Just Don't Lose The Money Radio Show: What's In The Stimulus Package?

Key Takeaways:

What is in the stimulus?

Sam and Mike discuss what amounts people will get for their certain situation. About 83% of tax-filers will receive some type of benefit:

• taxpayers
• Single parents
• People on social security

What if you are now suddenly on unemployment? What are some additional actions that the government is taking to assist you? 

Congress also passed the CARES Act - what does that mean if you're a small business owner?

What about retirees or people hoping to retire soon?

• Waiving the 10% withdrawal fee for a hardship withdrawal from your 401(k) {MAKE SURE YOU LISTEN TO THE AUDIO TO HEAR SAM'S CAUTION ABOUT THIS}
• Waiving Required Minimum Distributions for 2020 - what does that mean for people age 72+

Strategies if you are close to or in retirement

Everything depends on where you are in your retirement planning journey - but creating a plan is key. For some people, there is an opportunity for some growth if you have extra cash and you're looking to enter the market. For others, you may have lost some ground in your retirement accounts, and you need to rebuild that, but how do you do that?

Three types of accounts you should consider having heading in to retirement:

• Liquidity (Emergency cash savings that can cover sudden expenses)
• Guaranteed income (that can help cover your essential monthly expenses)
• a portfolio designed for growth that can help keep up with inflation and rising cost-of-living expenses

Whether you’re asking questions about when you can retire, how to manage your investments, or if you have enough to leave the impact you want for your family and community, we’re here to help. Use this link to schedule your 15 minute complimentary introductory call directly with either Sam, John, or Ryan of Rubino & Liang Wealth Partners.  We'll use this time to get to know you and your needs.