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Changes to Social Security
Social Security is the primary source of retirement income for many retirees.
Around a quarter of older individuals rely on their benefits for 90% or more of their income.
Self-employed individuals pay the full amount of 12.4%.
This payroll tax is applied only to the first $168,600 of the individuals annual income.
If Trump is elected, he might change how Social Security is taxed.
Depending on how you look at it, this could be either a good or a bad thing.
But Joseph Favorito, the managing partner atLandmark Wealth Management LLC, primarily sees it as a positive.
However, 15% of Social Security is already tax free to most Americans.
As it pertains to market volatility, I dont think it matters very much who the president will be.
Markets ultimately go up, regardless of who is in office, he said.
When policy is more pro-growth, companies will hire new people if they need to.
When policy is more restrictive, companies will lay people off if they need to.
Either way, they will find a way to reach their bottom-line goals.
What it comes down to is understanding how to work with the changes that occur.
This is just as true for businesses as it is for individuals about to leave the workforce.
They just want to know the rules so they can figure out how to maneuver around them.
Changes to Healthcare
Just like with Social Security, many retirees are concerned about changes to healthcare.
Among other things, this would have cut Medicare funding.
Around 66 million people rely on Medicare.
As the program currently stands, its predicted to see a serious funding deficit by 2036.
If Trump is reelected and cuts the program further, this could be a problem for retirees.
Even if he doesnt, changes would need to be made to support the program long-term.
Robb Hill, president ofR.
Changes in healthcare legislation could also have an impact on retiree healthcare costs.
Here are a few:
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