Last week, Ed Slott gave us some incredible perspective as we look at the impact COVID-19 has had on retirement planning. The federal government has always been able to change the rules in the ninth inning, as we witnessed with the SECURE Act in 2019, but we’ve never experienced anything quite like this! Today, we are going to have the same conversation with you that we are having with our clients – how to play offense when you feel so defensive.

As the federal government looks to fund the stimulus package, there are rumors of higher tax rates, inflation and long-term impacts on Social Security. Retirement is your responsibility and, honestly, why would you have it any other way, especially as we enter into a COVID culture?

“Just because you can do something, doesn’t mean you should!” said our special guest, Ed Slott, CPA and America’s IRA expert! On today’s show, he explains why there is an incredible opportunity for retirees and pre-retirees today. The tax brackets are still low and if you don’t use them, you lose them! So, what does that mean for you? If RMDs are canceled for the year, should you still take yours? What about Roth conversions? Is now a good time?

He answers all of these questions plus more because, “Nothing is for everybody,” which is why you need educated advisors in the financial Olympics.

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

Today, CPA Jon Sluis joins us again and we are going to follow up on the CARES Act discussion. This includes: the purpose of the stimulus package, how you’ll receive your recovery rebate, why RMDs being waived for 2020 is a benefit to you, and the list goes on.

Don’t Panic. Take Control. April 2nd, 2020
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.