The Lucky Ones in the Coronavirus Economy

If there was ever any doubt, it should be clear by now that the virus and the economy are inextricably linked. Society can’t fully reopen until we’ve gotten the pandemic under control. Unfortunately, we’re not there yet. Not even close. So millions of Americans remain out of work even as special pandemic unemployment benefits expire. Many have dipped into their savings, or relied on credit cards, to get by. Another round of stimulus is likely, but the timing and scope remain unclear. Meanwhile, some of those fortunate enough to stay employed are saving more than ever due to the restrictions on travel and other pastimes  — enough, in some cases, to set aside a down payment on a house.

This week in our Retire with Money Facebook group, a member asked for advice on what to do with a recent, six-figure windfall. “64 yrs old. Still working. Modest income and 401(k). Looking for some income in the next 4-5 years after retirement.” Members’ advice varied from investing in low-cost index funds, to hiring an elder law attorney to set up a trust, to considering an annuity. But one replied with advice that I would second: “Don’t listen to us. See a professional who knows your circumstances. How you invest depends on other accounts, any pensions, your health, marital circumstances, how other funds are invested.” The Facebook group is a great place to brainstorm ideas, but for nitty gritty, personalized advice, you can’t beat a professional who has your best interests at heart — that is, a fiduciary financial advisor. Learn more about hiring a financial advisor here.

Goldman Sachs predicted gold will get to $2300 by next year, Bank of America is a little bolder at $3000, journalist Paul Garner believes $5000 is the mark - $3000 by next year and $5000 by 2023.  

We do believe gold will get to $5,000. It will not happen in the next 12 months. There will be pull backs occasionally, but it will happen. In the meantime, the rest of the world is moving towards economic independence. All the money we lent to other countries and in our own market will slowly lose its value. But Gold has proven itself to be the only asset to hold its value through all economic crashes. Gold is also highly liquid. If you need to cash out your gold IRA, just call your broker and she or he should be able to guide you through the process. Finally, just remember that Gold is a part of your portfolio. It is not meant to be the be-all and end-all of your investment. It is a hedge, the one asset that could protect the money you saved for retirement.

Until then, the public needs to stay vigilant with public health measures. BLOOMBERG

It depends. A researcher shares his findings. SQUARED AWAY BLOG

Here’s what experts say you should do instead. CNBC

Here’s what the science says. VOX