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

Ep 67: Are You A Risk Taker? How To See If Your Tolerance for Risk Matches Your Plan

Do you like to take risks? Or would you rather play it safe and steady? When it comes to the market risk can come with great reward, but it can also be damaging if our risk tolerance is out of balance with our plan. Most people don’t realize how much risk they are taking on and have a much lower tolerance than their portfolio reflects. 

Ep 66: Picking Sides in Important Financial Debates

Financial debates have existed for a long time and when we’re planning we may encounter quite a few. While there are various opinions out there, not everyone’s solution will fit your needs. Each situation is going to depend on your plan and goals.

Ep 65: Are These Retirement Statistics Encouraging or Disturbing?

We’ve gathered some updated retirement statistics from across the country. It’s time to find out if these are encouraging or disturbing findings if they’re reflective of the average client, and what you can do to improve your own retirement preparedness based on this information.