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Election years are a major reminder to pay close attention to your retirement plan.
Knowing where to start isnt always easy, so GOBankingRates spoke with the experts for you.
Heres a look at sevenretirement planning movesyou should consider if you think Bidens elected to serve another four years.
Within these categories, diversify further by investing in different sectors, industries and geographic regions, he said.
This way, you reduce the impact of any single market event or policy change on your overall portfolio.
Its crucial to review your tax strategy with a financial advisor to optimize your retirement plan.
This might mean you should probably reallocate your assets.
Also, exploretax-efficient withdrawal strategies, such as withdrawing from taxable accounts first to allow tax-advantaged accounts to grow.
Taking a proactive approach to tax planning helps preserve your retirement income.
A well-prepared healthcare strategy safeguards your retirement savings from unexpected medical costs and provides peace of mind.
Since tax rates are still low, he said now is the time to take action.
The converted amount can then grow tax-free for the life of the Roth IRA.
Investing more in the stock market could provide higher returns, even with increased volatility.
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