It’s 2024—and that means we’re already back in another election year.

It’s no secret that election years bring all sorts of changes, but what does this transitional time mean when it comes to the topic of your finances?

In this conversation, Phil and Kendall shed some much-needed light on this topic, explaining why our firm believes taxes will likely go up in the near future, why the IRS may be eyeing the untaxed money in your retirement accounts, whether who is president really makes a difference for our financial plan, why election years tend to lead to temporary volatility in the market, and more.

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In the 8th episode of Season 2 of “Challenging the Financial Concerns & Uncertainty of an Election Year,” we delve deeper into the impact that an election year can have on our financial stability and planning. With the upcoming elections in mind, it is crucial for individuals to take stock of their financial situation and make informed decisions to ensure a stable future.

One of the biggest challenges during an election year is the uncertainty that it brings. The stock market often experiences fluctuations as investors react to the changing political landscape. This instability can make it difficult for individuals to make long-term financial plans, as they may be unsure of how the outcome of the election will affect their investments or retirement savings.

Another concern during an election year is the potential for changes in tax policy. Depending on the outcome of the election, tax rates and laws could be revised, impacting individuals’ finances. It is important for individuals to stay informed about any proposed changes and be prepared to adapt their financial strategies accordingly.

Additionally, the overall economic outlook during an election year can be unpredictable. Business investment and consumer spending may slow down as companies and individuals wait to see how the election plays out. This can have a ripple effect on the economy as a whole, potentially leading to job losses or other financial hardships for individuals.

In order to navigate the financial challenges of an election year, it is important for individuals to stay informed and proactive. This may involve consulting with a financial advisor to review investment strategies, reassess risk tolerance, and ensure that retirement plans are on track. It is also crucial to stay up to date on any proposed changes to tax policy and adjust financial plans accordingly.

Ultimately, while the uncertainty of an election year can be daunting, it is possible to weather the storm by staying informed, proactive, and flexible. By taking control of our financial future and making informed decisions, we can mitigate the impact of political uncertainties and ensure a stable financial future.