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GOBankingRates spoke with financial experts to figure out the answer.
Heres how stable your retirement savings would beunder a second Trump presidency.
Lower taxes mean more money in peoples pockets.
But theres a catch.
While tax cuts might mean more money for you now, they could lead to problems later.
If the government has less money coming in, it might have to borrow more.
The Stock Market Roller Coaster
Trumps policies might help certain parts of the economy.
However, some experts worry that this stability might not benefit everyone equally.
Certain industries, likeoil companies and banks, might do well under Trumps policies.
But others, like companies working on clean energy, might struggle.
Immigration and the Labor Market
Trump is known for wanting stricter rules on immigration.
While this might sound good to some people, it could actually cause economic problems.
Saccaro said, Trump is likely to pursue amore restrictive policycompared to [his opponent].
This approach could lead to labor shortages, reduced consumer spending, and a softening of the housing market.
My advice to baby boomers is the same regardless of who wins the election.
Protect your savings because you are in theRetirement Risk Zonewhen Sequence of Return Risk is a serious threat.
Losses now could ruin the rest of your life.
The election doesnt change that.
This might sound good if you dont like taxes, but it could backfire.
If the IRS cant collect as much in taxes, the government might have less money overall.
This could mean less funding for programs that many retired people rely on, like Social Security or Medicare.
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