2024 Election and Taxes
September 26, 2024
The country might be in store for changes on a grand scale but political parties and international policy probably are not the prime focus for your personal finances. One of the biggest expenses for retirees (and something to consider for those approaching retirement) are the ever-present taxes.
For many people, income and expenses change during retirement. Pensions, Social Security and retirement account withdrawals replace paychecks. Also, everyday expenses from working days might decrease, but retirement-related income taxes create a new hurdle in your personal financial journey.
As the election season plays out, it is important to pay attention to promises and proposals from candidates that could directly affect you moving forward.
Potential changes to taxes vary in the presidential race1. Any tax changes will depend on the results of House and Senate elections. They determine whether possible changes are voted into law. The Federal Reserve may influence future economic and tax proposals because they influence nationwide standard interest rates. They have been closely watched and scrutinized over the last year because inflation continues to be a concern.
In retirement (or planning for it), the bottom-line number is not the only thing that matters. Smart, informed management of the savings and investments already in your portfolio can be just as beneficial as an increase in income or gains in the markets. Schedule your complimentary consultation to find out how knowledge and strategy can be key to helping build your ideal future.