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A Biden Victory - What Does That Mean for Me?

| January 13, 2021

All 50 states and the District of Columbia have now certified their presidential election results, and President-Elect Joe Biden will drive our next four years. What does that mean for your investments as you move closer to retirement? Unfortunately, an election taking place at the height of an unprecedented global pandemic doesn't exactly lend itself to historical comparisons, but we can make a few assumptions.

A political party doesn’t historically have a considerable impact on market performance. The truth is, presidents don't operate in a vacuum, and a few major corporations have the most influence  on the markets.

More impactful is that we’re likely headed for a divided government. If projections hold, we can expect a Republican-controlled Senate and a Democratic-controlled House of Representatives. As an investor, you’re most likely concerned with the impact this leadership will have on your taxes. Good news for you, a divided government will almost certainly result in more moderate tax law changes than the initial proposals that relied on a Democratic sweep of Congress.

One of the great lessons from a year that has been a whirlwind of historic hurdles and uncharted territory is that only time will tell. Time will tell us if this new administration will positively or negatively impact the markets; time will tell if we're at the end or the height of the pandemic. But if time has told us one thing: your best bet is to stay true to your long-term strategy.

If you're concerned about how any of these shifts may affect you, now is a great time to contact us and determine how you can prepare to face these changes with certain tax-advantaged vehicles.

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This document is for educational purposes only and should not be construed as legal or tax advice. One should consult a legal or tax professional regarding their own personal situation. Any comments regarding safe and secure investments and guaranteed income streams refer only to fixed insurance products offered by an insurance company. They do not refer in any way to securities or investment advisory products Insurance policy applications are vetted through an underwriting process set forth by the issuing insurance company. Some applications may not be accepted based upon adverse underwriting results.  Death benefit payouts are based upon the claims paying ability of the issuing insurance company. The firm providing this document is not affiliated with the Social Security Administration or any other government entity.

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