If your financial situation has hit a rough spot, there are several things you can do to get your retirement plan moving in the right direction again.
Does it feel like the coronavirus pandemic has pushed all your retirement plans by the wayside? If you recently lost your job or had a reduction in income, you may not be thinking about your long-term future and retirement plans. You may only be focused on surviving from one day to the next.
Regardless of your current situation, all is lost when it comes to retirement planning.
You can get things moving in the right direction again. While there are no easy answers or quick fixes in these uncertain times, there are a few ways you can shore up your retirement plan and get it back on track. Here are some things to consider.
What is a Qualified Opportunity Fund and How Does It Work?
To defer a capital gain, a taxpayer has 180 days from the date of the sale or exchange of appreciated property to invest the realized capital gain dollars into a Qualified Opportunity Zone (QOZ) Fund. The fund then invests in QOZ Property.
QOZs are designed to spur economic development by providing tax incentives for investors who invest new capital in businesses operating in one or more QOZs.
The IRS recently issued Notice 2020-39, which offers relief to both qualified opportunity zone funds (“QOFs”) and persons seeking to invest in QOFs who are affected by the global COVID-19 pandemic.
Bob Michaels is extremely passionate about providing the best possible legal experience for his clients, and focuses his practice on elder law, estate planning, business, and real estate matters. Bob has been able to provide piece of mind and a solid foundation to many folks in the Puget Sound area over the years and wants to provide resources and relevant information whenever he can. For more information on how Bob can help your loved ones through these troubling times, contact Bob to schedule a FREE consultation.
Sian-Pierre Regis, 35, is used to living with roommates. For the past 10 years he has split the rent on his apartment with two to three friends. But in June, he’s getting a co-tenant of a different sort: his 78-year-old mother, Rebecca. A situation neither of them ever expected would happen.
Rebecca has been able to live off her slim retirement savings and part-time work, but when the coronavirus pandemic hit, she found herself out of work, and at the end of May the lease on her subsidized housing expired making it impossible for her to pay her rent.
Mr. Regis is one of the growing number of millennials who are supporting their parents financially and, in some cases, giving them a place to live.
The current pandemic is causing many Americans to seriously contemplate their finances and retirement plans more closely. Those approaching retirement are wondering if this is still a good time to retire, what this will mean for their future, and if it will greatly impact their retirement investments.
They are also worried about their estate plan, and if the retirement savings they have in place will still be enough.
It’s not a bad idea to take this time to contemplate all of these things, and Bob Michaels is here to help. Bob is working with clients every day as they navigate these challenging times, and we highly recommend you reach out. Having a strong estate plan in place will help you know that your retirement will be protected, regardless of what life brings. Bob is available for free consultations by phone, virtually, or in person.
Securing Your Investments
While most of the country is focusing on staying healthy and safe during the current pandemic, it’s hard to escape the real economic impact all of this has taken. The general age group most susceptible to the health dangers of COVID-19, people 60 years old and older, includes many Americans who are nearing retirement. The recent stock market volatility has, in many cases, significantly impacted their portfolios. Many are concerned that their retirement savings will no longer be enough and what that might mean.
Bob Michaels is extremely passionate about providing the best possible legal experience for his clients, and focuses his practice on elder law, estate planning, business, and real estate matters. Bob has been able to provide piece of mind and a solid foundation to many folks in the Puget Sound area over the years and wants to provide resources and relevant information whenever he can. For more information on how Bob can help you and your loved ones through these troubling times, contact Bob to schedule a FREE consultation.
The current public health crisis is causing financial distress for many as they struggle with a sudden reduction in income, in addition to uncertainty about how long this situation will last. Even during this uncertain time, financial obligations continue. Therefore, it is of the utmost importance to prioritize your expenses. Here are some important expenses to consider:
What Will Life Be Like for Seniors After COVID-19? Questions Worth Considering in These Changing Times
At Tacoma Elder Care we are always looking for ways to educate and assist the aging population here in the Pacific Northwest, and beyond. Tacoma Elder Care was created by Bob Michaels, an elder care attorney in Tacoma who goes above and beyond the basic legal needs of his constituents. Bob holds regular Workshops and discussions with many local organizations (and individuals) focused on improving and providing assistance to the elder population. As times adapt and change to what we are now all calling, “the new normal,” Bob wants you to know he is available for free consultations regardless of your age or situation.
For now, and the foreseeable future, things have changed dramatically for those over 65. Considering older people are typically, ‘less healthy than others,’ COVID-19 has hit the elderly at a significantly higher rate than younger people. Those who are hospitalized are isolated, even if they’re not ill, and many are struggling to make meaningful contact with loved ones using technology they are unfamiliar with. Additionally, the pandemic is underscoring chronic problems in our healthcare, hospitals, and nursing home facilities.
Which begs the question, what will it be like to be an older person in the future?