Emmy-winning news anchor Sherry Margolis will sign off next week, ending a run of more than 35 years at WJBK-TV (Channel 2) and giving herself a chance to make up for a lingering regret.

Margolis, a favorite in the newsroom who has worked virtually every shift, currently anchors weekdays at 11 a.m. and 5:30 p.m. Her last day will likely be Tuesday or Wednesday.

Fox 2's Sherry Margolis announced on Wednesday that she is retiring after 35 years as an anchor at the station.(Photo: Sherry Zaslow)

Raised in Buffalo, New York, Margolis was in her last semester of graduate school there when she landed her first reporting job at the local ABC affiliate.

"That's my biggest regret not finishing my degree," she said. "That, and never learning to play the piano ... which maybe I'll do now."

Margolis made the announcement remotely Wednesday during a segment with anchors Huel Perkins and Monica Gayle.

"If not for this damn virus, we would be hugging you right now. But know that you are forever in our hearts," Perkins said.

Margolis, who came to the station as a reporter and anchor in September 1984, told The Detroit News she had planned to retire at the end of 2020.

"With the whole COVID-19 thing and working at home, it just seemed like a good idea to move that up," she said. Margolis has three daughters to visit out of state and an elderly mother still in Buffalo, and "it just felt like the right time."

Perkins, who shared an office and the noon newscast with Margolis when he arrived in Detroit 31 years ago, said he was shocked when he learned of her plans, "but also happy that she's leaving for the best of reasons on her own terms."

"She is so beloved not just by viewers, but also at the station," Perkins said. "Everybody respects her and looks up to her as an example of how we should all conduct our lives."

Along with anchoring newscasts, Margolis has helped craft such special projects as the annual "Tribute to Our Troops" on Veterans Day, the "Holiday Connection" series on impactful community groups, and "Still Standing," a series of profiles of people who have triumphed after tragedy.

Sherry Margolis announced her retirement from Fox 2 on Wednesday after 35 years with the station.(Photo: WJBK-TV)

Margolis experienced a tragedy of her own in February 2012 when her husband, journalist and bestselling author Jeffrey Zaslow, died in an automobile accident on his way back from a book signing in Northern Michigan.

They had met at a party in Orlando, Florida, when she was still working in Buffalo. She was the only newscaster in a roomful of print reporters, and he was being somewhat scathing but funny about TV news.

They reconnected at a wedding three years later, and it was love at second sight.

"Having lost Jeff," Perkins said, she wanted to leave when she still had years to devote to the people she loves.

Margolis' other immediate plans, she said, involve maintaining social distancing and pondering what will come after that need dissipates.

"I think I'd like to write a book," she said, most likely non-fiction. "I'd love to take classes. Consulting. All kinds of things."

Whatever she does, she said, she will do it here. Some retirees might flee to places where winter only lasts a week, but she remembers snow so deep in Buffalo that she crossed parking lots by stepping across the tops of cars.

Michigan weather does not intimidate her, she said and after 3 decades, Detroit holds one of the increasingly crucial warm spots in her heart.

nrubin@detroitnews.com

Twitter: nealrubin_dn

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Sherry Margolis announces retirement from Fox 2: 'It just felt like the right time' - The Detroit News

Peter Dunn, Special to USA TODAY Published 7:40 a.m. ET April 21, 2020 | Updated 2:59 p.m. ET April 21, 2020

The coronavirus (COVID-19) is impacting the global economy and raising fears of a recession. What causes a recession and what are the signs? USA TODAY

Dear Pete,

I had planned on retiring from my job this October after 42 years in the workforce. But with all this stock market crash and recession stuff, Im not sure I can or should. I live alone, currently bring home $4,100 a month, and I have $452,000 in my 401(k) (even after the crash). I havent filed for social security yet, but Ill receive about $2,500 a month. Ill be 67 when I file. I dont have too many bills, and we only spend about $3,000 a month. I think I can make it work, but Im just nervous about leaving the workforce with all the unknowns.

Robert,

Kansas City

Answer: Your apprehension is understandable. To attempt to retire in one of the most challenging financial environments in a century is undoubtedly harrowing, but based on the situation you described, you might just be the type of person to pull it off without a hitch.

To understand why youre likely to be successful, you first must understand what typically compromises a retirement plan.

Save better, spend better: Money tips and advice delivered right to your inbox. Sign up here

There are four circumstances that will typically ruin a retirement strategy before its even rolled out.

The good news is I dont think youre vulnerable to any of the four culprits.

