I’m sure that you are dealing with ongoing uncertainty due to the global impact of the COVID-19 Coronavirus. Whether you’re concerned about your health, your employment, your loved ones, your retirement, or all of the above, it can be hard to take in all the news that’s out there while remaining calm and focused.
If you have questions about the government resources for which you might qualify, I suggest you review this excellent collection of COVID-19 resources courtesy of Olsen Thielen CPAs in Saint Paul.
There are several specific programs that could benefit you, depending on your situation.
- Coronavirus Aid, Relief and Economic Security (CARES) Act. On March 27, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law. The CARES Act represents the third phase of the relief bills that have been passed and includes several provisions that impact both individuals and businesses. Here is a summary of the CARES Act impact on payroll and employer-sponsored plans. Read more.
- Federal and Minnesota individual tax filing deadline extension. The Federal and Minnesota individual income tax return deadline has been extended by 90 days from April 15 to July 15, 2020. If you have filed your return but have not paid the balance due, the payment should be paid by July 15 to avoid any penalties and interest. Read more.
- USDA immediate actions for the rural community. USDA Rural Development has taken a number of immediate actions to help rural residents, businesses and communities affected by the COVID-19 outbreak. Read more.
- SBA, CARES Act and MN DEED funding programs FAQs. The federal government and state of Minnesota have designed a number of programs to help businesses who have been directly and adversely affected by COVID-19. Read more. And check out this video from the Small Business Administration on their economic injury loan program.
There are several options available and every family’s situation will be different. Always consult with your tax and financial advisors before making any big changes.
A great place to start looking for an excellent financial planner is to talk with a couple CERTIFIED FINANCIAL PLANNER™ professionals.
To find a CFP® professional near you, start your search here.
As you visit with financial planners, I suggest a couple things to check:
- Is the advisor always the client’s advocate – a fiduciary advisor?
- Is the advisor only paid by clients, not any financial product manufacturer or distribution network? That would be a fee-only advisor.
These two points help assure that you are working with a professional who is committed to your best interest at all times. It seems sort of obvious to me that a professional would work in this way, but it’s not automatic.
A fiduciary, CFP® professional can help you make great retirement income choices and develop a comprehensive financial plan that is driven by your goals and priorities and addresses all aspects of your financial life. With a big-picture approach, you will be better prepared to understand your options at every step along the way.
Yes, I am a CFP® professional. I’m always a fiduciary and I only work on a fee basis. And yes, I’m still taking on a few great families to be part of my financial planning practice.
If this article has you thinking about your own circumstances, contact my office at email@example.com. I am always happy to meet with people who are working on their retirement plans. Dunncreek Advisors LLC does not provide legal or tax advice, nor is this article intended to do so.