Financial Havoc Caused by the Coronavirus
It should come as no surprise that the coronavirus pandemic has left many individuals in dire financial straits. Many Americans who have lost their jobs, or other sources of income, have very little in savings as a backup.
A study was done by Simplywise.com, a technology company that provides free services to assist people in making sound Social Security decisions. They discovered that about 38% of individuals who lost their job, or had a drop in income due to Covid-19, had total savings that would barely last for a month.
Even more alarming, another 20% of individuals didn’t have enough in savings to last them for View full post…
Special Needs Families in Covid-19 Crisis
The global pandemic of Covid-19 has essentially shifted our entire education system to the internet. This remote learning creates an even greater challenge for the special needs students enrolled in the public and private schools of the USA. In some cases, many special needs families simply can’t afford the additional out of pocket costs that they now have to bear.
Disabled and special needs students often require alternative education and support services. Parents of special needs children are having to make tough decisions as they cope with the responsibilities of healthcare, therapies, and education of their children, causing severe financial problems for many of them.
Jessica Tuman, vice president of Voya Cares Center of Excellence, at Voya Financial, which focuses primarily View full post…
Our financial tips during COVID-19 pandemic may help to ease your anxiety
(BPT) – The current COVID-19 financial landscape is unpredictable, causing anxiety for people of all ages. These sound financial tips during COVID-19 may ease your anxiety.
“Now more than ever is the time to take an active approach with your finances to position yourself for success,” says Danielle Seurkamp, CFP. “Knowledge is power during unpredictable times.”
Andy Mardock, CFP, agrees. “Emotions are running high with coronavirus concerns. Being informed helps you resist gut reactions driven by emotion so you don’t make a move you later regret.”
Both Seurkamp and Mardock are members of the View full post…
COVID-19 scammers using phishing tactics
(BPT) – While you take care to limit social interactions and wash your hands to prevent the spread of the coronavirus, you also need to take steps to protect your finances and identity. COVID-19 scammers are now taking advantage of the current pandemic to lure victims in with new phishing scams.
“We know consumers are managing their money and finances online, so it’s more important than ever to raise awareness of smart security practices,” says Vice President of Security at Navy Federal Credit Union, Chip Kohlweiler. “Being proactive and learning about your security is a great step toward keeping your accounts and information safe. There’s a good chance your bank or credit union has resources available for you to learn about how to identify View full post…
COVID-19 relief: Overview of the CARES Act
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020. In addition to funding the health care fight against the novel coronavirus (COVID-19), the roughly $2 trillion legislation provides much-needed financial relief to individuals, businesses, not-for-profit organizations, and state and local governments during the pandemic. Here are some of the key provisions for individuals and businesses.
Economic Impact Payments
The CARES Act provides one-time direct Economic Impact Payments of up to $1,200 for single filers or heads of households; married couples filing jointly can receive up to $2,400. An additional payment of up to $500 is available for each qualifying child under age 17. View full post…