(Photo: Getty Images)

Retirement and COVID-19: Retirement planning during coronavirus pandemic: Here's what to watch for

Don't downsize: More baby boomers stay in their homes as they reach retirement, skipping downsizing

Becauseyoure older than 65, you wont be forced to come up with an alternative health insurance strategy, which typically puts a strain on the retirement finances of those who retire prior to age 65. This remains a problem until they become eligible for Medicare at 65. Fortunately, youve avoided this very expensive period of time. Additionally, at67 youll be able to claim your full Social Security retirement benefit, as opposed to accepting a reduced amount at a youngerage.

The second circumstance youve avoided is an expensive lifestyle. As it stands now, you only live on about 73% of your take-home pay. Thats phenomenal and is arguably the primary reason you will be able to successfully retire in October. A successful retirement is rarely defined by having a lotof money. Its usually determined by not needing a lot of it. Thats you.

The next factortripping up many retirees is the percentage of money needed from non-fixed income sources. In other words, if your fixed-income sources (Social Security, pension, etc.) arent enough to fully fund your retirement, youd at least like them to be a high percentage of your income. Per your numbers, 83% of your initial retirement income needs will come from a fixed source (Social Security). That means youll only need your assets to fund the remaining 17%, which in your case is $500 a month.

The final circumstance which can ruin a retirement before it begins is the percentage of total assets required to support your lifestyle afteryour working years end. For years, financial experts warned people to not withdraw more than 4% of their total assets, in order to ensure their money will last throughout retirement. That "four percent rule certainly has its flaws, but its still a decent litmus test. By your account, you only need $500 a month from your nest egg, which is only 0.6% of your assets.

Robert, I think you can retire in October, and do so in peace. Between now and then, make sure your 401(k) is properly allocated, and continue to maintain that $3,000-a-month lifestyle. If you havent already, make an appointment with a financial planner sooner rather than later, and they can chart your specific strategy going forward.

Congratulations on creating a sustainable retirement strategy. Your discipline and diligence made it happen. Allow me to be the first to wish you an (early) happy retirement.

Peter Dunn is an author, speaker and radio host, and he has a free podcast: "Million Dollar Plan." Have a question for Pete the Planner? Email him at AskPete@petetheplanner.com. The views and opinions expressed in this column are the authors and do not necessarily reflect those of USA TODAY.

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The stock market is crashing and we're in a recession. Can I still retire? - USA TODAY

The question of retirement is typically one that plays out over the long term. Most people have the chance to plan for years, gradually building resources and exploring possibilities before they set a target date for retirement. However, no matter how much you plan, life can throw you a curveball like the sudden outbreak of a pandemic that results in an unprecedented economic shutdown.

For some, this has raised another question: If youre already close to retirement, should you just accelerate your timeline? Its a relevant consideration, given that theres no concrete answer as to when and how the U.S. economy will open back up fully. Unfortunately, there isnt a blanket answer. The factors that play into a decision like this means the answer is different for everyone. Before you move up your retirement in the wake of this crisis, there are certain questions you should ask yourself.

This is perhaps the most crucial question. With the number of new unemployment claims soaring at virtually unprecedented rates, its no secret that a lot of people are out of work. As of April 16, a shocking 22 million Americans had filed unemployment claims in just the previous four weeks.

Related:The 20 Industries That Will Never Be the Same After the Coronavirus

Simply put, if youre one of the people who has been laid off, that puts you in a different situation. If you were five years away from retirement, the process of finding another job you might hold for only a few years could be a bit daunting. If youre still working, its a lot easier to stick to your original plan. But if youve just gotten a pink slip in the sort of career where positions are few and far between, you might take the sudden change as a good reason to reconsider your plans.

Another crucial question to ask: What are your career prospects in your field? Once again, its not an easy one to answer immediately. Few, if any, industries have clear futures right now, so you might not have a sense of how hard finding new work would be. Consider how much impact social distancing will have on your industry. Then look at how many open positions there traditionallyhave been. This should give you a better feel for how difficult it could be to land another job.

If it took you years to find your current job, that is something to consider before leaving prematurely. Likewise, if you work in an industry thats already contracting as times change, you might be on the verge of a forced retirement anyway. Whether youre freshly laid off or confident that youll be able to leave on your own terms, taking the time to understand what sort of work is out there there is an important step in the process.

The ability to work remotely used to be a nice perk. Today, its become a lifeline for some businesses to stay in operation while so many others have had no choice but to shutter until further notice. For someone trying to figure out whether now is the time to retire, which side of the work-from-home fence you landed on is all the more important.

See:26 Highest-Paying Jobs That Let You Work From Home

Clearly, the short-term health of your industry depends on how much work can be done remotely. If you are fortunate enough that you can do your job from home, you might not want to give that up so quickly.

