How Does the CARES Act Affect You?

Author

Weber Group at Raymond James

Posted on

Jul 17, 2020

Book/Edition

Pennsylvania - Greater Pittsburgh Area

The Coronavirus Aid, Relief, and Economic Security (CARES)Act, is a piece of legislation that has been implemented to help aid those who have been financially affected during these unprecedented times. Many of the provisions are specific to retirement accounts.
CARES Act changes are:
Hardship Loans
The maximum loan amount that can be borrowed from an employer plan has been increased to $100,000 for affected individuals. Loan payments due in 2020 are also delayed until 2021.
Contribution Deadline
The IRA contribution deadline has been pushed back to July 15, 2020 along with the 2019 tax filing deadline.
Early Distributions
The CARES Act waives the 10% early distribution penalty for distributions of up to $100,000 from both employer and individual retirement accounts for individuals who meet any of the following requirements:

You, a spouse, or dependent has been diagnosed with COVID-19;
Experience adverse financial consequences as a result of being quarantined, furloughed, laid off, or having work hours reduced because of the disease;
Are unable to work because they lack childcare as a result of the disease; or
Own a business that has closed or operate under reduced hours because of the disease.

These distributions are not subject to mandatory withholding requirements, and the income from the distribution can be spread out over three tax years. Individuals have three years to return any or all of the distribution taken to the account.
Required Minimum Distributions
Required Minimum Distributions due in 2020 have been waived. This change applies to any distribution that needed to be taken in 2020. Some individuals may want to return their 2020 RMD to their account if they have already taken it. They can return all or a portion of the distribution to the account if they meet certain requirements. Also, 2020 is no longer counted for purposes of the 5-year rule. For non-designated beneficiaries either set to begin their 5-year distribution period, or for those already in the middle of it, 2020 can be skipped entirely.


Editors Note: This article was submitted by Erin Weber, CFP, Vice President, Investments with Weber Group at Raymond James.

Other Articles You May Like

Helpful Books for Caregivers: Essential Resources for Support & Guidance

The books listed below are shared as helpful suggestions for family caregivers. While they are available for purchase on Amazon and other retailers, Seniors Blue Book does not endorse any specific title or author, nor do we receive compensation for listings. Our goal is simply to offer resources that may provide guidance, support, and comfort to those navigating the caregiving journey.1. The Caregivers Survival Handbook: How to Care for Your Aging Parent Without Losing Yourself by Alexis AbramsonFocus: Practical guidance and emotional support for caregivers balancing their own needs with the demands of caregiving.Why It's Helpful: This book helps caregivers maintain their well-being while managing the responsibilities of caring for an aging loved one.2. The 36-Hour Day: A Family Guide to Caring for People Who Have Alzheimer Disease, Related Dementias, and Memory Loss by Nancy L. Mace & Peter V. RabinsFocus: Alzheimer's care and dementia-related conditions.Why It's Helpful: A highly recommended resource for caregivers of individuals with Alzheimer's or other types of dementia. It offers practical advice on day-to-day care and understanding these conditions.3. Taking Care of the Caregiver: A Guide to Finding Balance in the Midst of Caregiving by Mary Ann ORourkeFocus: Stress management, self-care, and maintaining balance.Why It's Helpful: This book provides caregivers with techniques for managing stress and preventing burnout, which is vital for sustaining long-term caregiving.4. Caring for a Loved One with Dementia: A Mindful Caregivers Guide by Suzanne R. BarchersFocus: Mindfulness-based caregiving strategies for dementia care.Why It's Helpful: Emphasizes the importance of mindfulness for caregivers, helping them stay calm and connected while caring for those with dementia.5. When the Time Comes: Families with Aging Parents Share Their Struggles and Solutions by Paula SpanFocus: Personal stories from families navigating the caregiving journey.Why It's Helpful: This book offers real-life examples and advice from families who have been through the challenges of caregiving, making it relatable and practical.6. The Family Caregivers Manual: A Practical Guide to Caregiving by Caroline D. G. ArvidsonFocus: General caregiving tips and strategies.Why It's Helpful: A practical guide that covers various aspects of caregiving, including managing care routines, financial planning, and dealing with family dynamics.7. Elder Care Made Easier: Doctor Marions 10 Steps to Help You Care for an Aging Loved One by Marion SomersFocus: Step-by-step caregiving advice for aging loved ones.Why It's Helpful: Offers clear and concise steps to handle common challenges caregivers face, with advice from an expert in the field of aging and caregiving.8. The Caregivers Guide to Self-Care: 12 Strategies for Getting the Support You Need to Care for Your Aging Parent by Dr. Anna S. JohnsonFocus: Strategies for caregivers to take care of themselves while caring for others.Why It's Helpful: This book emphasizes self-care techniques and offers strategies to prevent burnout, which is common among family caregivers.9. What to Do When Im Gone: A Mothers Wisdom to Her Daughter by Susan OConnellFocus: Planning for the future, especially for caregiving for elderly parents.Why It's Helpful: A guide to making plans for the care of elderly parents and finding peace of mind when transitioning into this role.10. How to Care for Aging Parents by Virginia MorrisFocus: Comprehensive caregiving strategies and legal/financial planning.Why It's Helpful: Covers a broad range of topics that caregivers face, from legal considerations to managing medical care, making it a comprehensive resource.

