Last week the Federal government passed a massive $2 Trillion (yes with a T) stimulus bill in response to COVID-19 and its impact on individuals and businesses alike. Many financial stimulus measures were taken in the bill. Here are some of the key details that you should know about.
Health and finances are likely the only two topics on most people's minds these days. How can you keep yourself and your loved ones safe and healthy through this pandemic? And what should you do with your investments during this recent market drop? Managing your investments prudently and resisting the urge to sell stocks while the market is down are certainly important financial planning considerations. However, as financial advisors, we wanted to highlight other crucial financial planning areas that often don't get as much attention in the news media.
As the coronavirus continues to spread, and governments respond, it is becoming more and more clear that this will have an impact on our daily lives. Businesses are closing their doors, people are staying home, and hospitals continue to bravely assist those impacted to the best of their ability. During these times many are focused on keeping their loved ones safe, and the last thing on your mind is probably taxes. If you haven’t been focusing on your taxes, you may be in luck. As of 03/20/20 the IRS extended the tax filing deadline. Here's what this may mean for you, and how this may impact your 2019 tax return.
If you've been watching the news recently most of the information about the stock market has been dismal. You've probably read headlines that scream intense verbiage like "Stocks Collapse!", "Stocks Get Punished!", "Stocks in Free-Fall!" or something of the like. You've probably heard financial jargon thrown around such as "bear market", "volatility" or "recession" as well. Your retirement account has almost certainly lost value and with all this negative news and you may be worried and considering selling your investments too. Before you pull the trigger. . .STOP.
If you've watched the stock market at all over the past couple weeks there have been some relatively large movements, both up and down. Much of this has to do with the uncertainty of the global economy. Some stock analysts are even going as far as predicting no earnings growth for 2020.1 As financial advisors we are not in the business of predicting where the stock market will go in the short-term, and encourage our clients to focus on the things that they can control. That's why last week we wrote a post about what you can do to prepare for disasters, and why NOT to panic about the recent stock market volatility. We believe financial planning should be focused on the long-term.
It’s hard to turn on the news and not see something related to coronavirus. More and more new cases are being confirmed every day in an increasing number of countries, including the US. Beyond people getting infected, the worries on coronavirus’ impact on global trade is starting to rattle financial markets as well. With all this concern, is now the time to make changes to your portfolio? We’ll cut to the chase and answer that with a resounding NO! However, because this isn’t necessarily something to brush off, you should be informed and there are things you can do to protect you and your family.