But theres an even more important element at play here, too: your health. Given that most people within five years of retirement are in their late 50s or early 60s, youre in a high-risk group that is more likely to experience potentially deadly COVID-19 complications, and limiting social contact should be at a premium. If youre doing work that puts you around people, moving your retirement plans up a few years could be a prudent decision, even if its a bit tougher for you financially.

Theres no easy way of knowing if your company is heading toward cutbacks, but some people working at small businesses might have a good reason to accelerate retirement to help out their employer. With budgets crunched in ways that never could have been anticipated, plenty of companies are in the process of making some very difficult calculations about what they can and cant afford.

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If your company is in the process of cutting back resources and your retirement might help keep the business afloat or save a younger coworkers job that could play into your decision. Certainly dont make any assumptions, but if you have the sort of relationship with your boss that allows for an open and honest conversation about this, consider asking about plans for dealing with the crisis and whether your decision to retire could ease the pinch. Dont feel pressure to retire before youre ready, though.

One of the major reasons that people work so hard to prepare for retirement is because deciding to forgo a stable income is a major step. When you dont have a paycheck, all of your expenses come from your savings and investments.

Consider:How To Protect Your Retirement Savings During the Coronavirus Scare

The coronavirus pandemic has thrown a wrench into some income streams. Plenty of pending retirees might have investments in rental properties with tenants no longer able to pay rent in the face of a sudden and unexpected loss of employment. Or, stock dividends might not be nearly as stable as they were when the investment was made. As such, if you have alternate income streams, you should take time to examine how consistent they might be in the coming months.

If you do have a steady source of income, early retirement wouldnt necessarily require tapping into your 401(k) when markets are down. So, if you are confident your other income streams are somewhat reliable, you might be in a better position to shave a few years off of your career.

Of course, the money flowing in is just one half of the equation in retirement. Money flowing out also deserves just as much attention. You already should have a projection on what you expect to spend weekly, monthly and annually in retirement if not, start working it out. Take a look at those projections and ask yourself what you can cut.

Clearly, your retirement is a time to enjoy, but if losing some minor luxuries makes retirement financially possible, its time to reconsider your spending. Take some time to make a few different budgets at different spending levels to see what the end results look like. If reducing spending is an option you can live with, you will have some flexibility to change your plans.

Debt is essentially investing in reverse, and getting yourself out from under any major financial liabilities prior to ending your career should always be a goal whether youre retiring soon or not.

Some types of debt are less of a concern. A mortgage with a fixed (and low) interest rate will have structured, predictable costs that you can plan around. But if you are still sweeping away credit card debt or other high-interest loans, that can significantly hinder your long-term plans. Pushing up your retirement while you still owe money may prove problematic. Make sure you have a clear plan for how you will pay off debt while sustaining your lifestyle.

Another big question is what exactly you plan to do with your retirement. Youve been saving your whole life for this moment. Its worth knowing that your nest egg isnt just going to sustain you but will bring you real happiness in your golden years.

Check Out:16 Real People Affected By the Coronavirus Give Their Best Financial Advice

If all you really want from your retirement is time to enjoy life with family and friends, that potentially will require a lot less in savings. Likewise, if youre planning on having a second career, you dont need to be as concerned about building a large enough 401(k) since you will still have an income.

However, if you want to open that bed and breakfast or start another small business, or if you had thoughts about philanthropy or traveling the world, giving up the last few years of income before you retire might seriously impact those plans.

Having a place already lined up and paid for should be something you seriously consider prior to making any decisions about your retirement. This is even more relevant now as the economic slowdown caused by the pandemic has made the future of the housing market uncertain. Sure, its possible that low interest rates will persist and people with liquid assets like those who might be close to retirement will be able to take advantage of a buyers market. But rolling the dice on that would be a big risk to take.

If you already own your home, you can always wait and see what the market looks like in a year or two. But, if youre renting or in an uncertain living situation, delaying your retirement for a few more years may prove to be the smarter decision.

This is one situation where its impolite not to ask your age. Thats because the size of your Social Security checks depends on how old you are when you begin drawing them. So, while losing a few more years of income from your job is one consideration to moving up your retirement date, the long-term and permanent reduction in your Social Security benefits also should be weighed.

You can begin drawing on your Social Security as early as age 62, but doing so means only getting 70% of the monthly payment you would receive if you waited until full retirement age.

If choosing to retire now means getting a significantly smaller Social Security benefit, youll have to live with that decision for quite a while. So, be sure youve considered how it will impact those monthly checks and how that could affect your finances in the long term.

