How Election Outcomes Affect Your Retirement
September 19, 2024
With just a few months to go until the 2024 presidential election, many races are too close to call. That might make for great TV viewing, however the fact that there is no clear favorite in many House and Senate races (to go along with the presidency) leaves plenty of doubt. Doubt as to how – or how much – the results will affect retirement planning.
On its own, saving up for retirement is a monumental task. Many Americans are concerned about how much they will be able to save up before retirement. Those same people worry about the upcoming elections and the impact to their current plans1.
Nothing is guaranteed with the election, or with the policies and direction that come with it. History shows the markets tend to be a bit lower and chances of recession increase surrounding a presidential election2. However, past data does not consider current issues.
The tax cuts that are scheduled to expire for many Americans in 2025 as well as constant concerns about the future solvency and funding of Social Security and Medicare are items of concern for those already in or planning for retirement. Regardless of political leaning, it is smart to consider what changes may be coming and how to best adjust your financial plans to stay on track for your personal retirement wishes.
We can help explain some of the ways your financial future could be affected by the coming decisions. Contact us today and schedule your complimentary consultation.