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That said, it would be hard to imagine that Harris will steer far away from Bidens anticipated policies.
Heres what they advise next years retirees to consider whenplanning for a potential Harris presidency.
Currently, the payroll taxes that fund the program apply only to the first $168,600 in earnings.
According to the numbers, the top 1% saw the biggest tax savings $60,000 in 2025.
The middle 20% will only see an annual savings of about $80 a month.
[Harris], if elected, would most likely let the TCJA sunset, DeLuca said.
Consequently, this would raise the personal income tax rate to 39.6% for individuals earning above $400,000.
Another policy that could shake things up for those approaching retirement involves taxes on the generational transfer of assets.
Are My Investments Safe?
Their anticipated goal is for a policy rate of around 4.1% by the end of 2025.
Lowering interest rates will drive long-term bond appreciation up and allow for freer movement of money.
Cheaper loans build up smaller businesses and bolster the economy.
I would be bullish on the markets over thenext two years.
Always look at your financial plan, DeLuca said.
It doesnt matter if there is a new president.
Every six months, a financial plan should be revisited and adjusted as need be.
This can help ensure that their financial plans are aligned with any changes that may affect their retirement savings.
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