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Welcome to How to Retire on Time, a show that answers your questions about all things retirement, including income, taxes, Social Security, healthcare, and more. This show is an extension of the book How to Retire on Time, which you can grab today on Amazon or by going to www.howtoretireontime.com.
This show is intended for those within 10 years of their target retirement date or for those are are currently retired and are concerned about their ability to stay retired.
Hello, and welcome to How to Retire on Time, a show that answers your questions about all things retirement, including income, taxes, Social Security, health care, and more. The show is an extension of the book, How to Retire on Time, which you can grab today on Amazon, or you can go to www.how to retire on time.com to get the book and some bonuses as well. My name is Mike Decker. I'm the author of the book, How to Retire on Time, but I'm also a licensed financial adviser, an insurance agent, and a tax professional, which means when it comes to financial topics, we can pretty much discuss it all. Now that said, please remember this is just a show.
Mike:Everything you hear should be considered informational, as in not financial advice. If you want personal financial advice, at least if you want it from my team, you can request your wealth analysis at no cost by going to www.yourwealthanalysis.com. With me in the studio today is my esteemed colleague, mister David Fransen. David, thank you for being here.
David:Yes. Thank you. Good to be here.
Mike:David's job, you got an important role, is to read your questions, and I'm gonna do my best to answer them. You can send your questions in now or later, but just save this number, 913-363-1234. That's 913-363-1234. You know what's fun is you can submit those questions anytime in the week. We collect them all, and then we address them on the show.
Mike:So you can send them in 913-363-1234 or email them to hey mike at how to retire on time.com. Let's begin.
David:Hey, Mike. How do you think the election is going to affect the market going forward?
Mike:I was waiting for this question to come.
David:Yeah. Perennial or every 4 year questions.
Mike:Yeah. And even every 2 years sometimes when it talks about local states. Mhmm. And there there's a lot there too with states. Are they gonna tax social security?
Mike:Are they not gonna tax social security or property taxes going up? I mean, politics, political risk. It's a thing. But I would say the question is very similar to asking, what's the market going to do next year or at the end of this year? I don't know.
Mike:I really don't maintain a position either way. And and here's why. No one knows the future. So if you build your portfolio around the assumption, let's say that Kamala Harris gets elected and Donald Trump gets elected, it could hurt. It it you you could be missing opportunities or taking a beating one way or the other.
Mike:It just depends. And if the inverse is true, if you build your portfolio assuming that Donald Trump gets elected and Kamala Harris actually gets elected, it could hurt. That's a version of trying to time the market. No one knows the future. And even then, when a president is elected and comes in and starts doing things, there's still congress, you know, there there's the whole system of checks to bring balance to the system.
Mike:It it exists. You know, I had a fun conversation with actually my my stepbrother about this. It's not checks and balances. It's a system of checks to bring balance to the system. So whoever gets elected, they're still going to be checked, hopefully.
Mike:They're still going to be balanced in this system, hopefully. And I say hopefully because there's always variations, and it's a gray area in some not a gray area in in the law, but just everyone tries to push it.
David:Right.
Mike:That's just how it is. But here's one constant I can assure you. Regardless of who gets selected, businesses are going to try and make money. One of my favorite expressions says that innovators will always outrun regulators. Yeah.
Mike:Regardless of the tax code and the tax cuts or increases, regardless of, whatever rules are out there, businesses are going to try and make money. Businesses make money, the markets can improve. Doesn't mean the markets are always gonna go up. Doesn't mean businesses will always have consistent profits. There will be ups and downs along the way, but to get involved with political timing, that's that's that may be a slippery slope.
Mike:Politics, in my opinion, affects your investments a lot less than you may realize. However, politics do affect your individual lives significantly, or it can. And that's usually with taxes, but there's a few other things as well. So be careful with your individual tax planning. But as far as your investments, don't try and time the political market.
Mike:Build a system that works for both because next year and you can take this to the bank. I'm gonna gonna tell you right now what the market's gonna do. It's gonna go up or it's gonna go down. And as long as you're able to maintain your lifestyle in either outcome, you should be okay. That's why we say over and over, go through the planning process of plan efficient growth portfolios.
Mike:Put a plan together, explore the efficiencies, most specifically, tax efficiencies, make sure you're focused on overall growth with flexibility, and then design your portfolio to support all of those strategies. You know, the funny thing is a plan is nothing more than a checklist of things you want to accomplish. Strategy is how you bring that plan to life. That's it. Don't try in the time the market.
Mike:Don't try in the time the political market. Yes. They're very different candidates, but businesses, regardless of the candidate, will still try to make money, have faith in that, have faith in the American people and American businesses. That's my my official statement. That's all the time we've got for the show today.
Mike:If you enjoyed the show, consider subscribing to it wherever you get your podcast. Just search for how to retire on time. Discover if your portfolio is built to whether flat market cycles or if you're missing tax minimization opportunities that you may not even know exist. Explore strategies that may be able to help you lower your overall risk while potentially increasing your overall growth and lifestyle flexibility. This is not your ordinary financial analysis.
Mike:Learn more about Your Wealth Analysis and what it could do for you regardless of your age, asset, or target retirement date. Go to www.yourwealthanalysis.com today to learn more and get started.