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

More To Explore

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Join us in this episode of The Retirement Playbook podcast as Dale dives into the essential financial matters you need to address throughout the calendar year. He provides valuable insights into maximizing retirement contributions, managing required minimum distributions (RMDs), and making strategic financial moves to optimize your retirement savings.

Financial Therapy

Financial discussions and retirement planning can come with many emotions. From counseling couples with differing financial views to providing support during challenging life events such as divorce or medical issues, financial professionals wear many hats, including the role of a therapist. In this episode, Dale discusses the impact of having a financial professional guide you through life’s most stressful moments.

Ep 88: The Retirement Lifestyle

We’re taking a quick break from the Xs and Os of retirement finances today. Instead, we’re going to talk about some other important pieces of forming your retirement lifestyle. Join us as we discuss staying busy, the significance of social connections after you’ve stopped working, and maintaining your physical and mental health throughout retirement.