Click here to learn more about our financial professionals by visiting FINRA's BrokerCheck.

Nyles R Gentz, Published Author

Nyles R Gentz, Published Author

You’ve worked hard all your life, many times as hard as the American farmer, from sun up to sun down and then some. And all along, you’ve likely contributed to a retirement program like an IRA, 401(k), or 403(b) with an eye to living the retirement you want. As you approach retirement age, it’s natural to start asking questions: What age is the right one for me to retire? Will I have enough income? What about Social Security? Since 1980, Nyles R.Gentz, has helped individuals at or near retirement establish comprehensive plans to help them achieve their retirement income goals. This guide will help consumers understand the options available to preserve their retirement savings in order to enjoy a satisfying and comfortable harvest, doing the things they choose. He believes when you’ve worked so hard, you want your money to last. 

Click here to request your copy

Gentz Financial Services, we help you plan for lifetime income

What the CARES Act mean for retirees

As you probably know, Congress passed the largest stimulus package in American history, the Coronavirus Aid, Relief, and Economic Security Act (CARES). This was done in an effort to combat some of the pandemic’s harmful economic effects. And while many American investors are feeling financially overwhelmed, retirees may be in an even trickier situation. Not only are you caught in this economic crunch, but you’re doubly burdened by the greater health threat this virus may have on older people. Because of that, Congress passed portions of the CARES Act to positively impact the health and wellbeing of retirees, as well as provisions that benefit those still significantly invested in the markets. Here are the portions of the stimulus bill that will likely have an impact on financial decisions you’ll be facing in the near future:

Stimulus check. One of the most talked about benefits of the stimulus package is the $1,200 stimulus payments for individuals who earned $75,000/year or less and $2,400 for married couples filing jointly that earned $150,000/year or less. This also includes seniors who don’t normally owe taxes and those claiming social security benefits, including retirement and disability. If you don’t need the extra money to make ends meet right now, consider tucking this check away in an emergency fund.

IRS tax deadline extension. The IRS is extending the federal income tax filing due date of April 15 to July 15, 2020 instead, without penalty or interest. This is an automatic extension that applies to all taxpayers, regardless of the amount owed, including individuals, trusts and estates, and those who pay self-employment tax.

IRA contribution extension. Along with the tax filing extension of July 15, 2020, comes an extended deadline for contributing to last year’s IRA. If you get a stimulus check and haven’t yet reached the $6,000 max (or $7,000 if you’re older than 50) for 2019, consider adding it there.

Required minimum distribution (RMD) suspended for 2020. Retirees will not be required to withdraw any amount from their retirement accounts, and no penalties will be assessed.

Nursing home and senior living attention and funding. Both the Centers for Medicare and Medicaid Services will get additional funding with the intention of providing safer, cleaner facilities to prevent the spread of the coronavirus.

Enhancements to Medicare and Medicaid services. There are numerous ways in which this law will assist in getting health services to retirees more quickly, including “telehealth" coverage, 90-day prescription refills and the extension of existing community-based, long-term care programs.

Many of these changes provide extra funding for unavoidable hardships, given the state of the economy and the state of global health. If you have any specific questions on how the coronavirus crisis will impact your retirement, let’s talk. As always, we’re here to help.

One Simple Call 

One Simple Call 

A Wealth of available financial resources  

Learn more
Gentz Financial On the Radio 

Gentz Financial On the Radio 

Listen LIVE Wednesday 8 a.m. -- rebroadcast
Saturday at 2 p.m. & Sunday at 9 a.m.

Learn more
Let Us Help You Take Control 

Let Us Help You Take Control 

Request an appointment today 

Schedule an appointment
What is your Risk Score?

What is your Risk Score?

Free Portfolio Risk Analysis  

Learn more
Helping Create Sound Financial Strategies For The Days Ahead 

Helping Create Sound Financial Strategies For The Days Ahead 

Gentz Financial Services is a retirement services firm serving central Minnesota. Founded in 1980, we have developed our business by reaching out, nurturing and maintaining close, trusting relationships with each of our clients.

Meet Our Team

                                                                                                                                                                                                   



  Qualifying membership in the Million Dollar Round Table (MDRT) is based on minimum sales production requirements and gross business generated within a year. 

Third-party rankings and recognitions are no guarantee of future investment success and do not ensure that a client or prospective client will experience a higher level of performance or results. These ratings should not be construed as an endorsement of the advisor by any client nor are they representative of any one client’s evaluation.

Download our Free Social Security Ebook!

Navigating the ins and outs of Social Security can be confusing. Luckily, we're here to help. This Ebook has the tools you need to get started developing your Social Security strategy.

How Much Do You Know About Investing?

These days, investing in financial markets is a common practice. Yet, many Americans remain under-informed about how various investment products really work. Want to know how you rank? Challenge yourself with our brief quiz, "Test Your Investment IQ."