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COVID-19 and your finances. What should I do now?

Posted in Saving, Investing & Retiring on April 3, 2020

Just as we were in the midst of a somewhat robust economy and what many call a Bull Market, COVID-19 came to town, and what started as a threat to our health, has also wreaked havoc on our personal finances and our national economy. 

Many businesses have had to close and it appears millions of people have lost their jobs and applying for unemployment. Much of it seemed to happen overnight. And still every day we hear of more closings and more layoffs. 

No one has a crystal ball, so no one can predict what will happen in the financial future, but we can review and make some vital adjustments to weather the financial storm.

What's currently being done? 

The government is trying to help and recently voted on and approved the largest stimulus package called the CARES Act to help us get through the crisis. Here are a few things that are currently being done to help.

In addition, in March the Fed lowered interest rates again to near zero to help keep the economy going. With the low rates, it may be a good time to refinance your home, take out an Equity Line of Credit or get a personal loan

What about your retirement and investments?

The past month or so we’ve watched the stock market move up and down like a roller coaster ride. Ironically, it can be just as scary and give you the same feeling in the pit of your stomach as a ride in a theme park. 

When it comes to your investments, there are some key items included in the recent CARE Act to help.

Even with all the government help, experts agree that the best thing you can do is speak with your financial planner about your overall, unique financial situation. If you don’t have a financial planner, CDC Federal Credit Union has a financial advisor available to help you with your retirement and investment needs. Contact us 800-245-9655 and make an appointment for your consultation today.

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