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THE
JULY 2020
The Secrets of the CARES Act
And How You Can Take Full Advantage of It
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law in March. It was a $2 trillion economic relief package that made money available to individuals and businesses. While the coronavirus pandemic has been tragic and many people have fallen ill and lost loved ones, there are many relief efforts you can take part in, including the CARES Act — and it goes beyond collecting a check from the Federal Reserve. I’ve scoured the CARES Act and found a few details that can provide extra relief or certain tax advantages to those with retirement accounts, such as an IRA or 401(k). The IRS established a set of rules detailing what you can and cannot do in regards to retirement accounts in the wake of the coronavirus. But they left those rules extremely broad. Essentially, anyone affected by the coronavirus can take advantage of what I’m about to share with you. But always consult with your finance, tax, or legal professional before moving forward. Here’s how it breaks down: If you have a 401(k) (and the way I understand it, also a 403(b) or a 457 Plan), you can take a loan of up to $100,000 or 100% of the account’s balance, whichever is lower. This new rule is in effect until Sept. 23, 2020. If you choose to take a loan from your 401(k), then you have five years to pay it back. You could technically start repaying it right away, if you choose, using paycheck contribution, which might be something worth considering. Here’s the cool thing about the 401(k) loan: As you repay the loan, you can choose to repay $20,000 a year over five years. Plus, you can contribute your normal amount — a max of $19,500. So, if you want, you can contribute a total of $49,500 to your 401(k).
You can also withdraw $100,000 without penalty from either an IRA or 401(k). You will have to pay taxes on that withdrawal but you can spread that tax bill over three years (April 2021, 2022, 2023), so you need to look at your income status and plan accordingly. That said, you don’t necessarily need to pay those taxes out of pocket. With a little strategizing, you may be able to pay taxes with investment gains. In other words, you can take that $100,000 from your 401(k) or IRA and reinvest how you choose. Then, you could take the gains and put it toward payment of the taxes. You can also choose how and when you repay your accounts. You can repay them in installments over the three- or five-year period or you can repay them at the end of those periods. For instance, if you withdraw $100,000 from your IRA and invest it then wait three years to repay, you maximize the gains on that $100,000. If you have questions about the CARES Act or getting the most out of your retirement accounts during the coronavirus, then give us a call and we’ll answer your questions. You can also visit CrashOpportunity.com to sign up for my webinar on the CARES Act and learn how you can benefit from it. As of this writing, I’m doing the webinar live so you can ask questions and get answers in real time.
-Dan Casey
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‘THE GREAT ESCAPE’ THE DARING TRUE STORY OF AN ALLIED GETAWAY DURING WWII
What do Steve “The King of Cool” McQueen, Richard Attenborough, and James Garner have in common? They all starred in the 1963 World War II classic “The Great Escape.”
During the next year, over 600 prisoners helped with the effort of digging tunnels underneath Stalag Luft III. They had to be deep enough that the microphones couldn’t detect them and long enough to reach outside of the camp’s walls. On a chilly night in 1944 — a year after the endeavor began — one tunnel was finally ready, and the prisoners began their exit. In all, 76 Allied men managed to escape from Stalag Luft III. While freedom was short-lived for some, the escapees were successful in redirecting Nazi efforts from the front lines. And as veteran Jack Lyon said of the escape, “It did do a lot for morale, particularly for those prisoners who’d been there for a long time. They felt they were able to contribute something, even if they weren’t able to get out.” For the rest of the story, you’ll have to watch the movie or read the book. You can watch “The Great Escape” on Amazon Prime, and you can find Brickhill’s daring tale at most book retailers.
What makes the movie amazing to watch isn’t just that it’s full of legendary stars like McQueen and Garner or the fact that the action sequences were filmed using practical stunts, not special effects. What makes it truly incredible is that this story actually happened. Based on WWII veteran Paul Brickhill’s book, “The Great Escape” depicts a group of Allied officers as they attempt to escape from Stalag Luft III, one of the most heavily reinforced prison camps under German watch. Loose sand, raised prison housing, and seismographic microphones were all meant to deter prisoners from digging their way out. But one prisoner wasn’t discouraged. Squadron Leader Roger Bushell saw these factors as obstacles to overcome rather than inescapable conditions. And in the spring of 1943, he initiated a plan to get himself and 200 of his fellow prisoners out of the camp.
MAKE YOUR GAME NIGHTS EXTRA SPECIAL
WITH A FAMILY ENTERTAINMENT ROOM Families around the world are finding new ways to spend time with each other, and their homes are changing accordingly. Whether your family members are video gamers, movie enthusiasts, or board game fans, everyone can benefit from having a dedicated entertainment room. Here are some tips for putting one together.
SOUNDPROOF YOUR SPACE
Trying to impress your guests with great sound doesn’t
mean that your entire neighborhood has to hear what you’re watching! Soundproofing not only helps shield your neighbors from action game explosions and booming movie
USE YOUR SPACE WISELY
Consider the advantages and challenges of your available space. You don’t want small spaces to feel cramped, and you don’t want large spaces to feel empty. If your room is small, then design the space to serve multiple purposes, like installing a bar with a TV on the opposite wall. If your room is large, then why not have two or more TVs to let visitors play multiple games or watch different shows? A projector can also be used to maximize a room’s space. It allows you and your guests to utilize an entire wall without requiring much physical space. SET UP SURROUND SOUND Whether you’re using your entertainment room for movies, music, video games, or all of the above, investing in high-quality speakers will pay off instantly. You can set them up around the room for clearer, more immersive sound for movies and games, and by spacing out each speaker, you can eliminate cord clutter and tangle.
scores, but it also improves the sound quality in the room. Thick curtains and carpets, wall-mounted foam panels, or freestanding acoustic panels work for basic soundproofing, but if you plan to utilize your space every day and night, then consider hiring a contractor to help estimate materials and cost for a more sophisticated soundproof space. HAVE GREAT LIGHTING There’s nothing more inviting than a well-lit space, and this also applies to your entertainment room. Whether you’re playing a board game or putting together puzzles with the whole family, mood lighting can make the experience feel even more cozy and special. Try experimenting with different, stylish lamps or overhead fixtures to light up your space.
