Will Biden Raise Taxes? Show 28

There’s a lot of chatter about what will happen politically right now. One side of the political spectrum says the election is settled. The other side says Trump’s pleas of election fraud are warranted. 

No matter where you stand on the question, the most important thing you can do when it comes to your retirement planning is plan for the worst and hope for the best. 

The biggest question for many people is “Do you think tax rates will be lower or higher for you in the future?

If you’re like most of the people we interact with (both Republican and Democrat) you probably think taxes are going up in the future. 

And for good reason. At last check, America is $27.3 trillion in debt. And Joe Biden is talking about more stimulus payments. 

I just read in the Spartanburg Herald about another restaurant going out of business. As a business owner I can empathize. 

I understand the blood, sweat, and tears that go into building a business. So, I get the desire to help people now. But when we help ourselves now, we pay for it with future obligations. 

If you’re like many of our clients you have used tax-deferred accounts like 401Ks, 403Bs, and IRAs to save for retirement. I’m afraid the taxes on those accounts will come due for many people when tax rates are higher. 

But I’m not here to beat up on 401Ks. You may have greatly benefited from them. You may have gotten a company match on your contributions and you lowered your taxes while you were working. 

But now things are changing and you may be able to save taxes in the future if you put a plan in place now to mitigate your tax exposure. 

I elaborately explain this on the podcast this week. Please take a listen by clicking here.  

David C. Treece, 
Financial Adviser 


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