What Trump's Tax Policies Mean for Your Retirement
Big Picture Retirement®
Devin Carroll
4.7 • 546 Ratings
🗓️ 9 December 2024
⏱️ 32 minutes
🧾️ Download transcript
Summary
How could Trump's tax policies impact your retirement plans? In this episode, we break down the potential changes, from tax cuts to shifting brackets, and discuss what they could mean for your savings, Social Security, and investment strategies.
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Transcript
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| 0:00.0 | The Big Picture Retirement Show does not provide tax, legal, or financial advice. |
| 0:04.3 | Listeners are encouraged to seek out their own advisors in these areas. |
| 0:10.4 | Hey, everyone. Welcome to The Big Picture Retirement Show. I'm your host, Devin, joined by John K. |
| 0:15.7 | K. Ross IV, my co-host. Howdy? So, John, we had an election and a little bit of an upset that happened in the election. |
| 0:22.4 | Donald Trump is the only, I think what, the second candidate to ever win non-consecutive |
| 0:28.5 | terms, I believe it was, Grover, I may be getting my, I may be getting my history off, |
| 0:34.5 | but I think there was only one other in the past where there was non-consecutive terms, one. |
| 0:39.3 | But there were a few things pending on this election, one of which was likely his freedom. |
| 0:45.8 | Well, fair enough. |
| 0:47.4 | But the other is potentially some big changes to taxes. |
| 0:52.5 | Right. |
| 0:53.1 | Well, you know, when Trump was in office the first time, |
| 0:56.7 | he passed the Tax Cuts and Jobs Act. And it has a built-in expiration date of January 1st, |
| 1:02.6 | 2026. Yep. And so, yeah, that has been looming out there. Oh, it has. I have had, as I've, |
| 1:10.5 | you know, for the last couple of years, I have had |
| 1:14.1 | clients that would be negatively affected by the expiration of those cuts. And we'll talk about it more, |
| 1:21.1 | but it's been virtually impossible to clearly advise those individuals. Oh, for sure. Right? Because I can say, |
| 1:30.2 | here's what it is today. Here's what it might be in the future. Here's what the law says is going to |
| 1:36.9 | happen. Here's what the law says is going to happen. January 1, 2026. But who knows what's going to happen. |
| 1:41.2 | Right. And I've told some of them, I was like, you know, basically you may just decide to take a wait and see approach and see what happens with the election. |
| 1:50.5 | Well, now we know. |
| 1:51.4 | Yep. |
... |
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