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We’re in a bear market now, and it’s the best time to start building your wealth. There’s no reason to merely watch and observe. It’s time to be proactive and take advantage of the things coming up which could help you or your business. In today’s episode, we have CPA Jeff Bernstein with us. He’s going to break down the new rules surrounding the Coronavirus Stimulus Package and the tax advantages you should be aware of. Bob and I will go over what you need to consider, investment wise, as we navigate the new normal we’re living in.For our spotlight segment, we have our financial advisor, Aaron Dessen. Find out how he helped a couple nearing retirement get their accounts in order and increase their retirement income. We’ve got a great show here, so tune in to the No Payne, No Gain podcast now! Major Provisions for the Coronavirus Aid Relief and Economic Security (CARES) Act With so many things going on, it’s important for you to stay proactive. The U.S. government released a $2 trillion stimulus package to jumpstart the economy. Here are the things you need to know about:[05:13] – Individuals whose 2018 or 2019 tax returns put them above the threshold for the Recovery Rebate Check can get that money back in their 2020 tax credit if their 2020 income falls below the threshold.[06:48] – Taking required minimum distributions from your retirement account has been suspended. If you have a combined tax rate under 25-30%, doing a Roth conversion might be a good idea.[08:59] – You can take up to $100,000 out of your IRA account with no penalty, but you will pay income tax on that money[10:45] – Employers can get up to 2 ½ times their average monthly 2019 payroll. If the money is used to pay employees, the loan will be forgiven.[12:23] - The tax filing deadline, tax payments, retirement plans, and IRA contributions are now due July 15, 2020. For those making quarterly tax payments, the first payment is due July 15, but the second payment is due June 15. [14:27] - For unemployed individuals, they can get as much as $1,100 a week until July 31, 2020.[15:36] - You can use losses from stocks to offset your gains in real estate, capital gains, and mutual funds later on.For more information on taxes, get in touch with Jeff at http://www.bernsteinrosencpas.com/. Things to Look Over Your Investment PortfolioIf you were prepared with the recent downturn in the economy, then you hopefully have some bonds in your portfolio or some cash set aside. Since we’re in a bear market now, here are the tips you should be taking note of when it comes to your financial plan.[22:49] – All markets and all economies are cyclical. Define your discipline and stick to it.[24:07] – The pandemic is temporary. But your goals don’t go away. [25:44] – Now might be a good time to buy shares for the long-term. [27:09] – Having a feeling is not a strategy. No one knows what the market is going to do. The MailbagGot any questions about the economy or the market? We get a lot of investment-related questions coming in. We’ll be happy to answer them for you, simply send us an email at questions@bebullish.com.[31:48] - Question #1: “I am just interested in understanding what you consider to be a risk-free investment if your mom was 65 and had about $2.5 million in the market, and about $600,000 in real estate. She gets about $2,300 a month from a pension. Is it possible for her to be able to live on that for the rest of her life? She has the longevity gene.”[35:29] - Question #2: “I’m 68, and I’m retired with available cash in my IRA. Would you suggest that I buy an S&P 500 ETF or good quality dividend paying stocks like Wells Fargo, AT&T, or something else?” Spotlight SegmentToday, we have our financial advisor, Aaron Dessen. He tells us how he increased the portfolio income of a couple close to retirement whose accounts have stayed stagnant for years.[43:36] – A couple in their early 60s are looking to retire in the next few years. They want to consolidate all their accounts under one roof and generate income from their investments.[44:10] – By reducing some of their fees and increasing the income on the portfolio, the overall portfolio income came to over $68,000 a year. This came close to closing the income gap they would have in retirement.[44:45] – The accounts with their advisor had become stagnant. They were on autopilot when it came to the accounts they managed themselves. So they never really sat down and made a plan. “It’s in these bear markets where you create the most wealth if you take the right steps.” —Bob Payne To download How to Survive the Bear Market Survival Guide, text BULLISH to 555888.If you have saved over $500,000 for retirement and need a plan based on your retirement goals, Bob and Ryan will create a 360 Financial Portal just for you! Text or call 844-752-6692 to check out the 360 Financial Portal with no strings attached.Are you ready to create your Crisis Game Plan so you’re 100% sure to stay in the game and thrive amid the Coronavirus? Schedule a call with one of us at https://paynecm.com/gameplan/.