May 16, 2020
Michelle Singletary, the Washington Post’s personal finance columnist, has some great advice for reassessing some of the common retirement rules of thumb as a result of the new financial realities from the pandemic.
A new report from AARP and the National Alliance for Caregiving found that nearly 53 million Americans are currently family caregivers — providing care to an adult (usually an aging parent) or a child with special needs. This Next Avenue article explains the financial and emotional strains caregivers are facing, which have become even more challenging during the COVID-19 pandemic.
A great companion piece in NextAvenue about MIT’s CareHive program, which surveys more than 900 family caregivers throughout the U.S. for ideas on ways the MIT Age Lab can create tech products to help them provide care to their aging parents.
Key advice from the Wall Street Journal about student loans, saving for the future, and starting your financial life.
The three credit bureaus must usually provide one free credit report every 12 months at www.annualcreditreport.com. But now you can get a free report every week. This New York Times article explains what to look for when reviewing your credit reports and how to work with your lenders for payment accommodations during the pandemic that won’t hurt your credit record.
The Wall Street Journal explains the tax impact of tapping various sources of money during the coronavirus pandemic, including unemployment benefits, the special withdrawal rules for IRAs and 401(k)s, cash-out mortgage refinancing, home-equity lines of credit, 529 withdrawals, and selling securities in a taxable account.
Great article in Entrepreneur about key lessons learned so far from the financial crisis.
Uplifting article in U.S. News about how to take advantage of the current financial situation to reevaluate your spending priorities, cut extra expenses from your budget, build your savings, invest if you can, reconsider your employment, and learn from experience.
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