Are you at or nearing retirement age? Are you planning to retire in the next decade? Do you ever want to retire?
The repercussions from the result of the presidential election may prove to be both critical and enduring as far as your retirement in concerned. Nothing is set in stone, but there could be a storm brewing on the horizon.
Let’s take a look at how a Trump presidency could endanger your retirement…
The first thing to note here is a bit of news that isn’t getting as much coverage as it should: The Republican party didn’t just win the White House. They also control the majority in the House and the Senate as well.
In short, that means there should be much less political gridlock and much more “stuff” getting done.
And that leads us to Trump’s plan to cut taxes, and cut them massively.
With Republican power in the executive and legislative branches, you can expect significant tax cuts to be approved, although they may not be quite as large as Trump is proposing.
So where will the money to pay for such tax cuts come from?
One big area could be programs in place for retirees.
Some leaders of the Republican party have long been in favor of limiting Social Security benefits by adjusting the cost of living index, changing the retirement age, or some other measure.
Trump has opposed these changes with his rhetoric throughout the campaign, but there’s always the possibility of compromise once he’s in the White House…especially if he needs something from Congress in exchange.
There will also be the fallout for retirees should Obamacare get repealed, which is likely to happen with Republican majorities and White House.
It’s virtually impossible to know how severely, if at all, retirement benefits and programs would be impacted if and when that happens, but it’s also a virtual lock that changes will be made.
As the transition of power unfolds, it’s vital that you aren’t passive about your retirement.
With unforeseen changes looming, paying attention to the reforms made under a Trump presidency will be the only way to ensure your retirement’s protection.
And I’ll be there every step of the way to help you do so…