2024 Election Cycle Stoking Apprehension Among Those Planning for Retirement
As is true in most planning scenarios–and most definitely in financial planning exercises like those associated with eventual retirement–the unknowns are the factors that make any plan, well, just a plan. And when you talk about unknowns, this famous quote by former Secretary of Defense Donald Rumsfeld usually surfaces: “There are known knowns. These are things we know that we know. There are known unknowns. That is to say, there are things that we know we don’t know. But there are also unknown unknowns. There are things we don’t know we don’t know.” The “known unknowns” associated with the upcoming presidential election are beginning to head closer to center stage as the process unfolds, with a fair amount of uncertainty associated with the positions that will be taken on reforming Social Security in the face of its steadily eroding financial picture.
CNBC.com’s Lorie Konish, in a post on their website, addresses the results of a Nationwide Retirement Institute survey highlighting the point that “More than two-thirds — 68% — of Republican investors believe the election outcome will have a direct and lasting impact on the stock market, versus more than half — 57% — of Democratic investors.” Although the statistics refer to investor attitudes, it’s no stretch to conclude that those concerned about planning for their retirement years are experiencing the same palpitations as they listen to the candidates and the pundits reporting on various political platforms.
Check out Ms. Konish’s post here.