to impact your position, your plan," he said.

While the stock market has been volatile, it is up which means your portfolio could be out of balance. Instead of a 60% stocks/40% bonds split, you could be more heavily weighted in equities than you want.

"If there is a big downturn, you will expose yourself to a bigger loss," said CFP Jude Boudreaux, senior financial planner with The Planning Center in New Orleans.

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Sell some stock to get yourself back to your original asset allocation.

"Buy low, sell high," he said. "Stay disciplined to a strategy."

If you have a target-date fund in your 401(k), which is geared towards your anticipated retirement date, it will automatically adjust the allocations based on your age.

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Try to contribute enough to your 401(k) to at least get your employer's matching contribution, if there is one.

"Pay yourself first," Totah said. "Save the money first, and then spend what is left over."

It may also be a good time to see if you can bump up the amount of your contribution for next year.

"Don't let the perfect 'I can't get to the max so I won't make any changes' get in the way of doing 1%," said Boudreaux, a member of the CNBC Financial Advisor Council.

"Try 1% and see how it goes," he added. "Taking a step forward and doing a little more can be a big plus."

You may also be in line for an annual raise. For instance, if it is 3%, aim to bump up your contribution by 2%, if you can.

Also, if you are age 50 or older, consider trying to add in the catch-up contribution.

The contribution limit for 2021 is $19,500, but people age 50 and up are allowed an extra $6,500.

"Catch-up contributions are so critical," Totah noted. "You are in the last quarter of the game.

"You have to start socking it away if you are short of your goals."

You may find that you have a lot of stocks in a certain sector, especially if there were a lot of gains during 2020. You may consider reducing some of that exposure, Totah said.

You may then increase your exposure in another area.

"Make sure that the positions that you own currently are the positions you want to own next year in possibly a new type of economic situation," he said.

If you made money on the sale of some investments this year, you can offset those gains with selling other assets at a loss during the same year.

This is called tax-loss harvesting, and it should reduce the amount of capital gains taxes you'll have to pay.

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Don't forget to check your retirement plan. Here are moves to make before the year is out - CNBC