If You Live in Georgia, Here’s How Trump Might Affect Your Retirement
Written by
Laura Beck
Edited by
Levi Leidy
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With the 2024 election barreling towards us, Georgia’s once again finding itself in the political hot seat. And if you’re wondering how former President Donald Trump’s policies might shake up your retirement plans, you’ve come to the right place.
GOBankingRates spoke to financial experts to figure out exactly what might happen after Nov. 5. Let’s break down how Trump might affect your retirement if you live in Georgia.
Georgia: The Political Peach Pit
When it comes to elections, Georgia is important. As Cliff Ambrose, founder and wealth manager at Apex Wealth, put it, “Georgia is [an] important swing state, [where] any shifts in policy direction could make a big difference for voters in this region as the election unfolds.”
In other words, your vote in Georgia carries some weight.
Tax Cuts: More Money in Your Pocket (Especially If You’re Wealthy)
One of Trump’s big selling points is his love for tax cuts. According to Ambrose, “Trump’s policies could significantly shape your retirement finances. He tends to favor tax cuts, which might allow retirees to hold onto more of their income, and this could benefit those living on fixed incomes.”
Dean Bright from Bright Buys Houses added, “If Trump gets back in office his tax cuts are most likely to help wealthier retirees.” So, if you’re sitting pretty in retirement, you might see even more green in your wallet.
But it’s not all sunshine in the Peach State.
Social Programs: A Potential Squeeze
While tax cuts sound great, they might come with a side of worry for some retirees. Ambrose warned, “Potential cuts to federal programs like Social Security or Medicare could mean higher out-of-pocket costs down the line.”
Bright echoed this concern, saying Trump’s policies “could put some strain on important programs like Social Security that many middle- and lower-income retirees in Georgia depend on.”
So, if you’re counting on these programs to keep you comfortable in your golden years, you might want to keep a close eye on how Trump’s plans could affect them.
The Georgia Economic Shuffle
Anthony DeLuca from RetireGuide gave us a peek at Trump’s bigger picture for Georgia. “Trump spent time in Savannah, Georgia, discussing a similar economic approach. Through tax cuts and tariffs, he intends to create a ‘manufacturing renaissance’ that will bring jobs back domestically.”
DeLuca added, “Georgia’s biggest economic drivers are the service industry, agriculture, manufacturing and defense. Trump’s initiative aims to bring this back ‘in-house’ instead of shifting jobs and product development overseas.”
This might mean a few more jobs for Georgia workers, which could help with retirement savings. But remember, those tariffs might also raise the cost of goods, which could force retirees to crack down on their budgets.
Editor’s note on election coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
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