Old People Are Cool: Tyler event celebrating senior citizens to be held April 25

On April 25, 2025, the city of Tyler, Texas, embraced a powerful and joyful message: Old People Are Cool. Held at Oak Hills Terrace Memory Care, the inaugural Old People Are Cool Day brought together residents, caregivers, and members of the wider community to honor the vitality, wisdom, and lifelong contributions of senior citizens. The event was more than just a celebrationit was a statement. As part of the growing Old People Are Cool movement, which began in 2021, the day sought to challenge ageist stereotypes and promote a culture of respect, inclusivity, and admiration for older adults. Rather than viewing aging as a decline, the campaign aims to reframe it as a vibrant, meaningful, and essential stage of life. At its core, the initiative stands against the quiet but damaging effects of ageismassumptions and biases that often sideline older people, making them feel invisible or unimportant. The Old People Are Cool movement turns that narrative on its head by shining a spotlight on seniors as dynamic individuals with rich histories, evolving dreams, and much to teach the younger generations. The Tyler event marked a public and communal affirmation of this philosophy. The energy at Oak Hills Terrace was electric. Music, laughter, storytelling, and multigenerational conversations echoed through the halls and outdoor areas. The celebration included engaging activities tailored to residents and guests alike, ranging from arts and crafts to dancing, games, and personal tributes. The mood was festive but also deeply meaningfulan intentional pause in daily life to celebrate those who have helped shape families, communities, and institutions. Sarah Klepfer, the organizer behind the event, played a key role in making Old People Are Cool Day an official part of the citys calendar. Through her efforts, a local proclamation was made to formally recognize the day, adding a civic stamp to what many already knew: seniors are a treasure, not a burden. Attendees expressed both gratitude and inspiration. For the older adults, the day served as a rare opportunity to feel publicly seen and celebrated. For younger community members and volunteers, it offered a fresh perspectiveone that emphasized connection, curiosity, and the wisdom that can only come from experience. The event also highlighted the need to strengthen intergenerational bonds. When older and younger people interact meaningfully, it helps dispel myths on both sides and nurtures a sense of continuity and mutual respect. By creating an event that welcomed families, students, and neighbors, the organizers helped build a stronger, more empathetic community. Old People Are Cool Day stands out not just for its cheerful tone, but for its deeper cultural purpose. In a society that often elevates youth and overlooks aging, this celebration encourages everyone to reflect on the full arc of human lifeand to recognize the inherent dignity and uniqueness in every stage. It calls on us to ask: What kind of society do we want to live in? One that silences its elders, or one that listens to them? Tylers embrace of this event could serve as a model for other cities. The success of the celebration suggests that many people are hungry for a new way to engage with agingone that honors legacy without reducing seniors to a single identity. Aging is not a punchline or a decline; it is a journey of growth, resilience, and continued relevance. As the sun set on April 25, the smiles and stories shared during the day lingered in the hearts of those who attended. For many, it wasnt just a nice eventit was a necessary one. It reminded everyone that aging is not something to be pitied or hidden, but something to be respected, shared, and yes, celebrated. With this years event making such a strong impact, its likely that Old People Are Cool Day will become a staple of Tylers cultural calendar in the years to come. And if its message spreadsas it shouldit could help rewrite how America sees and treats its senior citizens, one city at a time. After all, old people aren't just cooltheyre essential.

