Plus: Stimulus money, Roth early withdrawals, how to grill a financial advisor and more
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We Got You: Coronavirus Resources and Financial Advice
We want you to know that we’re here for you during this unprecedented crisis. Please join our amazing community of supportive women in the HerMoney private Facebook group. (We’re also holding regular Facebook Lives, and Jean and the rest of the team is there to commiserate, swap quarantine tips and answer your questions.)
We've also compiled a running list of resources to help you navigate the financial fallout from the COVID-19 crisis. From unemployment benefits to debt relief to resources for small business owners, seniors, students and women, we’re updating the list daily. If you come across helpful resources to add, please drop us a note at [email protected].
Plus:
HerMoney Podcast: How Your Portfolio Can Weather the Coronavirus Storm, With Fidelity’s Jeanne Thompson
The headlines are not good, and many of us are looking for answers to tough questions about what to do when faced with financial hardship. In this week’s HerMoney podcast* Jean and Jeanne Thompson, Senior Vice President of Fidelity Workplace Consulting, talk through everything from what to do with retirement contributions right now to moves to make if we find ourselves in dire straits due to a layoff or furlough. They also discuss what it means to take hardship withdrawals from retirement accounts, 401(k) loans, and other options for liquidity, including tapping into a home equity line of credit, and zero interest credit cards. Jeanne also breaks down portfolio rebalancing for folks in their 20s, 40s, 50s, 60s and beyond.
(For more information, and for articles that are being updated daily as the coronavirus situation evolves, visit Fidelity.com/volatility.)
Then, in Mailbag, Jean and Kathryn tackle reader questions about rebalancing while the market is still reeling, prioritizing 401(k) savings vs. padding a cash savings account, and Jean offers tips on preserving our social capital by connecting online.
The Coronavirus Relief Bill Explained: Will You Qualify for $1,200?
The largest ever economic stimulus package — a $2 trillion coronavirus spending bill — is coming our way. A portion of that $2 trillion is earmarked for individual Americans to help alleviate financial struggles. Individual taxpayers will be eligible for up to $1,200, couples up to $2,400 and parents would get an additional $500 per child.
Here’s what we know so far about who will get checks, how much we'll each get (it's based on income) — and suggestions on what to do with the money if you qualify for the windfall.
Need Cash From Your Retirement Savings? Tap Into a Roth IRA First
Under normal circumstances the standard financial advice is to leave your retirement savings invested for retirement. But these aren’t normal times.
If you’ve burned through your emergency savings, tapped out loans and are running on credit cards and fumes, you may be eyeing the money in your retirement accounts. If you’re in dire need of cash, Roth IRA early withdrawal rules make it a better option than other retirement savings accounts.
Before you tap into your Roth, read our guidelines about which dollars to choose and which investments to liquidate first.
How to Speed Up Your Job Search and Make yourself More Marketable
A recent survey from LendEDU showed that 30% of people have either lost jobs or had their hours cut, and the majority — 57% — were worried about job security.
If you or another breadwinner in your household is facing a drop in income or a job loss, there are things you can do now to speed your job search and make yourself more marketable. We’ve identified several approaches women in different life scenarios are taking to increase their opportunities for future employment.
Money Conversations You Should Have With Your Partner Every Single Year
You’ve been getting a lot of together time lately. Here’s one way to spend it … schedule a financial check-in! It might not be the sexiest date you can imagine, but talking about financial goals can lead to a much stronger relationship.
We asked experts to weigh in on how to have these conversations in a way that translates into action and unity. Here’s how to make your next money talk the best you’ve ever had.
The Do’s and Don’ts of Credit Right Now
Credit cards are a key tool for those hit hard by the financial crisis. Banks and credit card issuers are creating new guidelines and assistance programs for those who find themselves temporarily short of what they need to pay their bills. If you’re facing mounting credit card bills, we’ve got advice on what to do.
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*This is a sponsored podcast, and it’s a part of a paid campaign with Fidelity Investments, which means we were compensated for this piece of educational content. Thanks!
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