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About Here’s to Your Wealth

I cover personal finance issues that face Gen X and the Middle Class. I also focus on the financial impact of life transitions such as divorce, job changes, or death of a partner. Each month I will also be sharing a market commentary titled “Here’s To Your Wealth”. My blog... Read more

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How a Clinton, Trump, or Johnson Win Will Impact Near and Current Retirees, Part I

untitledI often write about what my clients ask me and lately they’ve been asking about the election. The election’s impact on the stock market has been discussed at length on Forbes and in other publications. . This is a great topic, but I think what is missing in the personal finance media coverage is information that targets a specific demographic. I advise many people who are nearing or have just entered retirement and they are curious as to how each potential presidential win would directly impact their retirement. I’ve chosen to focus on the candidates’ Social Security and Medicare positions and this is part one of my two-part series.

Like I do when discussing this topic with my clients, I have written the below with no personal bias, just facts, and I have placed the candidates in random and rotating order throughout the series. Here then, is part 1 of my 2-part series on how a Republican, Democratic, or Libertarian presidential win would impact a person who is very near retirement or recently pulled up a chair on the beach.

Social Security

When it comes to social security, the direct impact of a presidential candidate’s stance on you depends on how much you rely on your social security for income in retirement. With that in mind, here is a quick breakdown.

  1. Retirement Age:

We’ve all heard about how the Social Security we know of today may be at risk in the future and that there is a need for reform making the candidates’ stances on social security protection and reform paramount. Trump, Clinton, and Johnson all wish to protect Social Security, but their approach of doing so varies.

        2. Social Security Protection:

If you currently rely or will rely heavily on your Social Security for income during retirement, it may be prudent for you to take into account these candidates’ positions on the subject when casting your vote in November. As I said before, everyone has a unique situation and each candidate’s position will impact you in a distinct way and is worth a second look.

If you are a millennial or GenX’er and have managed to read this far, the news for you may be different. But one thing is for sure. Generous programs like these that are underfunded may wind up costing you in the form of higher taxes during your working years.

You can find Part Two of this series in my next article.

The views and opinions expressed by the author and those providing comments are theirs alone, and do not reflect the views and opinions of H. Beck, Inc.

Mark Avallone, MBA, CFP®, CRPS®. www.PotomacWealth.com

Securities and Investment Advisory Services offered through H.Beck, Inc., Member FINRA/SIPC. 6600 Rockledge Drive, 6th Floor, Bethesda, MD 20817 301.468.0100. Potomac Wealth Advisors, LLC is not affiliated with H.Beck, Inc.
This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice regarding any funds or stocks in particular, nor should it be construed as a recommendation to purchase or sell a security. Past performance is no guarantee of future results. Investments will fluctuate and when redeemed may be worth more or less than when originally invested. Diversification and asset allocation do not guarantee against loss. They are methods used to manage risk.
* Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.
*The economic forecasts set forth in the presentation may not develop as predicted and there can be no guarantee that strategies promoted will be successful.
* Consult your financial professional before making any investment decision.

 

Mark Avallone, MBA, CFP®, CRPS®

About Mark Avallone, MBA, CFP®, CRPS®

I am the Founder and President of Potomac Wealth Advisors LLC., an independent financial advisory firm headquartered in Rockville, MD. Previously, I was a Senior Vice President in The Private Bank of Bank of America and as a VP in the Corporate Banking Division of Mellon Bank. I am a CERTIFIED FINANCIAL PLANNER ™ practitioner, a Chartered Retirement Plans Specialist and hold an MBA degree from Rutgers University. I am a big proponent of financial education, and have been an adjunct professor of finance at The University of Maryland University College. I am the past President of the Boys and Girls Clubs of Suburban Maryland. For more information please visit my website, www.PotomacWealth.com. You can contact me at 301-279-2221 or at Mark@PotomacWealth.com

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