Times of crisis are extremely stressful. They can either shut us down or spring us into action. If you’re struggling with springing into action, we have a show full of action steps. We hope that it gets you fired up about your financial health even as our reality changes weekly.
Here’s your financial inventory checklist:
o Compare your portfolio to the stock market. Did you do the same, better or worse? Now would be a good time to evaluate your risk tolerance for the future
o Have you reevaluated your will or trust with an attorney?
o Double check your beneficiaries on all your financial/investment accounts
o Reassess your emergency funds. If you need more than what you’ve saved, what other accounts can you draw from?
o Consider pushing back your retirement date – those who pivot plans easily tend to do better in the long run
In this episode Dennis Prout and Heidi Thompson follow up on the CARES Act updates with CPA Jon Sluis.
Earlier this week, our team spoke extensively with Jon Sluis, a local CPA who will join us via phone during today’s program. We took three pages of notes, not including the term sheets from which he relayed information. Over the weekend, Jon read the Coronavirus Aid, Relief, and Economic Security (CARES) Act twice (it’s more than 800 pages long ) as well as U.S. Senate Committee Reports, Small Business Administration and Department of Labor summaries, and other summaries. Listen … it’s overwhelming out there, but there is GOOD news … and we are on it. Over the last year, we’ve mentioned many times that the markets were overvalued, and a correction was inevitable. And no one – absolutely no one – could have seen it coming from a virus that affected the global economy. For those of us who spend our days buried in the details trying to dig a way out into daylight, we can see it. There are silver linings all around us, and that is topic of today’s show.
Today, we are going to cover just the tip of the iceberg on what’s all packed into the CARES Act, but believe us – even that is a lot! This includes: the purpose of the stimulus package, how you’ll receive your recovery rebate, whether or not you should pull $100K from your 401(k), why RMDs being waived for 2020 is a benefit to you, and the list goes on.
Some of you have already been practicing social distancing for the past week. For those of you who have just started, welcome! These are wild times. We’ve never seen anything like it. Day to day, we are experiencing a wide range of emotions. It’s important to plan appropriately and not panic, especially when you’ve watched such a drastic decline in your investments. Believe it or not, there are opportunities during a crisis. In order to stay in the long game, it’s good to take advantage of them now.
Topics of discussion today:
· Can I use the income tax deadline to my advantage?
· What are the new IRA contribution deadlines, and can they help me?
· Is now a good time to convert my Roth IRA?
· What if I had planned on retiring this year?
When fear is running rampant in the world, it is a normal reaction to retreat and hide. But as humans, we are designed to survive no matter what. It’s our most primitive calling … to live. Therefore, we work, support and thrive in an economy where our contributions matter and we are rewarded for that. As social distancing increases, it changes the economy, which is already at mercy of the market reactions. The goal of today’s show is to give you perspective. Anytime we face a global crisis, it hits close to home when our survival is threatened.
Join us today as we give you a personal and professional overview of what is currently happening in the market. Remember … this can also be a time of great opportunity. As such, we are going to stay the course. Investing is about the long game, not the short-term gains.
Dennis Prout and Heidi Thompson discuss Social Security and Medicare Taxes in this episode. Tune in to understand options to consider in this current economy.
By some miracle, we were able to get Jon Sluis out of his office during tax season! We aren’t going to waste his time or yours … so we’ve come up with a list of FRESH, relevant questions! So whether you’re planning solo or as a business owner, now is the time to take a closer look at the numbers and strategies available to you.
Today, we’ll ask Jon about the new tax laws and how they are affecting people right now. For business owners, we’ll discuss business income deductions and why they are important to owners. When it comes to saving, we want to know how CPAs and advisors think differently. And when it comes to spending, how do consumers think differently?