FSG updates for the week of March 30
The FSG team and their families are all well and in good health. We hope the same is true for all of you.
Reminder: While we remain open for business, we are primarily working remotely and our office lobby is closed. If you have documents to provide, please mail them, drop them in our rear-entrance drop box or scan them to your Sharefile account. If you need help with Sharefile, please call our office at 262-554-4500 (phones are forwarded) and someone will provide assistance.
Amid the strangeness of being separated from others, good things can emerge. In speaking with clients, we’re hearing all sorts of new things that people are experiencing that under any other circumstances they might not. Many are also making use of technology in ways they might not have before.
We’re using GoToMeeting video conferencing for client meetings and for the newly introduced Fireside with FSG sessions–our virtual community for sharing and caring. We are hearing from our clients who are learning and staying active with yoga, tai chi, and Zumba classes through Zoom, another video conferencing app. Others are learning to draw, paint or some other creative outlet. We’ve heard from others who are helping provide child-care for their grandchildren while their own children juggle working at home. Now that the weather is starting to warm up, we expect we’ll see some pretty spectacular gardens and the cleanest garages ever.
Whatever you’re doing to help entertain and distract yourselves during this time, we wish you the best. And remember, we’re here to help address your questions and concerns.
A couple highlights from the CARES Act
The largest relief measure in history, the $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was passed late last week. It’s very detailed, but we wanted to share a couple of highlights.
Required Minimum Distributions (RMDs) for 2020 are suspended. This means you can leave your money in your retirement plans if you’re normally required to make minimum distributions.
If you’re under 59½ years old, you can withdraw up to $100,000 from your qualified IRA in 2020 without penalty if the withdraw is needed due to a coronavirus related financial hardship. Additionally, you can put it back in to your retirement savings within three years and not owe taxes.
The Treasury Department announced this week that Social Security beneficiaries who are not typically required to file a tax return do not have to take any action and will receive their payment directly to their bank account. The checks are expected to be sent automatically within the next three weeks to eligible Americans.
Stay well, and we’ll stay in touch!