82-Year-Old Philadelphia Man Runs Blazing Fast 100-Meter To Win Legendary Race In Pouring Rain

At 82 years old, Domenic Stellato isnt slowing downhes speeding up. In a display that stunned spectators and inspired athletes of all ages, Stellato took home gold in the 100-meter dash for the 80-and-over age group at the prestigious Penn Relays. The event, which unfolded in the middle of a torrential downpour, showcased not just elite athleticism, but an unshakable spirit. The Penn Relays, held annually in Philadelphia, are one of the oldest and most storied track and field meets in the world, attracting elite competitors across all age groups. But this year, all eyes turned to an unlikely star: a local octogenarian who sprinted into history. Stellato, a Philadelphia native, clocked an astonishing 16.02 seconds in the 100 metersan achievement remarkable not only for his age, but for the brutal weather conditions that plagued the meet that day. Rain poured relentlessly onto Franklin Field, drenching competitors and soaking the track, yet Stellato powered forward with focused determination. What makes this feat even more impressive is that it wasnt just a casual, ceremonial jog. Stellato ran to winand he did. Competing in the Masters Mens 100m Dash for athletes 80 and older, he left fellow competitors behind, establishing himself as one of the fastest men in his age bracket. The victory was met with cheers from the stands and admiration from across the track and field world. For Stellato, this was not a novelty but a continuation of a lifelong dedication to athletics. While many his age may have long since retired from physical activity, he has maintained a consistent fitness routine, staying agile, strong, and mentally focused. He regularly participates in track events and has earned a reputation in the masters athletics community as someone who brings both humility and ferocity to the competition. His Penn Relays performance is a compelling counter-narrative to the common assumptions about aging. In a society that often equates age with decline, Stellatos sprinting form tells a different story: one of perseverance, discipline, and the enduring capability of the human body when nurtured with care. It's a reminder that passion doesnt have an expiration dateand neither does excellence. Footage of Stellato's run quickly went viral, circulating on social media platforms where fans and fellow athletes celebrated his grit. Comments poured in, ranging from awe to motivation, with many younger viewers admitting theyd be lucky to match that speed even now. For many, seeing someone in his 80s run with such powerthrough wind and rainwas more than impressive; it was transformative. Stellatos victory also brings attention to the growing world of masters athletics. Designed for older competitors, these events promote healthy aging and provide an outlet for lifelong athletes to continue doing what they love. Far from being mere exhibitions, these races are intensely competitive and often feature rigorous training and preparation. Domenic Stellato exemplifies the high bar these athletes set and the passion that drives them. The race also highlighted something more universal: the idea that physical limits are often mental ones. Stellatos performance is a call to reconsider what is truly possible with dedication, discipline, and love for the craft. Even as many his age are dealing with the limitations of old age, he is defying expectationsrunning toward goals while most are slowing down. Perhaps the most moving part of Stellatos story is not just the time on the stopwatch but the look on his face as he crossed the finish line: fierce, proud, and undeterred. Its an expression shared by champions of all ages, from Olympic gold medalists to first-time racers. Its the face of victoryearned, not given. In the days following the event, Stellato has become something of a local legend, drawing admiration from the Philadelphia community and beyond. Though he may be modest about the attention, his achievement will resonate long after the track dries. Hes not just racing against competitors; hes racing against time, doubt, and complacencyand winning. As the crowd dispersed and the rain finally let up, one thing became clear: Domenic Stellato didnt just win a racehe made a statement. Age may catch up to all of us eventually, but for now, Domenic is still outpacing it.

Local Services By This Author

Weber Group of Raymond James

Financial Advisor 800 Cranberry Woods Drive, Cranberry Township, Pennsylvania, 15090

Your financial goals, aspirations and investment needs are just that yours. And your financial plan should reflect that. So rather than ask you to settle for an off-the-shelf investment program, Weber Group at Raymond James is here to provide you with personalized financial planning based on your goals, your time frame and your particular tolerance for risk.We can provide you with just the right combination of financial services, support and guidance that make the most sense for you. Well also be there to help you each step of the way in the pursuit of your personal financial goals.Theres more to your financial life than just investments. Comprehensive planning encompasses an in-depth review and analysis of all aspects of your financial life to help you see the big picture and enable us to personalize a plan for addressing every detail.Our principal belief is that everything begins with a well-designed financial plan. Were highly adept at seeing the big picture of your financial life, and then addressing all the details that make the plan work including identifying and resolving any gaps that may have previously been overlooked.At Raymond James, we have a straightforward approach to doing business. We believe that putting clients needs first is the best way to ensure their success and, in turn, the long-term success of our advisors and the company. We call this our Service 1stSM philosophy. With our strong focus on clients and our commitment to supporting those who serve them, weve become known as the premier alternative to Wall Street, providing the products, services and support of even the largest firms, within an environment that values strong, personal relationships.Raymond James focuses on doing what's right for its clients, associates and communities. And as you'll find in the firm's Corporate Responsibility Report, this commitment drives our mission to build a more sustainable future for all through environmental, social and governance best practices.Sticking to our core principles of client first, conservatism, independence and integrity, Raymond James has steadily grown to become one of the largest independent financial services firms in the industry, but our core values ensure well never be so big that we dont have time for what matters most: you and your family.The markets change, but our values will always be the same. Client first is at our core, supported by conservatism, independence and integrity.Erin Weber is a vice president of investments with Raymond James, for the office in Cranberry, Pennsylvania. She is a founding partner of the Weber Group, a team within a team approach, at Raymond James. Erin works alongside her father, Senior Vice President of Investments Al Weber. Along with assistant, Katie Burr, the team strives to give clients a comprehensive investment experience by providing a high level of service, through shared expertise, for the individual and institution. With over 30 years of financial experience, there is a strong likelihood the team has interacted or worked with someone in a situation very similar to yours.She holds both bachelors and masters degrees from The Pennsylvania State University, along with the Series 7 and 66 securities licenses. Erin is a licensed agent for life, accident and health insurance. She has her Executive Certificate in Financial Planning from Duquesne University and is a CERTIFIED FINANCIAL PLANNER practitioner. Erin also is a Certified Personal Finance Counselor professional and a member of the Financial Planning Association. She has presented at international, national and state conferences in the field of education and co-authored multiple papers in the area of maximizing educator effectiveness. Based on her background in educational innovations, Erin strongly believes that she can best assist individuals and families by helping them understand the concept and elements of financial planning.Erin is advisory board president of Pennsylvania State University, New Kensington, and has mentored professionals and students from multiple universities. She is guiding several initiatives to help women and college students become financially literate and is the Vice Chairman of the Center for Financial Literacy at Penn State Behrend. Erin is a member of the Womens Leadership Council for the United Way, and volunteers at The Center for Women, Pennsylvania Women Work and Strong Women, Strong Girls. Because of her significant involvement in helping and mentoring women, she was a 2020 ATHENA Award nominee.She is very active in the area of physical fitness and won an international video contest promoting a healthy lifestyle. Erin also enjoys golfing and is a life-long resident of the Pittsburgh area, currently residing in Wexford, Pennsylvania.

