With the $1.9 trillion coronavirus relief package now signed into law, most American households are again poised to receive stimulus checks from the US government. This means, among many other elements, $1,400 checks for each household member!
But what’s the best way for you to use those funds? Before running off to spend the money, consider how these funds could help “stimulate” your own financial picture by helping you stay or get back on track toward your financial goals.
Recently, President Trump signed into law the latest stimulus bill called the Consolidated Appropriations Act of 2021. This law is a follow up to the CARES Act earlier last year.
Why was the bill necessary? Because plenty of families and small businesses are still hurting, with unemployment high and plenty of businesses considering closing their doors for good.
While the days of big, plump retirement pensions are dwindling, I still have regular conversations with individuals who have pensions through their workplace. This is a tremendous benefit generally providing a guaranteed stream of monthly payments (an annuity), and may include payments for a spouse or beneficiary.
But in some cases, receiving an annuity payment may not be the best option. In this article I’d like to explore the pros and cons of annuitizing your pension, versus another option that’s typically available as well: the lump-sum payment.
The likely outcome of our most recent presidential election--assuming no significant changes to voter recounting in several swing states--is that Joe Biden will be president in January 2021.
This can set investors on edge, and even leads some to consider switching their portfolios to safer investments.