Our patience with sheltering-in-place is somewhat more difficult to sustain, as we continue in month two and realize that COVID 19 testing procedures remain inadequate and treatments are a work-in-progress. These significant gaps threaten public health and safety and are a challenge that may prevent a return to more normal lives as soon as we would prefer.

In the meantime, many questions are surfacing for which answers are needed. Some of these questions are financial and our Entrust advisors were asked to answer a series of them, by the Main Line Parent organization. This series of questions–click each one for the answer—includes the following:

  1. When experiencing a pay cut, what investments (401(k), college savings) are best to reduce or stop until your financial situation improves?
  2. I’m still raising my children and now also taking care of my parents. How can I financially manage both?
  3. With the reduction in penalties for withdrawing your 401(k) right now, should I do that to help during this crisis? I’m in my early 30s, my income is down dramatically, and retirement is not something I’m focused on right now.
  4. I lost my job (or had my hours/pay cut) and know that fees to pull my 401(k) have been waived. Should I do this or keep my investments and let the market recover?
  5. If I have the cash flow to make investments now, where is the safest place to put my money?
  6. I was planning to retire soon but now I am unsure. Should I hold out and rebuild my 401(k)?
Disclaimer: The Entrust Financial advisors responded to the above questions to offer guidance as readers tackle challenging financial events. No part of any response shall be considered as tax, legal, or investment advice or recommendations.

To further boost your financial motivation during this crisis, we invite you to read:
https://mainlineparent.com/tips-for-healthy-finances-covid-19-crisis-entrust-financial/ As you do, it might help to jot down the questions you have about your personal financial situation, and to contact us for answers specifically tailored to you. We can be reached by phone: 610-687-3515 or email: contactus@entrustfinancial.com.