Donald Trump and Your Retirement: Social Security, Medicare, and Beyond - AMAC & Kiplinger
New economic policies are on the horizon with the return of Donald Trump to The White House. This Kiplinger piece by Adam Shell notes that Congress will need to be involved in many changes to current law, but six areas to watch are discussed in depth. They are: 1. Lower Taxes Means More Money to Spend and Save with extension of the 2017 cuts set to expire in 2025; 2. Social Security Will be unchanged for now but faces potential cuts in the future; 3. A slashing of corporate taxes could lift your 401(k); 4. Tariffs could feed inflation, hurting Americans’ purchasing power; 5. Health care costs could rise as enhanced Obamacare subsidies are due to end in 2025; 6. Deportation of undocumented immigrants could have negative effects. Still the message of most financial advisors is to keep calm and carry on. Full article here.
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