Financial Experts’ Advice for the 2024 Presidential Election: 5 Moves to Make If Trump is Re-Elected

As the 2024 presidential election approaches, many Americans are feeling anxious about what the outcome might mean for their retirements. It’s natural to be concerned about political changes, but financial experts advise against making drastic moves based solely on election results. Instead, they recommend sticking to the basics of retirement planning and focusing on long-term financial habits.

One key piece of advice is to tune out the noise surrounding the election. Paul Tyler, CMO at Nassau Financial Group, suggests turning off the TV and avoiding election-related money predictions. Instead, focus on core retirement principles that remain unchanged regardless of who is in office, such as spending less than you earn and regularly investing in your retirement accounts.

It’s important not to let political anxiety drive financial decisions. A recent study by Edelman Financial Engines found that many Americans are worried about the election’s impact on their finances, with wealthy individuals particularly anxious. However, making rash decisions out of fear is not the best approach. Stick with your long-term money goals and stay the course.

Consider historical market performance as well. Edelman Financial Engines conducted a study that showed steady investing across administrations leads to better financial outcomes than trying to time the market based on political parties. In the long run, regular saving and investing have a bigger impact on your financial well-being than any presidential term.

In conclusion, while it’s natural to be concerned about the outcomes of elections, the best strategy is to focus on long-term financial habits and hold steady with your investments, regardless of who wins the White House. By following these tips, you can help secure your financial future no matter what the political landscape looks like.