Just because you decide to retire doesnt mean youll immediately file for your Social Security benefits. If you can end your career now but delay drawing on Social Security until youve reached your maximum benefits, that changes the equation for you. However, if putting off those monthly checks for a few years means having to sell off stocks, you could be robbing Peter to pay Paul.

This is a question that hinges not just on how much you have saved, but what kind of savings it is. If you have a lot of cash stowed away in your checking account and CDs that are maturing in the coming months and years, your assets are more liquid and you have more options. If you can delay drawing Social Security until youve reached your maximum benefits without having to sell off any stocks, the consequences of moving up your retirement plans will be reduced significantly.

You might have read about the need to shift assets in your retirement funds away from stocks and into bonds the closer you get to retirement. Well, if youre five years or less from retirement, the past three months are exactly why that particular piece of advice is so universally acknowledged.

Stock markets are predictable when your time frame is long enough at least 10 years or so but theyre also wildly unpredictable over any single 10-year stretch. If you can wait out the periodic crashes and avoid selling stocks, youre in a good position. But, if too much of your money is tied up in stocks, the need for cash to cover expenses could result in selling at prices well below true value.

If you followed the classic advice by shifting your money into bonds and other stable assets ahead of time, youre probably in decent shape right now. You can focus on selling off other assets while you wait for stock markets to recover, and youll have those assets to draw on later in retirement when theyre back to whole.

If not, the income from your job will be a lot more important over the next five years if for no other reason than it can prevent you from having to sell stocks. As such, moving up your retirement will be much more difficult if you failed to prepare your portfolio.

One basic aspect of the dynamics of the financial markets is that, as often as not, bonds increase in value when stocks are falling. So, while now is the worst time to be selling stocks and buying bonds, its one of the best times to be selling bonds. The Bloomberg Barclays U.S. Aggregate Bond Index is up about 5% on the year while the S&P 500 had plunged more than 13% as of April 16.

Generally speaking, selling bonds before maturity injects a lot more risk into owning them. Whats more, markets could be due for another major plunge or two that will make you wish you had held onto your bond assets.

If you own enough bonds and are comfortable with selling them ahead of maturity, this can allow you to retire a few years early. It also prevents you from selling stocks and, subsequently, hurting your nest egg. Keep in mind that youll probably want to start getting your stock/bond mix back to normal when the markets calm.

Granted, trying to time the market is not, generally speaking, a good idea. But people within five years of retirement and on solid financial footing could consider taking advantage of down markets to make up for lost income from early retirement.

Clearly, buying stocks now is risky; theres no guarantee that markets arent in for another major drop as the crisis continues to unfold. But, the truth is that down markets present an opportunity to buy cheap stocks that could pay off later on.

Look:50 Stocks That Have Suffered the Biggest Losses During the Coronavirus Scare

The long-term view of the stock market is a bit more consistent than the picture you get by focusing on just the past six months. The S&P 500 might swing up and down wildly, but it averages out to an annual return of about 10% a year over its history. Even after a crash as big as the 2008 financial crisis, the losses were recovered over the next five years.

If you have plenty of stable assets and cash on hand, you might take the down market as a chance to make some extra stock investments that you can draw on later in retirement.

The last thing anyone is looking for now is more uncertainty, but the simple fact is theres no sure thing when it comes to retiring early. Only you and your financial advisor really know whether your finances are ready for retirement. For that matter, only you really know if youre ready for your career to end.

So, take the time to review the above questions and see what they tell you about your situation. But ultimately, you matter more than your finances. Consider your nest egg, but also discuss the decision with your loved ones.

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This article originally appeared on GOBankingRates.com: If You Planned To Retire in the Next 5 Years, Should You Just Do It Now?

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If You Planned To Retire in the Next 5 Years, Should You Just Do It Now? - Yahoo News

A retired emergency medicine physician who answered the call of the governor and returned to work has a health update of his own.

WGN has been following Dr. Scott Altman, since mid-March. He was eager to jump back into action and help during the COVID-19 crisis. Along the way, hes shared updates from his post at Advocate Christ Medical Center in south suburban Oak Lawn.

Im working down at Christ Hospital in Oak Lawn on their strike team within their command center helping to process admissions, approving the testing for coronavirus because testing is so limited, helping manage patient flow, Altman said.

Then, on April 10, Altman woke up feeling a bit under the weather. He said he had a runny nose, itchy eyes and a cough.

What he thought was a bout with spring allergies, turned out to be the very virus he came out of retirement to help fight.

I had done three shifts that week, but I just felt more tired than I expected and I woke up Saturday morning and there was no question felt like I had been hit by a train, he said. Sore, achy, the worst part was the stomachache. I never had fever, never had much of a cough, never had shortness of breath the usual symptoms they tell you to watch out for.

