While the country might be in store for changes on a grand scale, political parties and international policy probably aren’t the prime focus for your personal finances.

One of the biggest expenses for retirees (and something to consider for those approaching retirement) is the ever-present tax bill. Income and expenses change for many during retirement. Paychecks are replaced by pensions, Social Security and retirement account withdrawals. And while everyday expenses from working days might change, taxes stemming from retirement-related income will likely become a new hurdle in your personal financial journey.

As election season plays out, it’s 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, and any changes will also depend on the results of House and Senate elections that determine whether possible changes are voted into law. Future economic and tax proposals could also be influenced by the Federal Reserve, as they can influence nationwide standard interest rates and have been closely watched and scrutinized over the last year, with inflation continuing to be a concern.

In retirement (or planning for it), the bottom-line number isn’t 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. Give Consha Financial a call at 678-539-9518 to find out how knowledge and strategy can be key to helping build your ideal future.

Investment advisory products and services made available through Impact Partnership Wealth, LLC (IPW), a Registered Investment Adviser. Neither the firm nor its agents or representatives may give tax or legal advice. Individuals should consult with a qualified professional for guidance before making any purchasing decisions. Neither the firm nor its agents or representatives may give tax or legal advice. Individuals should consult with a qualified professional for guidance before making any purchasing decisions. Investing involves risk, including the potential loss of principal. Any references to protection, safety or lifetime income, generally refer to fixed insurance products, never securities or investments. Insurance guarantees are backed by the financial strength and claims paying abilities of the issuing carrier. 

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This blog is intended for informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation.