What you need to know if you're planning to claim Social Security retirement benefits during Covid-19

What you need to know if you're planning to claim Social Security retirement benefits during Covid-19  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  VIEW IN BROWSER | SUBSCRIBE WED, JUL 01, 2020 YOUR WEALTH Editor's Note Life during this pandemic has been surreal. It seems that each day there's some new anxiety-provoking development as a result of the coronavirus. While most of us are no longer concerned about our toilet paper or hand sanitizer supply, many remain nervous about their financial situation. To that point, the coronavirus pandemic has thrown millions of Americans into chaos, negatively affecting their financial well-being along with their physical and mental health. Financial stress is difficult enough to deal with on a good day, but the fear and uncertainty going through the nation now make handling these situations even more difficult. Having a plan can help you retake control and move forward despite uncertainties. I reached out to some financial professionals to find out what they are telling clients, and perhaps themselves, to get through the financial stress. Let me share some of their advice. First, it makes sense to reach out to your bank and/or creditors if you're in danger of missing any payments — especially for rent or mortgage. As nervous as you might feel about talking to your bank, keep in mind that many financial institutions are offering help to customers impacted by the crisis. It's a good time to revisit your budget. If your income took a hit, know how much money is now coming in and how much is going out for the next few weeks or months. That means it's time to have an honest conversation with yourself and tighten up expenses where you can. If you have any sort of emergency savings, this may be the right time to dip into those funds until you've replaced any loss income. Advisors agree that it makes sense to use emergency savings funds for crucial expenses, like your mortgage or rent, groceries and utilities. Advisors urge people to stick with their plans. For example, if you're investing in your firm's 401(k), keep investing in the plan. You may want to take advantage of low interest rates. Perhaps you can refinance and save some money on student loans or that mortgage payment. Taking care of your finances can help alleviate some of the tension and stress you might be feeling. Knowing that your money issues are taken care of will also allow you to focus more on your well-being. For more key stuff like this, please follow me on Twitter @jimpavia and check out CNBC's Financial Advisor Hub and CNBC + Acorns Invest in You: Ready. Set. Grow. Jim Pavia @JIMPAVIA What you need to know if you're planning to claim Social Security retirement benefits during Covid-19 With economic uncertainty, you may want to start receiving Social Security retirement benefits if you're eligible. But there are things to consider before this retirement decision. Got an inherited retirement account and took a mandatory withdrawal? You can put it back When the IRS rolled out relief on required minimum distributions from individual retirement accounts and 401(k) plans, it gave a bonus to beneficiaries of inherited IRAs. They, too, can undo their distributions for 2020. These 4 numbers show the dramatic racial economic inequality in the U.S. In many ways that Americans work to establish themselves financially, either through the stock market, net worth or homeownership, Black families trail White families. PPP loans are ending. Here's where small businesses can turn now The Paycheck Protection Program will stop approving new applications after June 30. Other relief options may be limited for struggling businesses. What to know about getting Medicare if you are 65 or older and lost your job Anyone who is 65 or older and lost workplace health insurance is eligible for Medicare coverage. Here's what enrollees should know. Treasury Department, IRS will not extend Tax Day a second time The IRS and Treasury Department have listened to your requests to push the tax deadline beyond July 15 and they are sticking to their guns. What you should know if you can't file on time. Uncle Sam is paying 5% interest on your late tax refund. And yes, it's taxable Overpaid on your 2019 taxes and still waiting for that refund? The IRS is going to pay you interest of up to 5%. Here's what you should know. This is what unemployment benefits will look like without that extra $600 a week The $600 weekly supplement to unemployment benefits, created by the CARES Act coronavirus relief law, will end after July 31, absent an extension. The average American would go from fully replacing lost wages to replacing about a third. Millennials look to boost their emergency funds even as the pandemic scrambles their plans With plans on hold and hearing echoes of 2008, millennials are trying harder to build financial security. Stashing cash? Rates on certificates of deposit are plummeting A spike in savings coupled with the Fed's move to hold its benchmark rate at essentially zero have put pressure on deposit rates. Abilities "The longer I'm doing this, the more I realize the truth of one very big idea: The ability to withstand and endure volatility is worth more than the ability to avoid drawdowns ..." CONTRIBUTORS Sharon Epperson @sharon_epperson Josh Brown @ReformedBroker Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel   Digital Products Feedback Privacy Policy CNBC Events   © 2020 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS