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Two of CNBC’s Financial Advisor Council members—Lazetta Rainey Braxton and Carolyn McClanahan—recently answered a number of questions from Americans worried about their finances amid the pandemic. Rainey is co-CEO of 2050 Wealth Partners and McCalanahan is a certified financial planner and founder of Life Planning Partners. Here’s what they are saying about Americans’ most pressing concerns, according to a recent CNBC article:

  • corona 4901881 640smallMcClanahan notes that investing in stocks means investing in companies—and some companies fail. However, just because a stock is taking a hit today from the pandemic doesn’t mean it’s a bad company.
  • Braxton says she is reassuring clients by showing a slide that illustrated market performance over the last century. The slide shows crashes and rebounds.
  • For those considering taking money from their retirement savings, Braxton says they should first determine how much money they’ll need to live on. That way they don’t take out too much.
    The CARES Act has relaxed some rules regarding withdrawing or borrowing money from 401(k) plans. Individuals can now borrow up to $100,000 from their accounts, if their employer adopts certain provisions of the CARES Act.

Read the full article from CNBC.

 

Last modified on Tuesday, 21 April 2020
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