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Financial Questions for COVID-19

We know life might feel a little crazy right now. Getting to all the tasks you need to do — or even knowing all the tasks you need to do — may seem overwhelming.
By MSA Staff

We know life might feel a little crazy right now. Getting to all the tasks you need to do — or even knowing all the tasks you need to do — may seem overwhelming. A Money Coach can provide insight as you create checklists for various questions and topics that are top-of-mind right now.

The following questions can be a good starting point for determining what you need to focus on financially.

What emergency relief options should I consider during the coronavirus pandemic?
There are still plenty of questions regarding COVID-19 and how it’s affecting income across the country and the world. Here are some relevant questions to consider.

  • Has there been a disruption in your employment for reasons related to coronavirus?
  • Do you need cash from your retirement accounts?
  • Do you need to delay filing your federal income tax return?
  • Do you need to delay payment of your federal income tax liability?

What issues should I consider if I lose my job?
Whether you have already experienced a job loss in your household or you expect one in the near future, consider the following:

  • Are you still employed but will lose your job soon?
  • Were you laid off, downsized or was your position eliminated?
  • Will you lose your health insurance soon?
  • Are you 62 or older?
  • Will your cash flow be tight?

What issues should I consider during a recession or market correction?
Ask yourself the following:

  • Do you need to review or increase your emergency fund?
  • Were you planning to retire in the near future?
  • Do you have a mortgage or debts?
  • Do you want to rebalance your investment or retirement accounts?

What can I do next?
Talk with a Money Coach about the questions relevant to your situation. Together, you can explore options and create an action plan. With MSA, you can track your progress and feel more organized. Call today.

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