What a Trump administration means for your retirement
Donald Trump (file photo)
(FoxBusiness.com) - What impact will a Trump presidency have on the 46 million Baby Boomers living in the U.S.? President-elect Trump, a Baby Boomer himself, has his work cut out for him when it comes to dealing with Social Security and Medicare.
Personal Capital recently released its 2016 election report, which assesses the short and long-term market and personal finance implications of a Trump presidency and includes an analysis of Trump’s policies on taxes, Social Security and health care.
While Wall Street has mostly been in rally mode following Trump’s win, Personal Capital urges Americans not to let the election outcome impact their long-term investment strategies. All elections stir emotion, but this one was more polarizing than most, potentially causing investors to react impulsively in changing their financial plans. Personal Capital says this is a no-no for seniors.
On planning for taxes, Personal Capital suggests it would be wise to wait and see what, if any, legislation is passed before significantly changing a tax strategy. Regardless, now is an ideal time to review investments and speak with a professional investment advisor to make sure taxes are optimized.
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