How the Next President May Impact Your Retirement

If you feel like this has been a never-ending election cycle, you’re not alone. It’s only been a few months since both candidates accepted their respective nominations, yet in that time I feel like my gray hairs have multiplied by a thousand.

But we’ve nearly made it to the finish line. Today is Election Day, and (hopefully) the end is in sight. Go vote, then say goodbye to the incessant political ads, unfathomable super PAC spending and constant Saturday Night Live jokes.

There's just one. More. Day.

When the dust settles, we as a country will have decided who next occupies the White House. And for Americans concerned about retirement, that could have some serious implications.

As Money reported last month, former President Donald Trump and Vice President Kamala Harris have varying stances on Social Security, pensions and Medicare, not to mention taxes and health care. Regardless of which side of the political aisle you find yourself on, there could be benefits for retirees.

Whether the victor is decided tonight, tomorrow or in a week, make sure you’re sticking to your long-term retirement plan. Because no matter who the 47th president is, you remain your No. 1 retirement advocate.

If you plan on maxing out your 401(k) next year, here's some good news: The contribution limit for 2025 will increase by $500 to $23,500, not including any match from your employer, according to a new IRS announcement.

• 🛒 You May End up Spending More in Retirement Than You Expect
• 💰 How to Find Lost or Forgotten Pensions, 401(k)s and Retirement Money
• 📊 7 Steps to Forecasting Your Cash Flow Needs in Retirement