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Money 3 Financial Mistakes You'll Regret During COVID-19

13:36  24 may  2020
13:36  24 may  2020 Source:   fool.com

Coronavirus: Ontario government to prop up child care providers with financial supports

  Coronavirus: Ontario government to prop up child care providers with financial supports Education Minister Stephen Lecce said the government will cover fixed operating costs and waive all fees related to licensing applications, renewals and revisions. He said the funding will last for a period of months and the government will look at applications for support on a case-by-case basis.READ MORE: Ontario reports 346 new coronavirus cases marking lowest increase in over a month Advocates for child-care providers had been calling for monetary support for shuttered facilities since April.

When you 're decades away from retirement, you may not think that the financial choices you make now will have much of Statistician argues that COVID - 19 figures hint at ‘staggering number’ of deaths ahead. 'The wisest investment' right now: How to ask for a raise during coronavirus. Yahoo Finance .

They' ll likely regret it. And who could blame you ? Headlines warn us that we're careening toward a global financial crisis uglier than 2008, and the stock market has seen some of its worst days in history recently, as a new virus rips across the world and paralyzes economies.

a man looking at the camera: 3 Financial Mistakes You'll Regret During COVID-19 © Provided by The Motley Fool 3 Financial Mistakes You'll Regret During COVID-19

COVID-19 has impacted millions of Americans' mental and financial health. If you're having money worries right about now, you're in good company, but the moves you make in the coming weeks or months could spell the difference between emerging from the crisis financially unscathed or hurting for years. Here are three big mistakes it pays to avoid at all costs.

1. Selling stock investments out of panic

COVID-19 has sent the stock market on a roller coaster ride since cases started multiplying rapidly back in March. As such, there's a good chance your investment portfolio is down right now, and that's an unsettling notion to grapple with. But before you start selling off stocks left and right out of panic, remember that you only lock in actual losses when you unload investments when they're down. If you sit tight and wait for the market to recover, you may not lose so much as a dime. And if you're thinking of cashing out investments when they're down because you need the money, first explore other options. You may be able to borrow in an affordable fashion to tide yourself over for a bit, or take a withdrawal from your emergency fund to ride out the crisis.

2 Social Security Mistakes That Could Cost You During the COVID-19 Crisis

  2 Social Security Mistakes That Could Cost You During the COVID-19 Crisis Don't let the coronavirus pandemic hurt your future Social Security benefits.If you're nearing retirement age, COVID-19 may have put you in a tough spot. Flexibility is key right now, because nobody knows exactly what the future holds. At the same time, though, it's important to avoid making any hasty decisions that can cause long-term consequences.

When you're saving for retirement, you ' ll want your money to grow as much as possible. Although these are uncertain times, rest assured that your savings will bounce back eventually -- as long as you invest wisely and avoid these expensive mistakes .

We are offering tax help for taxpayers, businesses, tax-exempt organizations and others – including health plans – affected by coronavirus ( COVID - 19 ). Economic Impact Payments. We have started sending payments to taxpayers.

a man in a white shirt: Man holding his head and looking down © GETTY IMAGES Man holding his head and looking down

2. Raiding your retirement plan early

Thanks to the COVID-19 relief package that was passed back in March, it's possible to remove up to $100,000 from your 401(k) or IRA penalty-free if you've been impacted by the pandemic. Normally, a withdrawal before age 59 1/2 results in a 10% penalty on the sum you remove. If you're struggling financially, raiding your retirement plan can be tempting. But remember, the more money you take out of that account today, the less you'll have when you're out of work for good (a/k/a retirement) and need it the most. And it's not just the principal sum you withdraw that you won't have later in life; you'll also lose the chance to grow that amount into an even larger sum.

Feds pledge one-time benefit top-up to seniors in COVID-19 aid

  Feds pledge one-time benefit top-up to seniors in COVID-19 aid OTTAWA — The federal government is giving seniors a one-time, tax-free top-up payment to help manage extra costs associated with COVID-19. Seniors Minister Deb Schulte says seniors who receive old age security will get $300, and those who receive the guaranteed income supplement will receive $200. In all, the $2.5-billion measure will provide payments to 6.7 million seniors, Schulte says. She says many have faced an increase in the cost of living as a result of the COVID-19 pandemic, from more for dispensing fees for medications or delivery fees for food and services. She also says their savings have taken a beating as stock markets have tumbled.

Find out if you ’re eligible and how much you can claim to cover wages for employees on temporary leave ('furlough') due to coronavirus ( COVID - 19 ). Dishonest or deliberately fraudulent claims put our essential public services and the protection of livelihoods at risk during these challenging times.

We believe in supporting businesses, especially during these unstable and uncertain times, but there are a few places we've noticed businesses trip up.

Imagine you take a $15,000 withdrawal from your IRA to tide yourself over, but you're not set to retire for another 20 years. Let's also imagine you have your IRA invested in a manner that generally gives you a 7% average yearly return. After 20 years, you won't just be short $15,000; you'll have $58,000 less than you could've amassed had you left that money alone. As such, you should really do everything you can to avoid having to tap your retirement plan.

3. Racking up costly credit card debt before exploring other borrowing options

If you have a bunch of credit cards in your name that you haven't maxed out, racking up charges on them may seem like an easy solution if the need for money exists. That way, you just pay off that debt when you're in a stronger financial position. But credit card debt is a dangerous kind to have, mostly due to the exorbitant interest rates that tend to come with it. Too much credit card debt can also wreck your credit score, making it harder to borrow money affordably.

PM to announce extension of wage subsidy, financial aid for medical researchers

  PM to announce extension of wage subsidy, financial aid for medical researchers OTTAWA — Prime Minister Justin Trudeau is expected to announce today an extension to the federal government's 75 per cent emergency wage subsidy — just as businesses across the country are taking the first cautious steps towards reopening after a two-month, pandemic-induced shutdown. He is also expected to announce significant financial support for thousands of medical researchers whose work is unrelated to the COVID-19 crisis. The $73-billion wage subsidy program was initially slated to run until June 6. Trudeau last week said it would be extended and today he'll reveal for how long.

Coronavirus ( COVID - 19 ): guidance and support. Businesses will be given an additional 3 months to file accounts with Companies House to help companies avoid penalties as they deal with the impact of COVID - 19 .

Coronavirus ( COVID - 19 ): guidance and support. Financial support for businesses during coronavirus ( COVID - 19 ). We’ ll send you a link to a feedback form. It will take only 2 minutes to fill in.

Before you rush to rack up a credit card balance, see if there's a better way to borrow. One good option is a home equity loan or line of credit that uses your home as collateral. Borrowing against your home is generally affordable from an interest rate standpoint, and qualifying is usually pretty easy.

Another option you might consider is a personal loan, which you can apply for at most banks or financial institutions. Having strong credit, however, is your ticket to a personal loan with a competitive interest rate attached to it.

At a time when the economy is in shambles and there's so much to be stressed about, it's easy to make rash decisions you regret after the fact. But if you manage to avoid the above mistakes, you'll have a bit less to worry about as you navigate this extremely difficult time.

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New EU police force to track down financial fraudsters in the corona crisis .
Brussels, Jun 05 (Reuters) - The EU is increasingly expecting financial crime in the corona crisis and is launching a new investigative force. The European Center for Combating Financial and Economic Offenses (EFECC) started on Friday. Among other things, it is intended to help Member States uncover aid fraud in the wake of the current economic downturn.

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