After two or three days, Altman felt he was out of the woods. However, he said shortly after, the second wave of the sickness came. He said it was worse than the first. He said he was wheezing, coughing and could feel weight and heaviness in his chest.

Its something infectious disease doctors have described as they learn more about how COVI-19 behaves in the body a second wave of symptoms much stronger than the first.

And then yesterday morning, I woke up and it was over. Wow. As easily as I knew, last Saturday morning that I had it. When I woke up yesterday morning, it was gone, he said.

He said while he still had a lack of energy, he didnt have a fever and didnt have difficulty breathing.

The virus did spread throughout his household, but his wife and children are doing well. As he recovers at home, Altman said he hasnt put much thought into his journey from retiree, to someone back on the frontlines, to COVID-19 patient.

Health care workers, this is what we do, he said. We really dont go into health care with a sense that we are immune to what ails our patients.

Health care workers can be cleared to return to work if they are symptom-free after 72 hours. Altman is planning to go back on Wednesday.

LOS ANGELES Chipotle Mexican Grill agreed Tuesday to pay a record $25 million fine to resolve criminal charges that it served tainted food that sickened more than 1,100 people in the U.S. from 2015 to 2018, federal prosecutors said.

The fast food company was charged in Los Angeles federal court with two counts of violating the Food, Drug, and Cosmetic Act by serving adulterated food that sickened diners at its restaurant with norovirus, which causes diarrhea, vomiting and abdominal cramps.

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MADISON, Wis. Health officials in Wisconsin said they have identified at least seven people who appear to have contracted the coronavirus from participating in the April 7 election, the first such cases following in-person voting that was held despite widespread concern about the public health risks.

The cases involve six voters and one poll worker in Milwaukee, where difficulty finding poll workers forced the city to pare nearly 200 voting locations back to just five, and where voters some in masks, some with no protection were forced to wait in long linesfor hours.

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CHICAGO Gov. JB Pritzker says testing will increase in nursing homes as COVID-19 cases spread fast in those facilities.

Nearly a quarter of all deaths due to the virus can be traced back to nursing homes or long-term health care facilities in the state, according to state of Illinois numbers.

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Doctor who came out of retirement to help amid COVID-19 pandemic develops illness himself - WGN TV Chicago

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Reta Lancaster worries a lot that she or her husband, Richard, will be stricken by the new coronavirus. But the retired Indianapolis couple havent had a moments worry about paying their bills.

The couple, who spent careers in teaching and nonprofits, proved to themselves during two bear markets since 2000 that a large cash stash and whats known as a bucket strategy would get them through the cruelest of markets. And it seems to be working again during the markets abrupt turn from near record highs to a nearly 35% drop at one point in recent weeks.

We really are feeling fortunate, said the 88-year-old Reta, contrasting her peace of mind with retirees whose savings have been savaged during the coronavirus crisis.

A typical iteration of the Lancasters strategy includes three buckets designed to give retirees long-term growth potential as well as a stash of cash and liquid investments that can be drawn upon for living expenses and as a bulwark from having to sell stocks in a market downturn.

In the first bucket, a retiree typically has at least two years of cash for any expenses no matter what the stock market does.

A second bucket, containing primarily bonds, provides another safeguarda stash to get through a stock-market beating as Treasuries typically act as a haven when equities are tumbling. As time goes on, bond income via interest or through maturity replenishes cash thats been spent from the first bucket.

The third bucket is key: This is where stocks go to provide more long-term growth than bonds or cash, while also potentially yielding cash dividends for use in the first bucket. When a market downturn comes, however, this bucket can be left untouched until stocks rebound.

Christine Benz, director of personal finance for Morningstar, examined the impact of the market tumult on a prototypical bucket strategy in late March. Her conclusion: The third bucket made up of stocks was awful, but that was to be expected. The second bucket of bonds, which are supposed to be relatively safe, had been hit with some worrisome losses.

But investors were pacified by their cash, Benz said. Now is the bucket portfolios time to shine. Its giving people comfort, she said, and keeping people from bailing out of deep losses on the riskier stock investments they will need over time.

Benz contrasts this volatile period with times when stocks are steadily climbing. During long rising markets, Benz said, investors look at stock gains and question why they should keep two years of cash out of stocks and bonds. Some studies have questioned the strategy, too, because sizable cash stashes can deprive retirees of the growth they need to make portfolios last for 20 or 30 years.

