Close Menu
  • Home
  • Economic News
  • Stock Market
  • Real Estate
  • Crypto
  • Investment
  • Personal Finance
  • Retirement
  • Banking

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

Ethereum Dominates DeFi, Solana, Bitcoin, BSC, Tron, and Others among Top 10 

July 30, 2025

Bookkeeping Prices for Small Business: What to Expect in 2025

July 30, 2025

The 10 largest American IPOs of all time

July 30, 2025
Facebook X (Twitter) Instagram
  • Contact Us
  • Privacy Policy
  • Terms Of Service
Wednesday, July 30
Doorpickers
Facebook X (Twitter) Instagram
  • Home
  • Economic News
  • Stock Market
  • Real Estate
  • Crypto
  • Investment
  • Personal Finance
  • Retirement
  • Banking
Doorpickers
Home»Retirement»The 2024 election and your retirement: How to stay financially prepared regardless of who wins
Retirement

The 2024 election and your retirement: How to stay financially prepared regardless of who wins

October 6, 2024No Comments4 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email

The upcoming 2024 elections are expected to have a significant impact on retirees, particularly in light of the Social Security shortfall and other retirement planning issues. The outcome of the election could shape the future of Social Security funding and benefits. As retirees prepare for potential changes, it is crucial to stay informed and proactive in managing their retirement plans.

Brandon Ashton, director of retirement security at Cornerstone Financial Services in Southfield, Michigan, emphasizes the importance of the 2024 election for retirees. He highlights key issues such as tax legislation, pension reforms, retirement age, and healthcare costs that will be impacted by the election.

Experts advise retirees to monitor five key areas as the election unfolds and take steps to secure their financial future, regardless of the election outcome.

1. Prepare for changes to Social Security

With the Social Security trust fund running low, potential benefit cuts could be on the horizon by 2033. The outcome of the election will play a significant role in determining the future of Social Security funding and benefits. It is essential for retirees to be prepared for potential changes that may impact their retirement income.

According to Michael Primavera, retirement planning advisor at Daniel A. White & Associates in Lewes, Delaware, Congress may delay addressing the Social Security funding issue, making it challenging to implement lower-cost solutions in the future.

What you can do: To mitigate potential benefit reductions, retirees should consider saving and investing more towards their retirement. Making financial adjustments now can help secure a stable financial future.

2. Adjust for potential changes to income tax rates

The expiration of the Trump tax cuts in 2025 is expected to be a contentious issue. Both candidates have proposed changes to the tax system, including adjustments to tax rates for individuals and corporations. Retirees should be proactive in tax planning to minimize the impact of potential tax rate changes.

What you can do: Smart tax planning can help retirees minimize their tax liabilities. Understanding your income sources and tax brackets is crucial for effective tax management.

3. Consider a Roth IRA conversion

Given the potential rise in tax rates, a Roth IRA conversion may be a strategic move for retirees. Converting traditional retirement accounts to Roth IRAs can offer tax advantages and long-term financial benefits.

What you can do: Consider a Roth IRA conversion as part of your retirement planning strategy. Consult with a financial advisor to assess the benefits of this conversion based on your individual circumstances.

4. Watch out for changes to estate taxes

With the expiration of the Trump tax cuts, estate tax laws are expected to change by the end of 2025. Retirees should stay informed about potential adjustments to estate tax exemptions and consider gifting strategies to optimize tax savings.

What you can do: Discuss estate tax planning with your financial advisor to explore strategies that align with your long-term financial goals.

5. Don’t abandon your long-term game plan

Regardless of the election outcome, it is essential for retirees to stick to their long-term investment and retirement plans. Avoid making impulsive decisions based on short-term market fluctuations or political changes.

What you can do: Stay focused on your long-term financial goals and work with a financial advisor to navigate market volatility and make informed investment decisions.

Bottom line

Retirees should stay informed and proactive in managing their retirement plans amidst potential changes brought about by the 2024 election. By making well-considered decisions and working with experienced financial advisors, retirees can secure a stable financial future for themselves and their families.

Editorial Disclaimer: All investors are advised to conduct their own independent research into investment strategies before making an investment decision. Past performance is not indicative of future results.

election financially Prepared retirement Stay wins
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Applying for Social Security: How and when to do it

July 30, 2025

Did you inherit an annuity? Beware of the 5-year rule

July 29, 2025

Why you should aim to retire early, even if you fail

July 28, 2025
Add A Comment
Leave A Reply Cancel Reply

Top Posts

Study: Women can miss out on over $500,000 in career earnings — just by being mothers

July 2, 20240 Views

Best SEP IRA providers in 2025

January 1, 20250 Views

Federal Reserve set to repel Donald Trump’s calls for deep rate cuts

January 29, 20250 Views
Stay In Touch
  • Facebook
  • YouTube
  • TikTok
  • WhatsApp
  • Twitter
  • Instagram
Latest
Crypto

Ethereum Dominates DeFi, Solana, Bitcoin, BSC, Tron, and Others among Top 10 

July 30, 20250
Personal Finance

Bookkeeping Prices for Small Business: What to Expect in 2025

July 30, 20250
Investment

The 10 largest American IPOs of all time

July 30, 20250
Facebook X (Twitter) Instagram Pinterest
  • Contact Us
  • Privacy Policy
  • Terms Of Service
© 2025 doorpickers.com - All rights reserved

Type above and press Enter to search. Press Esc to cancel.