Owe taxes? You now have until July to pay (or cut) them
If you owe taxes, due to the Coronavirus Relief you now have until July 15 to pay. also, you can possibly still cut your taxes for 2019 by contributing to an IRA by then- up to $6,000 (under age 50) and $7,000 if 50 or older. Keep in mind, however, that if you already have a retirement plan through work (which school employees do) that there are income limits as far as how much can be deducted. Contact us for more information and to see if you qualify.
Get your stimulus check yet? Save or spend it?
The CARES Act stimulus checks for $1,200 (individual) $2,400 (couple) started going out direct deposit at the end of April. In addition, you could receive an additional $500 per child under age 17. The money is tax free, which means you won't have to claim it as income. In the weeks to come direct deposits will continue followed by mailed checks. Also, if anyone over age 18 who didn't file taxes is also entitled to the $1,200. Go to http://irs.gov for more information.
CARES Act allows up to 100%
Need money for summer? Use your 403b
With school year as we know it basically over, it's time to start thinking about summer. In addition to being a time for relaxation and time with family, it can also be a stressful time with no income. For those not paid year-round summer can be difficult. Some set aside money each month out of their pay check; others work during the summer; while others simply have to try to get by on less.
Another consideration would be to use the loan provision built into your 403b to borrow from yourself during the summer. The advantages are reduced taxes, higher interest on your money, and the ability to build your retirement a lot faster. Also, with the passage of the CARES Act, you are now able to borrow up to 100% of your cash value instead of the normal 50% if you or a family member has been directly or indirectly affected by COVID-19. If you're not already participating in the summer pay program using your 403b let us show you how and the benefits that you, too can receive.
...Need money this summer? Let us know
If you are planning on borrowing from your 403b for this summer please allow about 3-4 weeks for processing. In other words, if you need the funds by August 1 we would need to make the request by July 1. Call or email us and we will let you know how much you have available.
Staying positive during the quarantine
In midst of the past six weeks of a lock down, quarantine, social isolation, whatever you want to call it...it's hard to stay positive not knowing when you'll be free again to go where you want, do what you enjoy and see who you want without wearing a mask and keeping a six-feet social distance. Many face anxiety or depression. Others experience both. Depression and anxiety often go hand-in-hand. If we watch news every day and become inundated with negative news, we can't help but feel a bit anxious and depressed.
Here a few suggestions to make this time a little easier to deal with.
Focus on what you can control
Most of the things we worry about never happen and the things that do happen we usually have can't control. So, let's focus on what we can control. If we can't change what happens, we can at least change our reaction to it.
Limit your media intake
We all need to stay informed as to what's happening in the world, but not inundated. We should limit how much time we spend watching news, listening to the radio, and scrolling through social media. Surrounding yourself with infection rates and stories of hospitals being overcrowded and short on supplies can be too much.
Remember that people are still working to make it better
In spite of all the negative news, there is also plenty of good taking place that we rarely hear about. Police officers shopping for the elderly, doctors coming out of retirement to lend a helping hand, and families sharing their food and toilet paper with those in need. Remind yourself that in spite of all the negative news there is plenty of good too.
Invest in something uplifting
Surrounding yourself with uplifting media, people, activities and thoughts can help encourage a more optimistic mindset, even in difficult times. Read a good book, watch an uplifting movie. Surround yourself with positive things.
Set a personal schedule
It's easy these days to sleep in and have no agenda or schedule of things to do each day. Using your time wisely, sticking to a schedule, and being productive can help promote a sense of hope. Get outside, go for a walk. Schedule and prioritize things you've been meaning to do for months, but have put off.
ZOOM seminars coming soon
By now most of you are aware of ZOOM as an online way to communicate with others and pass on instruction and helpful ideas. School administrators use it to communicate with staff, teachers use it to communicate with students and even churches use it to communicate with their congregations. We will be having a series of ZOOM financial seminars coming soon. Stay tuned.
Refer anyone to us for annuities and/or life insurance and get a $25 referral bonus. They don't even have to meet with us face-to-face just be referred and we meet with them via zoom, email, or phone. Likewise, if you refinance or purchase a home (or refer someone) to our affiliate Capital Loan Associates, you will receive $200 upon closing. In other words, get paid for taking a N.A. P (Name, email Address, Phone #) Contact us for details.
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