As the coronavirus crisis is affecting the market in quite negative ways, many of us are wondering what will happen to our 401K accounts. Many are also wondering if we can actually use our 401k savings in case of emergency during the crisis.
My $0.05:
Here are a few guidelines you may want to consider:
If you’re able, keep contributing to your 401k:
If your employer matches your contributions, it’s basically free money that you would pass up if you stopped contributing.
While the stock market may have experienced many losses in the past few days, this also means there are opportunities to buy some shares of stock on sale. If your 401k contributions are going towards building a diversified portfolio, you should be able to see positive returns in the long term
Emergencies can definitely happen in a crisis, especially considering this is a largely unexpected one. However, tapping into your emergency fund first before tapping into your 401K may be best. If you really need to tap into your 401k funds in this period, you are in luck!The Coronavirus Aid, Relief and Economic Security Act now allows you as a retirement account participant to withdraw up to $100,000 for coronavirus-related expenses. Loan limits on your 401k have also been increased to 100% of the vested balance, up to $100,000. Individuals taking the coronavirus emergency also have the option of reimbursing themselves at any point
In addition, the related income tax due on such withdrawals can be paid over three (3) years.The contribution deadline for the 2019 IRA contributions has also now been pushed to July 15, 2020.
Last but not least, retirees over 72 years old now have the option of delaying taking their minimum distributions as required in 2020.
Welcome to Let It Be Friday!, where I say hello (and TGIF), and round up the lifestyle, career and business news that inspired, excited, made me smile (or laugh out loud).
I hope you and your loved ones are well and keeping safe, and wishing us all strength, patience and courage through this crisis!
Working Mother details what the new coronavirus relief bill means for working parents;
Are you a small business owner? Forbes lists who is eligible for small business loans in the economic stimulus package;
Got video calls for work? The New York Times lists the do’s and dont’s of being on camera for work;
For all the married couples, beware of the quarantine! Black Enterprise reports divorce rates could spike as a result;
The Glassdoor Blog answers the question: How do we achieve work-life balance when working remotely?;
Online meetings are getting increasingly more popular with the increase in work-from-home arrangements. As the current coronavirus crisis is pushing most people to work remotely, online meetings are becoming the norm more than the exception.
If you have been working from home, you may have already been in a slew of online meetings. Over the course of my career, and especially in times of crisis like the current coronavirus pandemic we’re facing, I certainly have. I’ve also had the opportunity to learn a tremendous amount, especially in regards to ways of conducting and participating in online meetings in an effective and respectful manner.
Here are a few tips to be more effective (and mind your manners) during online meetings:
Please dress appropriately
If you choose to show yourself via video (depending on the meeting in question, it may be required or not), dressing appropriately is a must. When we’re home, we may be tempted to dress more casually and relax our upkeep in general. However, looking professional is as important remotely as it is in person, so please make sure to present a polished appearance (even if this means you’re wearing exercise shorts under your pussy-bow blouse).
Test your equipment beforehand
Technology is not always 100% reliable, so make sure to test your equipment beforehand. A quick check of the audio and video quality can go a long way towards ensuring that the meeting is not interrupted, delayed or canceled altogether due to avoidable technical difficulties.
Arrive early
As with in-person meetings, punctuality in online meetings is crucial. Arriving five to fifteen minutes early not only makes you look professional and reliable, but can also help address any connectivity and technical issues that may arise early.
Make sure to avoid photobombing as much as possible
Remember Professor Robert Kelly’s interview on BBC, when his children actually became the inadvertent stars of the show by photobombing the entire process? As a working mom, I could certainly relate, as my kids have been serious photobombing perpetrators in some of my online meetings and classes. As much as possible, try to schedule meetings at times when there is a lessened risk of your kids or family members interrupting you. Let your loved ones know of meetings in advance, find a somewhat secluded space to hold the meeting (if possible), to avoid instances of photobombing as much as possible.
Have a backup option available
Having more than one option available for online meetings can help you quickly adapt when your video call slows your computer down, or your Internet bandwith starts giving up on you. You can use your phone as a backup for instance.
Get some headphones if necessary
To get the most out of an online meeting, you must make sure you’re able to speak up and be heard well, and also be able to hear others well. Unless your computer audio quality is top notch, investing in reliable headphones may be the way to go.
When you’re not speaking, use the mute button
After having my share of online meetings interrupted by kids screaming in the background, or by the mailman delivering yet another pair of shoes I didn’t need, I’ve become best friends with the mute button. Rule of thumb: when not speaking, use the mute button. Just don’t forget to unmute yourself when it’s your turn to speak up.
Be courteous!
Even in online meetings, respect and courtesy remain key. This means allowing others to speak, not speaking over other people, and using the tools at your disposal to be courteous. Many online applications offer the option to raise your hand before speaking up, along with using the chat function to add additional information.
When in doubt, use humor
There are a number of factors that can impact online meetings, many of which are difficult to predict and/or prepare for, especially when you’re a working parent. When in doubt, or faced with your toddler wagging his diaper in your face or throwing an unplanned tantrum (aren’t they all?), don’t be afraid to use humor to deflate the tension. After all, we’re all human, and things happen.
What other tips would you suggest to be more effective in online meetings?