Whats more, bonds have provided meager income in recent years and havent always performed as expected during recent downturns. In 2018, bonds were a disappointment and in March, safe Treasuries fell along with stocks at a certain point although they have been cushioning stock losses recently.

The long-held belief that bonds give you a hedge against a fall in stocks is not always true, said Patrick Leary, head of trading for InCapital.

While the bucket approach is used by many financial planners, the design of the buckets varies. Some financial planners in the first bucket want cash to last three years in case a long bear market occurs. Others are satisfied with one year. Advisors differ on investment choices, too: Some stick to federally insured savings accounts and certificates of deposit for cash, while some take on a little more risk with money-market funds and short-term bond funds.

We really are feeling fortunate.

In the second bucket, bonds and bond funds are key because they replenish cash as retirees spend the money they originally had stashed away in bucket one. But there is no universal prescription. Advisors usually pick a mixture of bond types, but some lean toward safe U.S. Treasury bonds and top-quality corporates, while others try to boost income with larger exposures to riskier corporate bonds and small allocations of dividend-paying stocks.

This second bucket has been a particular thorn in recent years for many financial planners, who say they have been struggling to hold relatively safe bonds that will provide enough income to replenish the cash retirees need. Ten-year Treasuries, for instance, were recently yielding around 0.70%, compared with 1.6% early this year.

Yet higher-yielding bondseverything from corporate bonds, to floating rate bank loans, mortgages and municipal bondshave been dicey as the coronavirus crisis has pummeled the economy. For example, the iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD), lost 21% between March 6 and March 19.

Meanwhile, financial planners say they are sticking with well-diversified portfolios and the security their clients have from large amounts of cash to ride out the coronavirus lockdown.

Most people have 10 or more years to ride out the storm, and during that time money comes to them virtually every month, said Marc Hadley, the Lancasters financial planner.

If this crisis goes on long enough, though, Long Island financial planner Larry Heller said he might need to suggest some clients reduce their spending. That happened in the financial crisis as the market fell 57% and people panicked and demanded an escape from stocks.

Yet retirees appear positioned well and no one has asked him to sell stocks, Heller says. They get a check every month so they dont worry, he said. They can sleep.

Write to us at retirement@barrons.com

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This Retirement Strategy Worked Like a Charm When the Stock Market Crashed. Heres Why. - Barron's

IRON MOUNTAIN, Mich. (WLUC) - The IRS says tens of millions Americans will get their coronavirus stimulus checks deposited in their bank accounts.

But for many, financial struggles will continue during the COVID-19 outbreak. As thousands of people aren't working right now, and possibly still waiting for unemployment benefits, finances can be tough, but there is still time.

"Stay on that roller coaster, to get to the final end because time is on your hand at this point, said Stephanie Nocerini, a LPL Financial Advisor.

Thats why financial planner Stephanie Nocerini also recommends to have 3 separate 'pots of money.

"Your first pot of money is the money used to pay your regular bills, she said.

She says the second is your savings account. With everything so uncertain during this time, Nocerini, says saving can be the best thing.

"You need to feel comfortable with the amount of savings that you have. Now, one person's savings account may not be the limit that somebody else's, said Nocerini.

The third pot of money, is the money you can put into retirement, or long-term.

"A contingency fund, where you can maybe invest that money, and know that it could lose value but it could gain value, and that's kind of the money you let time take care of that money, she said.

With everything uncertain, Nocerini wants to remind us, the money market will always go up and down.

"History has shown that this happens there are pullbacks, there are recessions, and there are times in the market where things have to re-balance."

And with stimulus checks coming, she says those may help.

"Some people are going to get this stimulus check, and they are going to have to use their money to pay their rent, pay their mortgage, said Nocerini.

She says if you are set with your bills, to save that money, until the market opens again.

"History has shown that it may take time, to do that, but it has always come back stronger after something like this happens, said Nocerini.

For more tips, visit https://banknib.com/lpl-financial-2/.

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Bills, savings and retirement: Having three 'pots' of money can help in tough times - UpperMichigansSource.com

Former New England Patriots tight end Rob Gronkowski might not be done just yet.

Though Gronkowski retired and didnt play last season, he is still leaving the door open for a return to the NFL. So could he join his former quarterback, Tom Brady, in Tampa Bay?

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Gronkowski will be 31 years old when next season opens. Brady, of course, just left the Patriots for the Buccaneers in free agency.

Heres TMZ with more on the latest with Gronkowski:

Just call Rob Gronkowski the pancake man ... 'cause hes flipping AGAIN on retirement talk -- this time saying hes not totally done with football after all!!! The NFLs greatest-ever tight end has been in a tug-o-war almost since the day he quit the NFL in 2019 ... going back and forth on whether or not hes officially done.

