With just a few months to go until the 2024 presidential election, many races are too close to call. And while that might make for great TV viewing, the fact that there is no clear favorite in many House and Senate races (to go along with the presidency) leaves plenty of doubt as to how – or how much – the results will make future changes affecting retirement planning.

On its own, saving up for retirement is already a monumental task. Many Americans are concerned about how much they’ll be able to save up before retirement, and those same people are worried about how the upcoming elections will affect their current plans¹.

Nothing is guaranteed with the election, or with the ultimate policies and direction that will come with it. History shows that the markets tend to be a bit lower and chances of recession are higher surrounding a presidential election², but past data doesn’t consider current issues. 

Tax cuts scheduled to expire for many Americans in 2025 and 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 be confident about what changes may be coming and how to best adjust your financial plans to stay on track for your personal retirement wishes. 

Reach out to Consha Financial at 678-539-9518 and we can help describe some of the ways your financial future could be affected by the coming decisions. 

1. https://www.investmentnews.com/retirement/news/retirement-savings-worries-span-stock-market-and-the-election-254772
2. https://www.msn.com/en-us/money/savingandinvesting/4-ways-elections-can-affect-retirement-savings/ar-BB1nH8SE?ocid=BingNewsVerp

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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.