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Protecting your finances during the COVID-19 pandemic

One in four adults are struggling financially since the outbreak started.

COVID-19 continues to affect our lives, escalating fears of getting sick or having a loved one get sick, remote learning for kids and taking safety precautions.

The virus is also hitting families at home in another way:  their money.  One study estimates that one-in-four adults have had trouble paying their bills since the outbreak started.

There are some practical strategies for protecting your family and setting up a strong financial foundation.   A Pew Research Center study revealed that overall, a third of adults have dipped into savings or retirement accounts to make ends meet.  

Reset and recovery starts with conversations about money.  Kristi Rodriguez, Vice President of the National Retirement Institute says, "People would much rather talk about their weight than their money."

The Nationwide Retirement Institute recommends these six steps:

1. Talk about money

2. Live within your means

3. Start saving and investing now

4. Prioritize your health

5. Make a long-term plan for your loved ones

6. Consider life and long-term disability insurance

Rodriguez also advises people to live within your means so that you can save and invest even modestly now      

For more tools and resources on health care costs and financial planning click here or here.

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