2025: A new year. A new president. A new economy?
It's hard to tell. President Elect Trump has made many statements about his plans for his presidency, many of which will have huge economic impacts if they come to fruition. Everything from tariffs, immigration, interest rates, taxes and government spending levels could influence our future economy in the coming months and years. From a personal finance perspective, having a budget that is refreshed and flexible is key to navigating these uncertain times.
https://savvyfinanceguide.com/balancing-act-navigating-budge...
November 26th, 2024 at 02:42 am 1732588929
November 26th, 2024 at 11:13 pm 1732662796
November 29th, 2024 at 03:34 pm 1732894498
I think the OP has some valid points--it is a time for greater economic uncertainty, and to the extent possible, maintaining flexibility in one's budget will help one navigate.
That's not always possible, though. I was reading on Facebook this morning, on a page for the "Ethels," a page for over-50 women sponsored by AARP, about a woman age 73, husband age 80, both in poor health, who only just realized that when her husband passes, she will lose nearly half their income since they are living on Social Security only.
The Baby Boomer generation is one where a retirement system based on pensions (defined benefit plans, if you were lucky enough to have one) changed to one based on 401(ks) (definited contribution plans), while there were no employer mandates and for the first 20 or so years of the system, the default option was $0 contribution. These days, due to advances in behavioral finance, at least the default option is "opt-out" of contributions rather than "opt-in," which will help. Also younger generations are more financially savvy at a younger age and saving earlier, which will help them when they get to retirement age. I do worry there is going to be a big problem again with senior poverty for Boomers who are not financially savvy and thus didn't save enough.
December 1st, 2024 at 03:22 pm 1733066522
December 7th, 2024 at 05:09 pm 1733591382
Trump is so unpredictable and extreme in his views. I am prepared for the worst but hoping for the best.
December 16th, 2024 at 05:01 pm 1734368503
Welcome to the group, RB!
January 26th, 2025 at 06:15 pm 1737915341