Americans are bracing for several political headwinds that could come in the 2024 presidential election and beyond. Michele Martin, president of Prosperity, an EisnerAmper company, talks to Wealth! about how to navigate both the election and the expiration of the Tax Cuts and Jobs Act as it relates to your personal finances.

Martin doesn’t see the presidential election as a “game changer” for investors. “It’s really easy to get carried away with the election and wonder what political things are going to affect your portfolio,” she explains. But she believes that right now it’s more about “sticking to proven plans and thinking about overall allocation.”

She notes that “stocks are perfectly valued right now,” so if investors are overweight in certain areas, they may want to look to reduce their weight – especially in IRAs, since it’s not taxable. Marin stresses the importance of planning, adding, “If you’re an early investor and you have a really long investment horizon, this definitely shouldn’t affect your thinking.”

However, for those nearing retirement, now might be a good time to reduce risk and develop a plan with a financial advisor.

Meanwhile, the Tax Cuts and Jobs Act expires at the end of 2025. Martin points out that this will change the estate tax exemptions, so now is a good time to sit down with an estate planning attorney before the law expires: “It’s better to have the luxury of time to make these important decisions for your family.”

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This article was written by Melanie Riehl