Bay State News

When Jeffrey Snyder launched The Broadcast Retirement Network nine months ago, he could not have imagined how the world would change in early 2020.

But he said the BRN’s mission to provide information on financial independence, retirement and savings remains very relevant. In fact, he said more people are watching it online, on social media and at the company website now than before the COVID-19 pandemic.

“Right now, for the here and now, companies are trying to keep the lights on and their employees working,” Snyder told Bay State News. “People are trying to keep food on the table and take care of their families.”

Jeffrey Snyder | The Broadcast Retirement Network

But he said it’s important to try to avoid tapping into savings and retirement accounts. That should be a last option, even in a crisis.

State governments can assist people during a time like this, Snyder said, and none have done it any better than Massachusetts. It has provided extensive unemployment insurance, food and economic assistance, business loans and support and more.

He said State Treasurer and Receiver General Deb Goldberg has stood out among state officials around the country. Massachusetts had a $3.48 billion “rainy day” fund, and as the pandemic set in, the Massachusetts Legislature passed a bill empowering Goldberg to borrow up to $3 billion to meet state commitments as tax revenue declined by 50 percent in April. The money must be paid back by June 2021.

The bill was sent to Gov. Charlie Baker’s desk on Thursday. Snyder said the state has responded well to such a dire time and Goldberg has stood out for her efforts.

“Treasurer Deb Goldberg is very much focused on financial empowerment,” he said.

Snyder said she has shown a great understanding of the importance of small business, “the lifeblood of the Massachusetts economy,” and has been strongly supportive of these companies.

She also has been innovative. The Massachusetts Unclaimed Property Division has employed an advanced secured-cloud-hosted, web-based system to track down people owed money and paid out $5.5 million in the past week.

“By introducing new technology into Treasury departments and agencies we have been able to continue to efficiently serve the people of Massachusetts during these uncertain times,” Goldberg said in a release. “By establishing an advanced web-based system, Unclaimed Property has been able to serve thousands and pay out millions, which is currently needed by a lot of people.”

Goldberg has pushed for an online lottery to raise money. She said it can be done without harming retail stores who depend on it for revenue and traffic flow.

Goldberg worked in the grocery business before entering public life, and understands the fiscal realities. But she said online sales — with a cashless option that is very attractive now — will spur additional play and help retail stores, not harm them.

Snyder said it is not as if the state was prepared for this crisis.

“I don’t think you can really plan for a pandemic,” he said.

But, he said, it was in sound financial shape and that has allowed it to support its residents. He said Florida and Texas also have responded well and all governors and state legislatures are striving to provide for their residents. The key thing was sound financial decisions made years ago, and that applies to people as well as governments.

Snyder is the founder, CEO and lead anchor for BRN. He said it offers exclusive interviews, information on current affairs and more and has proven to be popular, with 804,000 subscribers. There is no charge to subscribe and no drumbeat to buy financial packages.

“Unlike financial shows which prioritize institutional investment managers and public policy organizations, BRN AM is a lifestyle show that brings the stories and ideas of regular Americans to the forefront,” the website states. “We engage with a range of topics pertaining to retirement, focusing individual episodes on personal finance, healthcare, social security, home-ownership and so on to provide viewers with the full picture regarding the future of financial security in America.”

All those topics may not be on the front burner now, Snyder told Bay State News, but people cannot lose sight of them, either.

“I still think you need to keep it in the back of your mind,” he said.

Snyder said life will resume in some semblance of normality. When?

“I wish I had a crystal ball,” he said. “Everyone is trying to adhere to the guidelines. I think we will have to adjust.”

Snyder, 48, said the people who lived through the Great Depression in the 1930s, the massive economic downturn of 2007-09 and other life-altering events were forever changed.

“I think that will be the case here,” he said.