With the Coronavirus situation bringing so much change into our lives, I decided to bring an abrupt conclusion to the Living Off Your Savings series. Instead, today, we’ll talk about some of the changes that the Coronavirus legislation will bring. Now that President Trump signed the Coronavirus stimulus package into law I wanted to give you an idea of what you can expect from this landmark legislation. Join me on this episode of Retirement Starts Today to discover how the Coronavirus stimulus package affects you.
I wanted to make sure to fulfill my promise of having a webinar to cap off the Living Off Your Savings series especially since the series was shorter than expected. You’ll have 2 options to join the webinar. Option A takes place on April 2 at 10:30 AM CDT. Option B is April 2 at 2 PM CDT. This webinar will cover how to turn your accumulated savings into monthly retirement income. We’ll cover case studies, portfolio breakdowns, and how to have an amazing retirement even in the midst of a market meltdown! Sign up soon since we are already at ⅔ capacity.
Have you filed your taxes yet? If you haven’t, pay attention. If your income was over $150,000 in 2018, but under in 2019 then file immediately. If your income was under $150,000 in 2018 but over in 2019 and you haven’t filed then wait to file. The stimulus checks that are coming are based on your AGI in 2018 or 2019 if you have already filed.
Those stimulus checks will be $1200 per adult and $500 for each dependent child. If you filed jointly the income threshold is $150,000. The stimulus checks will be directly deposited into the bank account in which you received your 2018 return. Let’s hope that it’s still open!
If you are losing sleep at night about the stock market then take this money and put it where it is needed most -- put it in a savings account, checking account, or stash the cash under the mattress. Do whatever will help you sleep at night. If you aren’t having trouble sleeping and you know where your income is coming from, think about making a Roth IRA contribution. If you have the stomach for it and don’t need it for a while, consider using that check for long-term investments. Listen in to hear a great way to teach the grandkids about the power of compound interest.
Listen in to hear all the details on how this landmark stimulus package could affect you and your retirement.
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