Planning Opportunities as a Result of COVID-19

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: Erik's Website Erik's YouTube Page Email Erik Call Erik's Office at 504-218-5479