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But dont forget toprepare financiallyfor an unpredictable future.
In other words, start saving now, because nobody knows exactly whats coming down the pike.
Buffer Against Uncertainty
Economic uncertainty often follows elections, said Doug Carey, CFA, founder ofWealthTrace.
No matter which candidate wins, Congress would need to take action to change thesunsetting tax rules.
Prepare now for changing tax rules.
Sustained High Inflation
The U.S. economy isnt out of the inflation woods yet.
Prepare for Slimmer Social Security Benefits
The math just isnt pretty on Social Security spending.
Fixing it would require large benefit cuts or tax hikes both of which are unpopular to put it mildly.
Therefore, you just cant count on the same Social Security benefit levels that past retirees have enjoyed.
Prepare to pay for your own retirement, so you dont find yourself broke in your golden years.
But you are ultimately responsible for your personal finances, not whoever sits in the Oval Office.
You control your career choices, your savings rate and your investment decisions.
Focus your energy on what you’re free to control.
The Power of Compound Interest
In general, saving and investing earlier yields exponentially greater wealth.
At a (generous) 10% return, youd have to invest nearly $5,000 each month.
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