Talking to children about a crisis is extremely challenging, and at times downright heart-wrenching, especially as a parent. With the coronavirus crisis upon us, many working parents are faced with tough questions from their children. As a working mom, you may have been at the end of a string of inquiries from your kids, asking just about everything about this crisis, from why they have to stay home and skip school, to whether people can die of the virus and why.
I know I have, and have felt a painful pinch to my heart and tightness in my chest, as I tried finding the right words to explain the unexplainable. How do you tell young kids from one day to the other, they may not be able for a while to freely roam outside and touch everything in sight, see their grand-parents, cousins and friends, or that they now have to stay home until further notice? How do you use words that make sense, and somehow lighten the weight of the anxiety and frustration you may be experiencing yourself? And how do you talk to children about protecting themselves from the virus, and avoid spreading it around?
In times of crisis, children do worry as well. While they may express it in different terms, or act out about it, they can still sense and experience the stress, fear and anxiety around, especially when coming from their parents and closest loved ones. This is why it’s so important to have honest yet sensitive conversations with children, especially in times of crisis.
Assess what the child already knows and reduce his/her exposure
One thing I’ve learnt as a working mama is that children know much more than we give them credit for, especially now that many have more access to the internet and tech tools. This is all the more important that as children are stuck at home and much of their homework is located online, it’s challenging to reduce their screen time.
Ask them what they already know about the current situation, so you can correct any misconception. Reducing their exposure to news about COVID-19 may also help alleviate any anxiety and risk of misinformation.
Be honest
It may be tempting to embellish the truth to protect our younger ones. However, it’s crucial to be honest and give them accurate information, as long as it remains appropriate for their age and developmental level.
Teach them safety comes first
As part of talking to children about any crisis, including the coronavirus crisis, teaching them safety comes first is paramount. In the case of the coronavirus crisis, teach them about rules of safety, such as keeping a social distance from people, appropriately washing their hands or sneezing and coughing in the trash or into their elbow, among other preventative measures.
Let your behavior serve as a way: stay calm and non-judgmental
Children emulate our behavior more than they listen to what we say, as I’ve learnt at my own expense. That’s why I’m careful to assign blame in my words or actions, or to show too much frustration or anxiety. While we’re human and don’t have to keep our emotions tucked away, serving as a positive example can go a long way.
Kids pick up on adults’ behavioral cues, so staying calm when talking to them in times of crisis is essential. As much as possible, use a reassuring tone, even when conveying less than positive news.
You can find the CDC’s guidelines to talk to children ab by clicking here.
Have you talked to children about the coronavirus, or any other crisis? What additional tips would you add?
Working online as a working mom presents many complex challenges. While someone working on their own at home has to follow basic rules on online etiquette, for working moms performing their professional responsibilities remotely online, there are many other additional factors to consider.
As a working mom, I have to take into account my family’s schedule, as well as my caregiving responsibilities, when performing my professional duties remotely. This includes taking into account my kids being home to build my schedule and hold meetings, incorporate my caregiving and household duties into my daily to-do’s, and still perform my work to the best of my ability or even better. These are also factors that may not be taken into consideration by organizations and collaborators when working remotely with working moms. Not only do these online etiquette rules show care and appreciation for the hard work working mothers are providing, but also has the positive impact of increasing, even multiplying, their productivity and loyalty in the long-run…
As such, when working remotely with moms, a few online etiquette considerations may come in handy:
Please be respectful of scheduling boundaries
For many moms working remotely from home, scheduling their day is an exercise in sheer endurance and flexibility, which includes kids’ pickups, drop-offs, activities, and other caregiving responsibilities. After all, it’s the reason why so many working moms seek to work from home, so they can actually incorporate their work and family responsibilities into the same schedule. This schedule is also a juggling act, which requires mothers to set strict boundaries to be able to transition from one activity to the other. For instance, scheduling a one-hour meeting at 1:30pm when kids’ school pick-up is at 2:30pm is impractical if you’re a working mom.
Respecting scheduling boundaries is a must when working remotely with working moms, as these boundaries may mean the difference between success and failure on a personal and professional basis. As there is more understanding around this, it will become easier for working moms to work effectively, successfully and with less stress, while still carrying out their caregiving and household-related tasks.
As much as possible, avoid last minute meetings
Yes, crisis happen and last-minute meetings may be necessary. However, when not absolutely necessary, these should be avoided if at all possible. For many a working mom, accommodating a last-minute meeting also may mean having to find emergency childcare, which is not always available, or having to incur additional care-related expenses.
When possible, understanding that last-minute meetings may take a whole new, often negative, meaning for working moms, can go a long way.
Consider allowing more flexibility in working moms’ remote schedules
As a working mom, I’m often up late finishing up on some tasks, or rising early to get a head -start on the day. Having flexibility when working remotely makes all the difference for working moms, as our schedules are not traditional and may often change on a day-to-day basis, with kids’ illnesses, school closures, and other care-related emergencies.
This also implies that more flexibility in a working mom’s schedule allows for increased productivity and impact, while helping families continue to function effectively.
All in all, as organizations and managers, considering the special set of circumstances working moms deal with when working remotely is not just a matter of helping them, but also a matter of multiplying the positive impact and efficiency women bring to the bottom line of companies. Foregoing these would end up costing us all in the long-run…
As working moms, what can organizations do to help you work better remotely?
