What the CARES Act Means For You, Ep #108
Financial Symmetry: Balancing Today with Retirement
Release Date: 04/06/2020
Be Ready For These 10 Tax Surprises, Ep #213
Financial Symmetry: Balancing Today with Retirement
So many of us will be hoping for no tax surprises when preparing our tax returns this year. This is why we want to provide you with a list of common tax surprises to watch for. After working with hundreds of clients to prepare their tax returns, we’re sharing the latest tax surprises we see that could be helpful to know when completing your tax return this year. Outline of This Episode [0:42] The Slott Report [2:39] Inheritance surprises [6:51] Credit card rewards [8:10] Interest income increases [10:54] Income earned in different states [12:32] 1099Ks [14:14] Underwithholding from...
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How to Handle a Forced Early Retirement, Ep #212
Financial Symmetry: Balancing Today with Retirement
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Tools for Making Better Financial Decisions, Ep #211
Financial Symmetry: Balancing Today with Retirement
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Financial Symmetry: Balancing Today with Retirement
Many who approach retirement view it as the ultimate goal, but you could have 30+ years to experience the retirement you've worked to build. While much of retirement planning is focused on the numbers, people often fail to intentionally plan out how they'll spend their time. In this episode, we explore some common retirement pitfalls and then ten stepping stones to help us overcome challenges you might encounter. **** 📬 Sign up for the and receive our Pre-Retirement Checklist. 🎯 Article - 📰 See the 🌐 Explore the
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5 Reasons to Consider Investing in More Than the S&P 500, Ep #209
Financial Symmetry: Balancing Today with Retirement
Many investors have been tempted to invest more, if not all, of their portfolios in the S&P 500 given the incredible run it’s had over the last decade. But today we are talking through five reasons why you should consider not making a concentrated investment only in the S&P 500. Don't let recency bias rule your decision-making on the road to your ideal retirement. **** 📬 Sign up for the and receive our Pre-Retirement Checklist. 🎯 Article - 📰 See the 🌐 Explore the
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The Challenges with Divorce in Retirement with Lesli Doares, Ep #208
Financial Symmetry: Balancing Today with Retirement
One of the biggest financial disasters that people can experience in retirement is divorce. On this episode of Financial Symmetry, Grace Kvantas chats with licensed marriage and family therapist, Lesli Doares. Lesli shares warning signs to look out for, misconceptions about keeping finances separate, and why couples should seek marriage counseling in retirement. Your marriage affects every aspect of your life. Listen in to learn how you can improve it. **** 📬 Sign up for the and receive our Pre-Retirement Checklist. 🎯 Article - by David Booth 📰 See the 🌐 Explore...
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Should I Roll My IRA into My 401K to Do a Backdoor Roth? Ep #207
Financial Symmetry: Balancing Today with Retirement
If you have rollover IRA accounts and want to make a backdoor Roth IRA contribution, this episode is for you. There are several steps involved to handle this strategy in the right way including understanding how you roll the IRA accounts to your 401k. Today we walk through five considerations you should think through before you implement a strategy to complete your Backdoor Roth contributions. **** 📬 Tips each month to help you Enhance Your Today and Enrich Your Tomorrow. 🎯 📰 See the 🌐 Explore the
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15 Surprising Financial Facts to Round Out 2023, Ep #206
Financial Symmetry: Balancing Today with Retirement
In our usual episodes, we aim to arm you with a particular insight or strategy that can help you inch closer to your ideal retirement. But, with todays show, we want to close the year by providing a list of 15 surprising financial facts about the year that you could share in a conversation with a friend or family member. We also pay tribute to the great investor Charlie Munger, by providing a few of our favorite Mungerisms. As you begin your 2024, we thank you all for listening and sharing our show. We look forward to continuing to provide you with helpful steps on your journey to reach...
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Planning for Health Insurance in Retirement Pre-Medicare, Ep #205
Financial Symmetry: Balancing Today with Retirement
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Tax Planning Tips You May be Ignoring, Ep #204
Financial Symmetry: Balancing Today with Retirement
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info_outlineThe CARES Act was just recently passed and the new law will impact just about every American. But do you know how it will affect you?
View Youtube recap here: https://youtu.be/BTaeWH0aEB0
On this episode of Financial Symmetry, Grayson Blazek joins me to give you some actionable information that you can use to help you consider how best to take control of this challenging financial situation. During this stressful time, it will be helpful to learn as much as you can to give you a feeling of empowerment.
Who is eligible for the recovery rebate?
The most discussed part of the CARES Act is the recovery rebate. The full rebate is eligible for taxpayers that make $150,000 or less when filing jointly with their spouse or $75,000 for single filers. If you make more than that you can use a calculator discover how much you will receive. The full rebate is a one-time payment of $1200 per adult and $500 per qualifying child. The recovery rebate will be directly deposited into the bank account listed on your most recent tax return. Listen to this episode to hear if you should file your taxes right away or if it would be best for you to wait a bit longer.
What happens if you or your income is impacted directly by Coronavirus?
If you have been impacted directly from the Coronavirus directly or if you have experienced lost wages then you will be able to pull funds out of your retirement accounts in the year 2020 without the usual 10% early withdrawal penalty. These funds will still be taxed, but you can spread the tax burden over a period of 3 years if needed. The CARES Act also changes the maximum 401K loan limit from $50,000 to $100,000. You’ll want to carefully consider before taking the full loan amount.
What else did the CARES Act change?
There were several other changes that should be noted as well.
- No RMD’s in 2020. The CARES Act waived the required minimum distributions for the year 2020.
- You can take an above the line deduction of up to $300 for charitable giving. To encourage citizens to continue supporting their favorite charities during this crisis the law has created this deduction for one time charitable giving.
- Federal student loans have been suspended until September 2020. This is only for federal student loans, but this was designed to help people free up their cash flow.
- There has been an increase in unemployment benefits in both the maximum amount of money you can receive and the amount of time that you can receive it.
- If you have a federally backed mortgage you can extend your loan by up to 6 months.
How did healthcare change with the CARES Act?
This landmark legislation didn’t only affect people’s finances, it made some changes to health care as well. The CARES Act has ensured that health insurance will have to pay for any COVID testing or potential vaccines that are developed. It also expanded qualified medical expenses for HSA’s. What will be the biggest change brought to you by the CARES Act?
Outline of This Episode
- [1:27] Who qualifies for the recovery rebate?
- [8:18] What happens if your income is impacted directly by Coronavirus
- [13:12] What has changed with RMD’s?
- [14:30] Qualified charitable contributions have changed
- [17:38] Federal student loans have been suspended until September 2020
- [20:11] Increase in unemployment
- [23:44] Will your mortgage payment be delayed?
- [26:52] What changed in health care?
Resources & People Mentioned
Connect with Grayson Blazek
Connect With Chad and Mike
- https://www.financialsymmetry.com/podcast-archive/
- Connect on Twitter @csmithraleigh@TeamFSINC
- Follow Financial Symmetry on Facebook