Here's What the Coronavirus Stimulus Bill Means for You

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You've probably heard the news that most of us will receive stimulus checks soon, part of the massive coronavirus relief bill that passed Congress this week. Don't spend it all in one place, as my dad would say. The one-time checks of $1,200 per adult and $500 per child (subject to certain income caps) seem like too little and too much -- too little for those who have abruptly lost their jobs, and too much for those fortunate enough to retain theirs (I plan to donate a good chunk of mine). Also included in the stimulus package is some welcome news for retirees. Several readers wrote to me about their concern over having to take required minimum distributions this year and withdraw money from their dwindling retirement accounts. Now, the government has waived RMD requirements for 2020. The bill also allows cash-strapped investors to withdraw from their 401(k)s without penalty. In today's edition, learn more about this option and why it should be a last resort.   Best wishes, Elizabeth     P.S. If you got this newsletter from a friend, sign up here for email delivery to make sure you don't miss the next issue. To listen on podcast platforms or smart speakers, click here. TIMELY RETIREMENT NEWS, INSIGHTS, AND ADVICE The Coronavirus Stimulus Bill Lets You Withdraw From Your 401(k) Without Penalty   But try this first. How to Know When the Stock Market Has REALLY Hit Bottom   Here are some signs to watch out for. How Do You Sell a Home Without Showing It?   The coronavirus is throwing the real estate market into disarray. EVERY PENNY COUNTS     There's no amount too small when it comes to saving for retirement. When you shop online with Wikibuy, your savings can quickly add up. That's because Wikibuy helps you ensure you're getting the best available price. They do this by automatically searching for and applying available coupon codes, as well as searching other retailers for better deals. For example, If Wikibuy finds a better price on another site while you're shopping on Amazon, you'll get a direct link to purchase. No more wasted time searching the web for the best price. This past year, Wikibuy has found users over $70 million in savings! It's one of those things that you think about once (when you first add it to your browser) and then never again. That is, until a friendly, little pop up shows you how you can save before checkout.  Some investments require time, research and the advice of a professional. But this one's a no-brainer. Wikibuy helps you save money and makes shopping fun. You can get it here in just 2 clicks. RETIRE WITH MONEY COMMUNITY INSIGHTS This week in our Retire with Money Facebook group, a member wrote, "I am learning what my basic cost of living is in this lockdown. No golf, restaurants, movies, vacations..cutting down on online purchases to keep germy deliveries down, etc. Life is a lot cheaper during a pandemic." Financial planners often urge us to calculate our essential expenses, and this enforced slowdown is making the math easier for us. If you're still employed, it might be good to funnel some of your newfound savings into your 401(k).   RETIREMENT NEWS FROM AROUND THE WEB Sidewalk Chalk Used to Spread Joy Amid Pandemic Join in, and share your work using the hashtags #Chalkthewalk and #Chalkyourwalk. WEB MD Stuck Working From Home? It Won't Save You Much on Your Taxes A guide to what you can and can't deduct from your home office. CNBC Dealing With the Challenges of Home Care During the Coronavirus Caregivers try to guard against an accompanying social isolation. NEXT AVENUE 20 Virtual Field Trips to Help Kids Keep Learning Are your children or grandchildren homeschooling? Keep them occupied and learning with these virtual field trips. MARKETWATCH ABOUT ELIZABETH Elizabeth O'Brien is deputy editor at MONEY. She has covered retirement and health care for nearly a decade. A Brooklyn resident and mom of two boys, she navigates the alphabet soup of Medicare and the New York City subway system with equal ease. You can email her at elizabeth.obrien@money.com and follow her on Twitter at @elizobrien.

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