Digging out of debt can be painful—but the payoff is empowering. Just think: All that money spent paying interest on past purchases could be money invested for your future. But it takes a committed and consistent plan to get out of debt and stay out.

You are normally need to take required minimum distributions (RMDs) from certain retirement accounts at 721, whether or not you need the money. However, the CARES Act temporarily waives RMDs for all types of retirement plans (including IRAs, 401(k)s, 403(b)s, 457(b)s, and inherited IRA plans) for the calendar year 2020. This includes the first RMD, which individuals may have delayed from 2019 until April 1, 2020. When the December 31 deadline for taking RMDs is reinstated, it will once again be critical to withdraw your RMDs before the deadline in order to avoid IRS penalties. Plan ahead for what you want to do with the money—it may help reduce taxes and increase options for re-investing. 

Since the global COVID-19 pandemic began, the Federal Reserve has lowered interest rates and bought financial assets to stimulate economic growth and help markets operate smoothly. The federal government is also spending trillions of dollars on economic stimulus, adding to record high national debt. The potential long-term impact of these government policies on inflation and economic growth will be an area of focus in the future. For now, inflation is not a near-term concern, due to the drop in demand for goods and services around the world.

A recent post in the New York Times had us buzzing in the HerMoney office, so we decided to ask our private HerMoney Facebook group, “Do you talk about salary with your friends?” Perhaps not surprisingly, the group was divided, and we loved the advice they gave when it comes to discussing company dollars with your friends.

Dialogue is the process of talking through topics to build shared meaning. Family dialogue involves all parties being fully engaged and talking through a topic. Goals of healthy family conversations should be to understand each other's perspectives, build intimacy in relationships, and align around interests and outcomes.

Save at least 3 to 6 months' worth of necessary expenses by funding your emergency savings account regularly, as you would pay a bill. Try to save in an account that pays some interest but preserves liquidity. Consider sources of credit, ideally with low interest rates, available as a backup. Be sure to have adequate health and disability insurance coverage.