Retirement Blog

New Economic Policies

January 30, 2025

You have worked for years building a retirement or long-term financial plan. During this time, you have likely heard plenty of times that there is no way to predict markets with total certainty. Adding to the uncertainty could be the changes ushered in when there is a governmental shift like what is on tap for 2025. Donald Trump has regained the presidency along with majority representation in both the House and Senate. In theory, that should make many Republican talking points about policy that can affect your finances come to fruition. But the truth is, only time will tell.

There will likely be no shortage of headlines and debates over items that could impact you. Probably too numerous to stay on top of.

The incoming administration has promoted lower taxes – including the elimination of taxes on Social Security. However there is also speculation that cuts to Social Security and Medicare could be discussed. It also appears likely that the new administration will push to extend the Tax Cuts and Jobs Act of 2017. It is currently set to expire after 2025. This decreased tax rates while significantly increasing the standard deduction and estate tax exemptions.

As with any new president and their proposed policies, much will take place over time and might not happen overnight. The national discussions that affect your personal finances can be hard to digest on a daily basis. This is why it is beneficial to have the help of a professional who can explain what is happening and how it affects the things you care most about.

Contact us to schedule a meeting. Let’s have a discussion about what you want out of your financial future and how we can help you stay on course – no matter what changes may come.