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About The Columbia press. (Astoria, Or.) 1949-current | View Entire Issue (April 10, 2020)
April 10, 2020 T he C olumbia P ress 7 Financial Focus with Adam Miller The significance of Easter Some of us were talking about our memories of Eas- ters gone by and it was men- tioned that, in the “olden days,” we used to wear pretty new Easter outfits and hats with matching gloves and shoes to church. However, the most import- ant truth I think about Easter is that Jesus died on the cross for us and that He did not re- main dead. He rose and He is alive and lives for us today! A good place to read about our risen Christ is Luke 24 in your Bible, among other plac- es. My favorite Easter hymn is “Christ Arose.” Low in the grave He lay -- Jesus my Savior! Waiting the coming day -- Up from the grave He arose (He arose), With a mighty triumph o’er His foes; (He arose) He arose a victor from the dark domain, And He lives forever with His saints to reign, He arose! He arose! Halle- lujah! Christ arose!” Our children enjoyed the Easter Bunny, but had the added advantage of learning at an early age that Easter was more than goodies and new clothes. We taught from the Bible about the histori- cal fact of the resurrection of Christ from the dead. Easter is a happy time! I know our Easter celebration will be different this year as we can wear our jammies to church in our home as we lis- ten to Easter service either online or on our TV set. We all look forward to a time when all of this unrest will be over and we can re- turn to normal. Many already know that it won’t be normal at the War- renton senior lunch program as we lost our friend, Betty Kelly, who sat at the table by the microphone. Recent- ly, she celebrated her 90th birthday. Her death was due to a heart condition and not COVID-19. She will be missed by so many of us, along with her daughter, Lori Harmon from the Portland area, and her two sons, Ken Jr. of Mem- phis, Tenn., and Dennis of Tulsa, Okla. Her hubby, Ken, surely was waiting for her in Heaven with his arms wide open. May Betty’s love serve as an inspiration for all of us to live on within the months and years ahead. She will live in our hearts and memories always. I hope you are coloring eggs for Easter. I’ve been challenged to not use store- bought egg dye this year and just use natural products for coloration. Here are a few suggestions: 1 cup chopped purple cab- bage = blue on white eggs, green on brown eggs 1 cup red onion skins = lav- ender or red 1 cup yellow onion skins = orange on white eggs, rusty red on brown eggs 1 cup shredded beets = pink on white eggs, maroon on brown eggs 2 tablespoons ground tur- meric = yellow 1 bag Red Zinger tea = lav- ender Be sure to add one table- spoon white vinegar to every cup of strained dye liquid. CARES Act offers help for investors, small businesses CARES Act offers help for investors, small businesses As we go through the coro- navirus crisis, we are all, first and foremost, concerned about the health of our loved ones and communities. But the economic implica- tions of the virus also weigh heavily on our minds. However, if you’re an in- vestor or a business owner, you just got some help from Washington D.C. – and it could make a big difference, at least in the short term, for your financial future. Specifically, the passage of the $2 trillion Coronavirus Aid, Relief and Economic Security (CARES) Act offers, among other provisions, the following: Expanded unemploy- ment benefits – The CARES Act provides $250 billion for extended unemployment in- surance, expands eligibility and provides workers with an additional $600 per week for four months, in addition to what state programs pay. The package also covers the self-employed and indepen- dent contractors. Obviously, if your employment has been affected, these benefits can be a lifeline. Direct payments – Indi- viduals will receive a one-time payment of up to $1,200; this amount is reduced for incomes over $75,000 and eliminated altogether at $99,000. Joint filers will re- ceive up to $2,400, which will be reduced for incomes over $150,000 and eliminat- ed at $198,000 for joint filers with no children. Plus, taxpayers with chil- dren will receive an extra $500 for each dependent child under the age of 17. If you don’t need the money for an immediate need, you might consider putting it into a low-risk, liquid account as part of an emergency fund. No penalty on early withdrawals – Typical- ly, you’d have to pay a 10% penalty on early withdrawals from IRAs, 401(k)s and simi- lar retirement accounts. Under the Act, the penal- ty is waived for individuals who qualify for COVID-19 relief and/or in plans that al- low COVID-19 distributions. Withdrawals still are taxable, but the taxes can be spread over three years. Still, you might want to avoid taking early withdraw- als, as you’ll want to keep your retirement accounts in- tact as long as possible. Suspension of required withdrawals – Once you turn 72, you’ll be required to take withdrawals from your traditional IRA and 401(k). The CARES Act waives these required minimum distribu- tions for 2020. If you’re in this age group, but don’t need the money, you can let your retirement accounts continue growing on a tax-deferred basis. Increase of retirement plan loan limit – Retire- ment plan investors who qual- ify for COVID-19 relief now can borrow up to $100,000 from their accounts (up from $50,000), provided their plan allows loans. We recommend you explore other options, such as the di- rect payments, to bridge the gap on current expenses and, if you choose to take a plan loan, work with your finan- cial adviser to develop strat- egies to pay the funds back over time to reduce any long- term impact to your retire- ment goals. Small-business loans – The CARES Act provides $349 billion to help small businesses – those with fewer than 500 employees – retain workers and avoid closing. A significant part of the small business relief is the Paycheck Protection Pro- gram. The initiative provides federally guaranteed loans to small businesses who main- tain payroll during this emer- gency. Significantly, the loans may be forgiven if borrowers use the loans for payroll and oth- er essential business expens- es (such as mortgage interest, rent and utilities) and main- tain their payroll during the crisis. This article was written by Edward Jones and submitted by Adam Miller, financial ad- visor at the Warrenton office, 65 N. Highway 101, Suite 202. To reach him, call 503-861- 2244. Special columns in The Columbia Press Every week: Senior Moments with Emma Edwards Week 1: History in the Making Week 2: Financial Focus with Adam Miller Week 3: Off the Shelf by Kelly Knudsen Week 4: Mayor’s Message by Henry Balensifer III