The latest? Gronk told Andy Cohen this week on Watch What Happens Live with Andy Cohen that a reunion with Tom Brady in Tampa Bay aint totally out of the question.

Im feeling good right now, the Patriots legend said. Im happy where Im at. You just never know, man. You just never know. You never know. Im not totally done.

Gronk says the only thing thats holding him back is a passion for the game ... adding, I like to stay in shape, but Ive gotta get that feeling back.

Rob retired in March 2019 ... and has said injuries -- including roughly 20 concussions -- played a big role in him calling it a career at the age of 29.

Gronkowski appeared on Cohens show to promote Survive & Thrive: COVID-19 Celebrity Challenge, which will be live streamed on the Facebook channel of the Arthritis Foundation on Wednesday at 8 p.m.

During the event, Gronkowski and other celebrities including Hall of Fame linebacker Brian Urlacher will face off in various physical and personal challenges that provide an authentic peek into the lives of celebrities as they adjust to a life in isolation.

Free to watch, the event will include both entertaining and educational culinary, athletic, and business challenges, along with challenges for the viewers with a chance to win special prizes for those who donate to the Arthritis Foundation.

Heres video of Gronkowskis interview with Cohen:

Get Giants text messages from reporters: Cut through the clutter of social media and text directly with the Giants beat writers. Plus, exclusive news and analysis every day. Sign up now for a free trial.

NFL analyst Darryl Slater may be reached at dslater@njadvancemedia.com. Follow him on Twitter @DarrylSlater.

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NFL rumors: Will Patriots Rob Gronkowski come out of retirement to join Tom Brady on Buccaneers? (VIDEO) - NJ.com

Q. I was going to start withdrawing from my retirement savings after I turn 70 on June 15, 2020, but heard that the required age for withdrawals is now 72. I have $1,234 per month from Social Security. Should I let the retirement money grow?

Retired

A. Youre correct about the change in the age when you have to take Required Minimum Distributions (RMDs) from your retirement accounts.

The SECURE Act, which stands for Setting Every Community Up for Retirement Enhancement Act, was enacted at the end of 2019.

It changed the date at which distributions must be taken from retirement accounts to age 72 from age 70 , said Claudia Mott, a certified financial planner with Epona Financial Solutions in Basking Ridge.

This includes traditional and rollover IRAs, 401(k)s, 403(b)s and 457 plans.

The withdrawals made from these accounts are typically considered taxable income and will be reported as such on your personal income tax return, she said. Roth IRAs do not have minimum age distribution requirements.

Mott said the decision about whether to take distributions now or delay until you reach age 72 depends in large part on whether you need the money now or can afford to hold off.

If you have income from sources other than Social Security and are able to meet your living expense needs comfortably, then the decision to wait may make sense, she said. Depending on how the account is invested, the additional time may enable the value to increase, especially in light of the decline the stock market has experienced thus far in 2020.

At age 72, a required distribution will be calculated based on the previous year-end value of the account, Mott said, but if you need of additional income, you can take any amount you wish from the account now bearing in mind that taxes should be withheld from the distribution to avoid an unwelcome tax bill when you file for 2020.

When you reach age 72, youll have to take at least the RMD.

Another factor to consider is how these distributions will impact your overall income picture as this could alter that amount you must pay for Medicare as well as your income tax bracket, Mott said.

She said Medicare uses a two-year look back to determine whether an additional premium will be paid by each individual and couple.

For 2020, the individual income limit based on 2018 tax data that will avoid an IRMAA Income Related Monthly Adjustment Amount is $87,000 and $174,000 for a married couple filing jointly, Mott said. Your tax professional should be able to provide guidance on the right amount of tax to withhold on your retirement account distributions, how the income will affect your tax rates and what your overall income picture may look like for future Medicare planning purposes.

Email your questions to Ask@NJMoneyHelp.com.

Karin Price Mueller writes the Bamboozled column for NJ Advance Media and is the founder of NJMoneyHelp.com. Follow NJMoneyHelp on Twitter @NJMoneyHelp. Find NJMoneyHelp on Facebook. Sign up for NJMoneyHelp.coms weekly e-newsletter.

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Should I wait before taking money from my retirement account? - NJ.com

ByHamish Preston,Associate Director, U.S. Equity Indices, Indexology Blog

One of the main risks for retirees is not having enoughinflation-adjustedincomein retirement to support their desired standard of living. The S&P STRIDE (S&P Shift to Retirement Income and Decumulation) Indices attempt to solve this problem byfocusing explicitly on reducing the volatility of income rather than reducing the volatility of returns.

