How Tariffs Could Impact Your Retirement and What to Know for 2025 Taxes

NerdWallet's Smart Money Podcast

NerdWallet Personal Finance

Business, Education, Investing, How To

4.2 • 665 Ratings

🗓️ 6 March 2025

⏱️ 23 minutes

🔗️ Recording | iTunes | RSS

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Summary

Learn how to respond to market volatility, the risks of private credit investing, and key tax updates for 2025. Should you adjust your 401(k) amid uncertain market conditions? How do you decide between the standard deduction and itemizing on your taxes? Hosts Sean Pyles and Elizabeth Ayoola discuss stock market volatility and tax season essentials to help you make smarter financial choices. NerdWallet senior news writer Anna Helhoski and investing writer Sam Taube, join Sean and Elizabeth to discuss recent stock market swings, covering how new tariffs on major trade partners are affecting the economy. They provide insights into why markets react to policy changes, the risks of panic-selling investments, and strategies for how you can maintain a steady financial course through uncertain or turbulent times. Then, NerdWallet tax writer Bella Avila joins Sean and Elizabeth to answer listeners’ burning tax questions, including explaining key filing deadlines, recent tax bracket changes, and when it makes sense to itemize deductions instead of taking the standard deduction. NerdWallet’s federal income tax calculator: https://www.nerdwallet.com/calculator/tax-calculator Use NerdWallet’s dividend calculator to estimate your long-term returns and tax liability on a dividend stock, assuming dividends are reinvested: https://www.nerdwallet.com/calculator/dividend-calculator Learn about qualified and nonqualified dividend tax rates: https://www.nerdwallet.com/article/taxes/dividend-tax-rate In their conversation, the Nerds discuss: stock market volatility, private credit investing, how to invest in private credit, retirement account changes, investing during a downturn, tax season 2025, tax deadline 2025, tax filing tips, tax brackets 2025, standard deduction vs itemized deduction, IRS Free File, Direct File IRS, how to file taxes for free, Roth IRA contribution limits, how dividends affect Roth IRA, reinvested dividends and taxes, backdoor Roth IRA, qualified vs ordinary dividends, investment risk tolerance, impact of tariffs on stock market, shadow banking, alternative investments, investing in private credit, tax changes for 2025, how to estimate tax payments, how to avoid tax penalties, and e-filing vs paper filing. To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email [email protected]. Like what you hear? Please leave us a review and tell a friend. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Sean, I hope you did not look at your retirement funds this week.
0:05.0	You know, Elizabeth, I actually just checked my 401 balance, and it is certainly lower than it was a couple days ago.
0:11.0	But I'm trying to do a little bit of exposure therapy and practice what I preach, realize that the markets go up and down, and don't make rash decisions based on what's happening from one day to the next.
0:22.1	That's for sure, and I've been doing the same. So, let's hear a bit about what's going on
0:26.6	over on Wall Street and some tips for making smart investment decisions.
0:35.8	Welcome to Nerd Wallet's Smart Money Podcast, where you send us your money questions and we answer them with the help of our genius nerds.
0:42.6	I'm Sean Piles.
0:43.7	And I'm Elizabeth Ayola.
0:45.7	This episode we're talking about, dun, dun, done, taxes.
0:50.4	We've got a lightning round of your tax questions as we approach the sure signs of spring,
0:55.5	tulips, cherry blossoms, and the IRS deadline.
0:58.8	But first, our weekly Money News Roundup, where we break down the latest in the world of finance
1:03.3	to help you be smarter with your money.
1:05.1	All right, Sean, so we'd all be forgiven for sticking our heads in the sand this week
1:08.8	and not paying any attention to what was happening with our 401ks and IRAs. I mean, honestly, it was a hot mess. It was, and it was by and large
1:16.5	a reaction to the implementation of tariffs on Canada and Mexico and their retaliatory tariffs.
1:22.2	Our news colleague, Anna Hilhouski, is here with more. Hey, Anna. Hey, so yeah, I did not look at my retirement account balances
1:29.4	either this week. I'm not sure about y'all, but I definitely like to hear about some ways to cope with
1:34.5	the news so we don't become our own worst enemies. Agreed. So I'm joined now by our fellow Nerve Sam Tau
1:40.8	who covers all things investing and has a newsletter dedicated to it as well. Welcome, Sam.
1:46.1	Glad to be back. We've been sort of joking about this, but would you agree that now is not the time
1:51.1	to go wading into our retirement accounts, trying to figure out whether to make changes, while the
	...

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