5 Things to Know About the CARES Act

The CARES Act was recently passed as a response to coronavirus. What kind of financial significance could it have on you and how might you be able to benefit from it? We run through the key provisions you need to know about.

Apple PodcastsSpotifyGoogle PodcastsStitcherTuneIn

The View From The Pinnacle

The CARES Act was recently passed as a response to coronavirus. What kind of financial significance could it have on you and how might you be able to benefit from it? We run through the key provisions you need to know about.

Click the timestamps below to fast forward to certain points of the episode.


Thing’s You’ll Learn Along Today’s Journey

With the CARES Act, there have been a number of changes that may ultimately apply to you and your retirement plan. Are you aware of all of the changes? On this episode of Retirement Elevated, Sean explains five key things you should know about the CARES Act.

To start, RMDs are suspended for this year. If you don’t need the money, you don’t have to take it in 2020. When next year starts again, you will have to resume distributions. But if you are younger, there are also exceptions for coronavirus-related distributions should you need them. 

What about 401(k) loans? How has the CARES Act changed your options when it comes to getting a loan from your 401(k)? Now, you can take more money out and you have an extension of how long you get to pay it back.

Is Social Security going to change? If you are receiving Social Security payments, your benefits will stay the same. What did change is the employer liability when it comes to Social Security taxes owed on wages this year. If you are an employer, how will this change things for you?

Finally, if you are able to donate to charitable organizations, the taxes benefits have changed to encourage more giving. Whether it’s a qualified charitable distribution, a charitable contribution, or cash gift–there are ways to support charities that will help be offset later with your taxes. Make sure to work with an advisor to ensure your actions align with your retirement goals and that they fall under the guidelines of the new CARES Act.

Listen to the entire episode to hear more about the CARES Act or click on the timestamps below to hear a specific segment.

0:45 – What’s the status of life and business for Sean?

1:40 – What has changed with RMDs?

3:43 – What are your options with 401(k) loans?

5:09 – Will anything change with Social Security?

6:43 – Will this pandemic put pressure on the Social Security trust funds?

7:29 – What are new coronavirus-related distribution exceptions?

8:58 – What opportunity can we find to strengthen out of this?

9:53 – What changes are there in regards to charitable distributions?


Looking Back From The Mountaintop


Resources From Today’s Podcast

Sign Up For A Class With Us

Check Out Our Media Center

Learn More About Sean


Your Guide:

Sean P. Lee – Contact


Ep 101: What You Need To Know About Secure Act 2.0

The Secure Act 2.0 was recently passed, so we talk about some of the key takeaways that might impact your financial plan on today’s episode. Some changes are for the better and some changes might take some time to get used to. Which of these might benefit your financial plan the most? Listen to find out.


Ep 99: The Desire to Retire

Things You’ll Learn Along Today’s Journey Some people dream about retiring and it can’t come soon enough. For others, maybe it’s something they are putting



For over a decade, Sean Lee has helped families reach and maintain their financial goals. As a trusted advisor, he coaches and assists his clients with their financial goals by focusing on the fundamentals and takes a practical and personal approach when working with them.

As a trusted professional in Utah, Sean has been featured in The Wall Street Journal’s Market Watch, The Deseret News, The Salt Lake Tribune and USA Today. He has also been featured as a local financial advisor on Utah’s NBC station, KSL 5.

Questions for Sean?



(801) 639-0095


Investment Advisory Services offered through Elevated Capital Advisors, LLC, an SEC Registered Investment Advisor. Insurance products and services are offered through Elevated Financial Services, LLC.

*Guarantees provided by insurance products are backed by the claims-paying ability of the issuing carrier.

The retirement kit is provided for informational purposes only. It is not intended to provide tax or legal advice. By requesting this report, you may be provided with information regarding the purchase of insurance and investment products in the future.