Even if you’ve been avoiding the news, you’re probably aware that we now have in place the new CARES Act: The Coronavirus Aid, Relief and Economic Security Act. And while some of the details remain to be worked out (stay on top of the latest with this updated IRS resource page), for older individuals, there are 3 main aspects of which you need to be aware: Stimulus checks that will be made available to most older adults, changes to retirement account activities, and unemployment benefits, even for older workers who might not have previously qualified for unemployment. For a general overview of these senior-specific aspects of the bill, take a look here (of course, contact your own financial advisor to make sure you understand your specific situation). And for a good, more general source on all stimulus money matters during the coronavirus crisis, check in with this New York Times Q & A here.

First, the incoming checks: Actually, for most of us, this money will come in the form of direct deposits rather than physical checks, and will mostly rely on your previously submitted 2018 or 2019 tax returns, both for determining how much you’ll receive and where the money will be sent. Even if you’re no longer working, and receive Social Security, depending on your income, you may be eligible for these one-time payments that can be up to $1200/person or $2400 for couples filing jointly. And, according to The Washington Post, you should be able to receive these non-taxed payments via direct deposit even if you don’t file tax returns, as the government should already have your bank account information on file. Take a look at AARP’s description of these stimulus checks here. And if by chance you’re feeling charitable and would rather donate this money to a worthy cause, look here for places to park your philanthropy.

For those of you with 401Ks, IRAs and other sorts of retirement assets, the new act also carries some helpful relief. First, those RMDs (required minimum distributions): For those 72 and older who have been required to draw down your retirement money each year, the new Act suspends that requirement for 2020, so no need to sell those stocks at a bargain-basement price to take your distribution. Moreover, if the current crisis has you short on cash, you’ll be able to make an early withdrawal from your retirement account up to $100,000 without the usual 10% penalty (you will still have to pay the usual taxes on that withdrawal, but you’ll have 3 years to pay that). For more details and in-depth analysis, dive in here and here.

Finally, for those of you who may be technically retired, but nonetheless still in the workforce full-time or part-time: If you’ve been furloughed or laid off due to the crisis, you may be eligible for newly expanded unemployment benefits, and even if you were an Uber gig-worker, you may still be eligible. For a better understanding of what you may be entitled to, contact your state’s unemployment office, and click here for help in locating that office.