Manage episode 278352423 series 1232333
Are you worried about what the election means for your retirement portfolio? Many people are tempted to make big changes to their retirement savings to reflect their election concerns. On this episode of Retirement Starts Today Radio, you’ll learn what you can do to your portfolio if you are nervous about the transition. You’ll also hear what the new RMD tables mean and how the Biden proposals could change the entire retirement landscape.Outline of This Episode
- [2:12] What do the new RMD tables mean for you?
- [4:40] How much is the next Medicare Part B premium increase?
- [7:40] Should you make big changes to your retirement plan because of the election?
- [11:50] Which Biden proposals could affect you and your retirement?
Since people are living longer than ever before, the IRS has finally decided to acknowledge these longer lifespans by updating their Required Minimum Distribution tables. According to the longer retirement timeline, retirees can take out smaller mandatory distributions and spread them out over a longer period of time.
What does this mean for you? You can expect to see smaller tax bills and larger IRA balances compounding over time. Listen in to hear the details and learn why this new tax table may seem familiar.Should you make big changes to your retirement plan because of the election?
Thankfully, we’re not here to discuss politics. You can go just about anywhere else on the internet for that. However, I do want to touch on the changes that may arise due to the election.
An election year often brings about strong feelings one way or the other and many people feel that they need to make changes to their portfolio based on what they hear on the news. Just because there is an election doesn’t mean that you should make big changes to your retirement portfolio. It’s a good idea to keep in mind that there may be between 4 and 8 presidents in office over the course of your retirement.Major global policy shifts don’t equal major portfolio shifts
Even if there are major shifts in global policy you only want to make tiny shifts in your portfolio. If you listen in I will give you specific examples of what you can do to prepare for the future transition without changing the essence of your portfolio.
I do want to clarify that you should never take advice from me or anyone that you find on the internet. Regardless of who is running the country, I want you to have an amazing retirement.Which Biden proposals could affect you and your retirement?
One of Biden’s proposals could completely change the retirement landscape. How would your retirement plans change if the Medicare age was lowered from age 65 to 60? At this point, it is just a proposal. Stay tuned in to Retirement Starts Today Radio over the coming months to hear the latest on this Biden proposal as well as his plans for Social Security.Resources & People Mentioned
- Plan Adviser RMD tables
- Think Advisor Medicare Part B article
- NPR article about Biden’s Medicare proposal
- CNBC article about Social Security
- Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com
- Follow Ben on Twitter: https://twitter.com/retiremeasap
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