Ep 10: Key Things to Know About the CARES Act

The coronavirus pandemic has impacted just about everyone from a physical, emotional or financial standpoint. Now there’s relief on the way in the form of the CARES Act. Find out what this means for you as an investor and a small business owner.
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The Game Plan

As we all we deal with stay at home orders and social distancing guidelines every day, the financial impact continues to worsen for many Americans.

It’s an unprecedented and difficult time as businesses are fighting for their future and unemployment rates reach astronomical levels. Fear and anxiety are probably just two of the emotions you or someone you know is having to deal with as we wait for the coronavirus pandemic to slow down.

Thankfully there is some help on the way in the form of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. It might not solve every problem out there but it should be a temporary benefit for many individuals and small businesses.

On this episode of the Retirement Playbook podcast, we’ll go through the key points of the CARES Act and help you understand the ways in which you might be able to use this to improve your financial situation.

We’ll talk about the tax deadline moving, changes to required minimum distributions, the stimulus payment, and the paycheck protection program. What is the benefit of each? How do they fit into a retirement plan? We’ll discuss those things but also remind you that it’s always important to talk to an advisor before you act on anything.

If you’d like to see the full CARES Act, click here.


The X’s & O’s

Check out the timestamps below to skip around to specific topics on the show.

[1:05] – What is Dale doing to keep busy during the quarantine?

[5:33] – Let’s look at the CARES Act a little deeper.

[6:00] – Tax deadline has been pushed back to July.

[7:15] – RMDs are no longer required for 2020.

[8:13] – Client story about withdrawing early to pay off a mortgage.

[8:55] – What if you’ve taken RMDs already?

[10:09] – The recovery rebate for individuals.

[11:24] – This is an interesting time for people preparing for retirement.

[14:43] – Paycheck protection program for small businesses.

[16:49] – Just because it’s offered doesn’t mean you should definitely do it.

“Now that we’re in this lockdown and we’re not spending this money, people get to realize that maybe they don’t really need as much as they’re saying they need.”

– Dale Tondryk

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Show Host

Dale Tondryk - The Coach

Dale Tondryk is president at Tondryk Wealth Management, LLC. He has more than 30 years of experience in the insurance and annuity industry and holds a Bachelor’s of Science from Southwest Minnesota State University.

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