The 2024 Presidential Election: What Could It Mean for Your Financial Plan?

With the upcoming election, individuals must brace for potential economic shifts and policy changes that could affect their financial strategies.

PORT CHARLOTTE, Fla., Nov. 1, 2024 /PRNewswire/ -- The 2024 presidential election is creating a buzz not just in political circles but also in the financial world. With policy changes expected to follow the election, many individuals are left wondering how the result will impact their personal financial plans. Nikki Ockenden, RFC®, Managing Partner at Precise Financial Solutions, sheds light on how election outcomes often affect financial markets and individual strategies. "Election cycles bring uncertainty, and with uncertainty comes market volatility," says Ockenden. "It's important for individuals to remain vigilant and consider how potential shifts in policy could affect their financial standing."

Tax policy, in particular, is an area of concern. Both candidates have signaled that changes to the tax code are likely to be on the agenda after the election. "The outcome of the election could have significant implications for tax rates, especially for higher-income earners," Ockenden explains. "For those in higher tax brackets, this could mean revisiting their financial strategies, particularly in terms of estate planning and capital gains taxes."

However, Ockenden advises caution against making hasty decisions based on election results. "It's natural to want to react to the market and policy changes quickly, but financial planning should always be grounded in long-term goals," she says. "Yes, the election will cause fluctuations, but those who have a solid, well-diversified plan will be better equipped to weather any short-term turbulence."

In addition to tax changes, the election could also bring new policies affecting healthcare and Social Security, both of which are critical considerations for retirees. "We've seen in past elections that campaign promises often translate into legislative action, so it's important to stay informed and prepared," Ockenden concludes. "But ultimately, your financial plan should be built to withstand these changes without needing drastic adjustments every four years."

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SOURCE Precise Financial Solutions