4 Financial Opportunities That Arose from COVID-19, Ep #17 

<p>How can you turn a challenge like a pandemic into an opportunity? How do you thrive in this kind of environment? In this episode of Retirement Made Easy, I share 4 financial opportunities that arose because of the Coronavirus pandemic. It hasn’t been an easy time for anyone but taking advantage of these opportunities could potentially help your financial situation. Learn more by listening!</p> <h2>You will want to hear this episode if you are interested in...</h2> <ul> <li>[0:22] The 4 opportunities arising from the Coronavirus pandemic</li> <li>[1:57] Opportunity #1: the drop in interest rates</li> <li>[5:35] Opportunity #2: A lower tax-rate</li> <li>[8:32] Opportunity #3: The CARES Act</li> <li>[11:41] Opportunity #4: Investment Opportunities </li> <li>[16:29] A great resource for listeners </li> </ul> <h2>Opportunity #1: the drop in interest rates</h2> <p>In March 2020 the federal reserve announced an emergency decrease to the federal funds rate. After that, banks started decreasing interest rates. Mortgage lenders dropped their rates drastically. Unfortunately, your money markets and CDs are getting next to nothing in interest. However, millions of Americans are refinancing existing home loans to take advantage of historic low interest rates. </p> <p>I personally refinanced to a 15-year mortgage in the low 2% range. I saved $250 a month on my payment. They’re looking more at credit score than they have in the past (if your credit score is 720 or higher). My mortgage lender got someone a 15-year refinance of 1.95%. <em>Incredible</em>. It’s a great time to refinance your debt.</p> <h2>Opportunity #2: A lower tax rate</h2> <p>Those who were laid off or furloughed are finding themselves in a lower tax environment in 2020 (because they didn’t have regular earnings). If you're someone who would normally make $100,000 and was furloughed for 6 months, you only have $50,000 of household income. If you’re in that position, you could consider converting part of your retirement account(s) to a Roth IRA. You’d be payi