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Among the people he must convince are those who are about toretire.
This includes millions of baby boomers, all of whom are in their 60s or 70s now.
However, proposed policy changes around taxes and healthcare costs are worth monitoring.
So, what are some changes that could affect retirees plans in the near futureif Donald Trump becomes president?
But there could still be a longer-term impact.
In particular, the Committees proposal could result in changes to the program that could hurt soon-to-be retirees plans.
This includes a raised full retirement age (FRA).
The FRA is when someone becomes eligible for the maximum or full Social Security benefits.
Currently, the FRA is 66 or 67, depending on date of birth.
This is a loss of thousands of dollars in income each year.
Medicare could also face insolvency six months sooner than expected.
But for those who are thinking about retiring soon, theyre still worth knowing about.
For example,proposed corporate tax cutscould boost stock prices and retirement account balances, he said.
He also noted that, regardless of whos in office, healthcare costs will probably continue to rise.
In 2023, Fidelity Investments released itsRetiree Health Care Cost Estimate.
This isnt a major change from the year before, but retirees still have to coversignificant health-related expenses.
Reviewing options to mitigate these costs is prudent, said Boersma.
Options are out there.
My top adviceis simple.
Max out tax-advantaged retirement accounts like 401(k) [plans] and IRAs.
Pay down high-interest debt.
Review expenses and look for waste, said Boersma.
Meet with a financial advisor … to develop acomprehensive retirement income planbased on your needs and risk tolerance.
Make adjustments as needed to policy changes, but avoid reactionary changes, which often prove unwise.
But its unlikely that these changes will take place in 2025.
Still, no matter who becomes the next president, being prepared is really the best option.
With proper planning and prudent adjustments, a comfortable retirement should remain within reach for most.
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