With a new year comes a new administration with initiatives and plans to help our nation continue to work through this ongoing pandemic. One of President Biden’s initiatives fresh on everyone’s minds is a third round of stimulus checks, sending out $1,400 per adult in each household. While $1,400 could help several families around the country for a month or two, President Biden has a few more initiatives in his COVID-relief stimulus package.
An Increase in Minimum Wage
Senate Majority leader Chuck Schumer has stated we may not see this next round of stimulus checks before four to six more weeks, which leaves many Americans in need of additional income. One solution that has been proposed is a $15-an-hour federal minimum wage. If this part of the president’s stimulus package passes, this could obviously create a bump in income for working Americans around the country.
Expansion for COVID-19 vaccination
With hospitals seeing an influx of COVID-19 patients, this stimulus package aims to increase the number of COVID-19 vaccines being produced as well as testing sites. President Biden has asked for $400 billion to increase the infrastructure for vaccine production while focusing on increasing the number of distribution locations as well. This offers a two-fold solution: an obvious solution for this ongoing COVID-19 pandemic and the creation of jobs for many struggling with unemployment.
As we have seen over the years, but especially with this COVID-19 pandemic: nothing is certain. Markets can, and will, fluctuate, which can leave many approaching retirees hesitant to leave the workforce. Thankfully, you have options to help prepare for retirement. Register for an ARI course with our financial educators to learn more about strategies to prepare for your retirement!