Planning Opportunities For Individuals as a Result of COVID-19- Plan Wisely Episode #8
EPISODE SUMMARY
The news is exhausting – markets up and down, press conferences, statistics and more. Today, Erik Garcia and Jag have a simple, easy-to-understand conversation around the financial opportunities that may exist for you during the pandemic.
After a quick explanation on AGI, we take a look at the tax rebate – those checks that are coming to us from the government soon (if you haven’t received yours already). If you’re still working, and still have a steady income, this could be a real opportunity to pay down debt or sock that cash away in savings.
We also look at other aspects of the CARES Act, including:
- Student Loan Relief
- New Charitable Deduction for those taking the standard deduction on their taxes
- New Charitable Deduction rules for those taking itemized deductions – now up to 100% of your AGI!
- Waiving of RMD’s in 2020
Next, we examine the relaxing of restrictions on taking money out of retirement accounts – and why, as a financial advisor, this makes Erik really nervous.
Other financial opportunities available right now for individuals:
- Mortgage Refinancing
- In-Service distributions
- Revisit your tax return for withholding
- Review Your Spending!
Resources:
Call Erik’s Office at 504-218-5479
