Vice President @KamalaHarris is in Atlanta to underscore all that is at stake in this election. There’s too much on the line to sit this race out. Tune in now. https://t.co/JkSdtWpAF6
— Joe Biden (@JoeBiden) July 30, 2024
The 2024 presidential election is rapidly approaching, and many Americans are worried about how it might affect their retirement plans. Financial experts shared their advice with GOBankingRates on what steps people should take if they think Kamala Harris will win in November. Paul Tyler, a chief marketing officer, said it is important to stick with your long-term investment plan, even if you are tempted to make big changes based on the election results.
“Time frames make all the difference when it comes to saving for retirement. Consistent investment habits over that time will negate any politician’s impact on a person’s retirement future,” he explained.
With only 100 days until Election Day, we need all hands on deck to elect @KamalaHarris, defeat Donald Trump’s Project 2025 agenda, and protect our fundamental freedoms.
Check your voter registration at https://t.co/Hy8C4mIL2M.
Let’s get to work. pic.twitter.com/STENSy0Hym
— Joe Biden (@JoeBiden) July 28, 2024
A chartered financial analyst and certified public accountant suggested that if you believe Harris is likely to win, you might want to put less money in U.S. stocks and more in international stocks from developed and emerging markets.
More substantial overseas exposure could help you overcome flagging economic performance and a weakened U.S. dollar,” he said.
100 days to go! Let’s do everything we can to win this election with Vice President @KamalaHarris.https://t.co/QAzoyZlHtq pic.twitter.com/MmWif74tHW
— Elizabeth Warren (@ewarren) July 28, 2024
One financial expert emphasized the importance of always having enough cash on hand, no matter what the political situation is.
Preparing for possible policy impacts
“I strive to always have an adequate liquidity reserve,” they advised. This ensures you can handle emergencies and opportunities, even if the markets are unstable. Studies show that it is smart to keep your money invested regardless of which party is in the White House.
Research found that $10,000 invested consistently from 1948 until now would have grown a lot, doing better than only investing when one party held the presidency. Edelman Financial Engines’ Everyday Wealth survey revealed that 73% of Americans worry about how the election will impact their financial security. However, the firm advises not making changes to your long-term plans out of fear.
Instead, focus on your personal financial goals and the things you can control. Given how complex retirement planning is and the potential for policy changes, talking to a financial advisor can be very helpful. Advisors can assist in navigating possible changes and make sure your retirement plan matches your long-term objectives, no matter the political outcomes.
