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President Joe Biden officially dropped out of the 2024 presidential race.
He endorsed Vice President Kamala Harris to take his place on the ticket.
This kind of a shakeup can have aripple effect on the American economy.
Also see what Harris could mean for Social Security specifically.
This makes sense with Harris being Bidens VP.
It is not clear yet where Harris is on this issue, but it is probably similar to Biden.
How did TCJA affect the middle class?
It increased the standard deduction for payers to take on taxes.
It also lowered theincome tax rate.
said Raf Pereira, the founder ofStocks.News.
There are two key pieces Ronan is referring to that are very important for retirees.
One is the expansion of Medicare.
These changes would be observed starting in 2025.
Pereira said this could be extremely beneficial for those looking to retire.
President Biden was against any proposals to cutSocial Security benefits.
Instead, he would use revenue from taxes on high earners to back Social Security.
Biden is also a proponent of increasing Social Security benefits for seniors and those with disabilities.
Pereira mentioned thatstock market returnsmight decrease.
But, with adequate Social Security earnings, this might not feel as rough for some retirees.
Political landscapes can shift quickly, but a well-balanced financial plan can weathervarious economic scenarios.
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