Month: July 2020

Tapping Retirement Savings During the COVID-19 Financial Crisis

As the number of COVID-19 cases began to skyrocket in March 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The legislation may make it easier for Americans to access money in their retirement plans, temporarily waiving the 10% early-withdrawal penalty and increasing the amount they could borrow. Understanding these new guidelines …

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July 15 Due Date Approaches for 2019 Federal Income Tax Returns and Payments

The due date for federal income tax returns and payments for the 2019 tax year is Wednesday, July 15, 2020. Due to the coronavirus pandemic, the original due date for filing federal income tax returns and making tax payments was postponed by the IRS from April 15, 2020, to July 15, 2020. No interest, penalties, …

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Social Security and Medicare Face Financial Challenges

Most Americans will receive Social Security and Medicare benefits at some point in their life. Every year, the Trustees of the Social Security and Medicare Trust Funds release lengthy reports to Congress assessing the health of these important programs.  The newest reports, released April 22, 2020, discuss the current financial condition and ongoing financial challenges …

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