Coronavirus: I Don't Need My Stimulus Check

Jill on Money with Jill Schlesinger

Audacy

Self-improvement, Business, Investing, Education

4.6 • 1.8K Ratings

🗓️ 11 April 2020

⏱️ 6 minutes

🔗️ Recording | iTunes | RSS

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Summary

While most individuals need the stimulus check coming their way, some are fortunate and do not. If that's you, what should you do with it? Have a money question? Email me here. Please leave us a rating or review in Apple Podcasts. "Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com. To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

Transcript

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0:00.0	Welcome to the Jill on Money Coronavirus Market Update. It is Saturday morning and
0:09.6	we're just going to plow right into the questions because during the weekends
0:13.3	hopefully not too much news that we have to report. Take a deep breath. Let us know if
0:17.9	we can help you. Our email address ask Jill at Jill on money.com. Chuck writes that back in December he moved his
0:24.7	entire Fidelity 401k investment into a New York life anchor account stable
0:31.1	fund. Oh my God this guy is so lucky. He contributes 22% in his 401k, a 6%
0:37.4	company match. He's got 300 grand. He's going to be 60 years old in July. He just
0:41.2	wanted at this point to keep saving and not be concerned
0:44.0	about risk. I also have a managed IRA through Schwab with moderate risk. It's
0:48.3	taken a hit but I plan to use that later in retirement that's about 120 grand.
0:52.2	I have another five to seven years that I'll be
0:54.7	working to get the higher end of Social Security, my only debt, a small mortgage, I'll be
0:59.2	downsizing toward retirement to eliminate that. How safe is a New York Life anchor stable fund?
1:05.0	It's very safe.
1:06.1	New York Life is actually a pretty well-funded company.
1:08.6	So I would not worry about that.
1:11.6	And I know it is nice to look at your 401k and see that it has
1:14.4	basically not lost anything. I would not worry this is fine you're okay.
1:19.3	Great luck I don't know what to say. Everybody's probably listening and me like say,
1:23.4	damn it, why didn't I do that? Sometimes luck shines upon you.
1:28.0	Charmaine writes wants to know, can I take money out of my 401k and not get penalized. Okay, so this is
1:36.0	interesting because what happened under the CARES Act is there was a little bit
	...

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