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who’s-there dialogue” in Act 2 of “Macbeth” (though it likely wasn’t intended to be funny), or it could be a reference to 1936 vice presidential hopeful Frank Knox, whose name made “knock knock” irresistible wordplay for the radio. Whatever the reason, knock knocks were all the rage in the 1930s, to the extent that people formed knock-knock clubs, businesses held knock-knock contests, and orchestras set them to music. However, the heyday was short-lived. In the following years, people started getting sick of knock knocks, and even psychologists turned against them. According to NPR, “people who loved knock-knock jokes were said to have social problems.” Today, knock-knock jokes are still around, but they’re mostly considered a game for kids or demoted to the realm of “bad dad jokes.” Maybe you think that’s warranted, maybe you think it’s tragic — either way, odds are the format will continue to evolve and probably outlive us all!
No-Churn S’mores Ice Cream July is National Ice Cream Month, so why not cool off with some sweet, homemade s’mores ice cream? You don’t even need an ice cream churn! Unless you’re living under a rock, odds are you’ve laughed, grumbled, or groaned in response to a knock-knock joke. You may have even told a few yourself before you realized knock-knock jokes had gone out of style in favor of sarcasm and memes. That’s because at their core, knock-knock jokes are a quintessential American experience — and the perfect homegrown fodder for International Joke Day, which falls on July 1. But where did they come from, and why do so many people knock the knock-knock joke today? Well, according to NPR, knock-knock jokes have had a roller coaster of a history. Near as we can tell, they actually evolved from another kind of joke: the “Do You Know” joke. This style of joke was popular in the early 1900s, and according to an Oakland Tribune article NPR dug up, this was a typical one: Do you know Arthur? Arthur who? Arthurmometer! Not very funny, is it? Well, over the years this style of back-and-forth jesting evolved into knock-knock jokes. The popularity of the “knock knock” bit of the joke could harken back to Shakespeare, who BestLife credits with “the first-known occurrence of a knock knock,
KNOCK KNOCK! WHO’S THERE? The Wacky Evolution of the Knock-Knock Joke
Knock knock! Who’s there? Theresa. Theresa who? Theresa crowd!
SUDOKU
Inspired by GrainChanger.com
Ingredients
• • •
14 oz sweetened condensed milk
• •
1 chocolate bar, chopped
2 tsp vanilla extract
2 cups whipping cream, chilled
10 graham crackers, crushed
Directions
1. In a large mixing bowl, combine sweetened condensed milk, vanilla extract, graham crackers, and chocolate. 2. In a separate bowl, use an electric mixer to beat whipping cream until peaks form, about 3 minutes. 3. Fold whipping cream into the condensed milk mixture. Transfer ice cream to a
freezer-safe container, cover, and freeze for at least 8 hours. 4. Serve and enjoy on a hot summer day. It’s especially delicious in a waffle cone!
Solution
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INSIDE This Issue
The Secrets of the CARES Act Inside the Biggest Escape Attempt of WWII Planning a Family Entertainment Room The Wacky Evolution of the Knock-Knock Joke Homemade S’mores Ice Cream How Meals on Wheels Atlanta Stepped Up for Its Community
A MEAL FOR EVERY MEMBER OF THE FAMILY
Meals on Wheels Goes the Extra Mile
Meals on Wheels doesn’t often get the credit it deserves. The international nonprofit ensures those who are unable to buy or make their own meals get the food they need to survive. Of course, for many recipients, the efforts of the organization go far beyond “survival.” For those who receive food daily or weekly, those deliveries may be their only source of social interaction. And during times of social distancing, the program became more important than ever. Meals on Wheels doesn’t just serve meals to the elderly and people with disabilities — it also serves those people’s pets. In 2019, Meals on Wheels Atlanta realized there was a huge need in their community to feed the pets of senior citizens. It stands to reason that if an elderly individual is unable to shop or cook for themselves, their pets may be in a similar predicament. And when someone’s pet is their entire world, making sure the animal is fed and healthy means everything. In response to this need, Meals on Wheels Atlanta began stocking up on cat and dog food, creating their own pantry to serve the local pet community. When volunteers made their rounds delivering meals to seniors, they made sure to bring cat and dog food along too.
The volunteer told 11Alive News in Atlanta that Jeffery and Grizzly “have their own special relationship.” Larry loved Grizzly long before Meals on Wheels Atlanta started the pet pantry because he saw how much Grizzly’s companionship meant to Jeffery. Now, Larry enjoys his service that much more since he gets to provide for Jeffery’s beloved pet, as well. On top of delivering food to seniors and their pets, Meals on Wheels Atlanta also delivers pet toys and pet beds, and they are happy to take in any pet-related food or items for donation. The organization says this endeavor was done out of love, not only for the people they serve but also for the whole family — wagging tails, fuzzy whiskers, and all.
One volunteer with Meals on Wheels Atlanta, Larry Auberbach, had a unique experience delivering meals to Jeffery Jones and his dog, Grizzly.
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