In order to help market participants track the cost of a stream of inflation-adjusted retirement income, we recently published our firstCost of Retirement Income dashboard. (You can sign up for future editionshere.) The dashboard uses the same cost of retirement income measure as our STRIDE indices:the present value of an inflation-adjusted stream of cash flows equal to $1 per year, starting at various retirement dates (vintages) and ending 25 years later.

Exhibit 1 shows that the cost of retirement income increased for all but two S&P STRIDE vintages in the last three months. For example, the cost of 25 years of retirement income beginning in January 2025 increased from $23.05 to $24.54 in Q1 2020. Significant market drawdowns in Q1 2020, coupled with declines in U.S. Treasury yields, presented severe challenges for market participants looking to secure a desired level of inflation-adjusted retirement income.Pre-retirees were particularly impacted given the greater sensitivity of longer-dated vintages to real interest rates, which declined as the U.S. Federal Reserve cut its policy rate in response to the spread of COVID-19.

The dashboard also tracks the hypothetical distributions from post-retirement vintages of the S&P STRIDE indices (see Exhibit 2). For example, the annualized proportion of last months hypothetical distributions in terms of decumulation points to the indexs beginning value was 3.26%. Notably, the decumulation rate is higher than the S&P 500s 2.34% indicated dividend yield.

Finally, the dashboard reminds us that not all retirement strategies have an explicit focus on providing inflation-adjusted retirement income. Exhibit 3 shows that nearer-dated S&P STRIDE indices had significantly higher allocations to Treasury Inflation-Protected Securities (TIPS) than the consensus asset mix embodied in the S&P Target Date Indices. For example, the S&P STRIDE 2020 indexs TIPS allocation (77.2%) was 14 times higher than the S&P Target Date 2020 index (5.5%) at the end of March 2020. This is a result of the S&P STRIDE indices focus on income rather than return volatility, and it impacts asset allocations across the traditional glidepath approach.

For more information, please see theS&P STRIDE Index Series Methodologyand theS&P STRIDE Supplemental Data Guide.

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Tracking The Cost of Retirement Income - ETF Trends

Announced today, Austrian Airlines is to retire half of its Boeing 767 fleet as it deals with its post-pandemic future. The Lufthansa Group airline has been working out how to return from a complete grounding of scheduled services.

Earlier in April, we reported that the CEO of Austrian Airlines didnt think that passenger demand would return to normal until 2023 at the earliest. As a result, the airline has been working out how its post-pandemic future will look. Today, the airline revealed that aircraft would be retired to deal with the crisis. Lufthansa has already committed to retiring some of its aircraft.

To cope with the projected drop in demand, Austrian Airlines will be retiring half of its Boeing 767 fleet. Austrian Airlines is the only Lufthansa Group airline to operate the Boeing 767 still. The airline operates six such aircraft. Some of these are among the oldest aircraft in the entire Lufthansa group. Only 14 Lufthansa A320 aircraft are more aged than Austrians oldest 767s.

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Austrian is to retire three 767 jets. These are:

The retirements will leave Austrian with just three remaining Boeing 767s, according to Planespotters. These are:

As a result of the retirement, the average age of Austrians Boeing 767 fleet will drop from 24.2 years to 20.5 years old. Moreover, the average age of the airlines entire fleet will drop to 14.6 years.

By retiring aircraft, Austrian Airlines will be cutting its capacity by around 20%. Several smaller aircraft will also be withdrawn. The retirement will encompass the airlines entire fleet of seven Airbus A319 aircraft. Additionally, 18 Dash turboprops will be retired early.

The airline predicts that between 25% and 50% of its demand will be lost this year. It expects that traffic will have recovered to 75% of the pre-pandemic level by the end of next year. Demand will then, hopefully, increase to 100% by the end of 2023.

As such, during 2022, the airline expects to be operating with 60 aircraft, just three-quarters of its pre-crisis fleet. However, because the focus is on retiring smaller aircraft, only 20% of the airlines capacity will have been withdrawn. The airlines CCO, Andreas Otto, mentioned that Austrian will will part with the oldest and smallest aircraft for ecological reasons.

Austrian Airlines isnt the only airline in the Lufthansa group to be parting with aircraft. Its parent airline Lufthansa has already announced the immediate retirement of 18 aircraft. The figure includes seven Airbus A340-600s, six Airbus A380s, and five Boeing 747-400s. The airlines retired A340s are being sent to an aircraft graveyard in Teruel.

Will you miss Austrians retired aircraft? Let us know what you think and why in the comments!

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Austrian Airlines To Retire Half Of Its Boeing 767 Fleet - Simple Flying