Joe Biden and Your Retirement Planning
It’s still pretty early in the Biden Presidency, but for those concerned about their long-term financial situation in retirement, it’s time to focus on what could be coming down the road. In a post nasdaq.com, David J. Scranton (Founder of The Retirement Income Store®) provides a glimpse of some of the steps being considered by the Biden team and discusses how these steps could impact individuals if enacted.
For example, turning 401(k) contributions into a tax credit could substantially change the value of this planning strategy for high earners, and the series of potential changes to Social Security’s rules and regulations could change the way these benefits fit into a retirement planning strategy. Then there’s the impact that the Biden Camp’s plans might have on the overall economy and the small business arena and how they may change the trajectory of inflation, a potentially significant unknown for the future.
Read the Scranton post here…