Weber Group of Raymond James

Financial Services 800 Cranberry Woods Drive, Cranberry Township, Pennsylvania, 16066

Your financial goals, aspirations and investment needs are just that yours. And your financial plan should reflect that. So rather than ask you to settle for an off-the-shelf investment program, Weber Group at Raymond James is here to provide you with personalized financial planning based on your goals, your time frame and your particular tolerance for risk.We can provide you with just the right combination of financial services, support and guidance that make the most sense for you. Well also be there to help you each step of the way in the pursuit of your personal financial goals.Theres more to your financial life than just investments. Comprehensive planning encompasses an in-depth review and analysis of all aspects of your financial life to help you see the big picture and enable us to personalize a plan for addressing every detail.Our principal belief is that everything begins with a well-designed financial plan. Were highly adept at seeing the big picture of your financial life, and then addressing all the details that make the plan work including identifying and resolving any gaps that may have previously been overlooked.At Raymond James, we have a straightforward approach to doing business. We believe that putting clients needs first is the best way to ensure their success and, in turn, the long-term success of our advisors and the company. We call this our Service 1stSM philosophy. With our strong focus on clients and our commitment to supporting those who serve them, weve become known as the premier alternative to Wall Street, providing the products, services and support of even the largest firms, within an environment that values strong, personal relationships.Raymond James focuses on doing what's right for its clients, associates and communities. And as you'll find in the firm's Corporate Responsibility Report, this commitment drives our mission to build a more sustainable future for all through environmental, social and governance best practices.Sticking to our core principles of client first, conservatism, independence and integrity, Raymond James has steadily grown to become one of the largest independent financial services firms in the industry, but our core values ensure well never be so big that we dont have time for what matters most: you and your family.The markets change, but our values will always be the same. Client first is at our core, supported by conservatism, independence and integrity.Erin Weber is a vice president of investments with Raymond James, for the office in Cranberry, Pennsylvania. She is a founding partner of the Weber Group, a team within a team approach, at Raymond James. Erin works alongside her father, Senior Vice President of Investments Al Weber. Along with assistant, Katie Burr, the team strives to give clients a comprehensive investment experience by providing a high level of service, through shared expertise, for the individual and institution. With over 30 years of financial experience, there is a strong likelihood the team has interacted or worked with someone in a situation very similar to yours.She holds both bachelors and masters degrees from The Pennsylvania State University, along with the Series 7 and 66 securities licenses. Erin is a licensed agent for life, accident and health insurance. She has her Executive Certificate in Financial Planning from Duquesne University and is a CERTIFIED FINANCIAL PLANNER practitioner. Erin also is a Certified Personal Finance Counselor professional and a member of the Financial Planning Association. She has presented at international, national and state conferences in the field of education and co-authored multiple papers in the area of maximizing educator effectiveness. Based on her background in educational innovations, Erin strongly believes that she can best assist individuals and families by helping them understand the concept and elements of financial planning.Erin is advisory board president of Pennsylvania State University, New Kensington, and has mentored professionals and students from multiple universities. She is guiding several initiatives to help women and college students become financially literate and is the Vice Chairman of the Center for Financial Literacy at Penn State Behrend. Erin is a member of the Womens Leadership Council for the United Way, and volunteers at The Center for Women, Pennsylvania Women Work and Strong Women, Strong Girls. Because of her significant involvement in helping and mentoring women, she was a 2020 ATHENA Award nominee.She is very active in the area of physical fitness and won an international video contest promoting a healthy lifestyle. Erin also enjoys golfing and is a life-long resident of the Pittsburgh area, currently residing in Wexford, Pennsylvania.