Episode 121: What You Need to Know About the CARES Act

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Today’s Smart Money Question:

Are you wondering what the CARES Act is all about and how it might benefit you? What rules should you be aware of? Matt will share the key elements you should be aware of when it comes to the CARES Act in times of coronavirus.

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(Click the featured times below to jump forward in the episode)

Here Are Just A Handful Of Things You’ll Learn:

We just recently had the SECURE Act passed, but now we have the CARES Act in response to coronavirus. On today’s episode of the Smart Money Questions podcast, Matt reviews some of the major elements in the CARES Act.

What does the CARES Act mean for your RMDs? While it just changed under the SECURE Act, there is now another change. Are you grandfathered in? Make sure you speak to an advisor that can help you navigate what is required or what your options are.

How about qualified charitable distributions? Or charitable contributions? If you are over 70 and a half and you qualify for those qualified charitable distributions, that’s one of the best benefits for all parties.

If you are being impacted by coronavirus and need money, what are some of the options you now have available from the CARES Act? If you qualify, you may be able to withdraw from your 401(k) without penalty even if you aren’t older than 59 and a half. Be sure to look to see if this really is the best option for you and your circumstances and then understand how you are taking it out.

What should you expect when it comes to the stimulus check? Will you still get it if you are collecting Social Security? Depending on how you’ve filed your taxes in the past, the amount will be determined by how you filed and if you had dependents. It will phase out based on what your income is.

In all of these, make sure to speak to an advisor to find the best plan of action for you in this new normal.

Listen to the full episode or click on the timestamps below to hear more about specific sections of the CARES Act.

3:09 – What is the CARES Act doing with RMDs?

5:52 – Can you still make qualified charitable distributions?

7:24 – What does it mean for charitable contributions?

9:07 – If you are under 59 and a half, what happens if you want to take money out of your retirement account?

12:58 – Who gets a stimulus check?

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