This week I’m talking about investing in an election year. A lot of people are nervous about investing during an election year, but there are actually several reasons why election years are great for the stock market and great for your retirement portfolio! 

Yesterday I talked about how election years typically impact the stock market and the short answer so you don’t have to go back and listen to yesterday’s episode is - not that much. 

Today, I’m talking about the unique landscape of the 2020 Election and what you should pay attention to. 

First of all is taxes. If Biden is elected, and especially if Congress is controlled by democrats as well, you’re likely to see higher taxes. Biden has already been campaigning on this, and especially with all the money being pumped into the economy because of COVID, taxes seem very likely to quickly change course and go higher. 

This means that 2020 is an important year to do some planning and gifting, especially if you are wealthy. As I talked about a few weeks ago on the podcast when I covered gift taxes, 2020 is an ideal time to do some gifting and estate planning, especially if your estate will likely be worth millions, you have a valuable business or other assets that may be subject to high estate taxes down the road. The clock may be ticking to pass along wealth in a tax-efficient way to the next generation if you don’t take advantage of the current gifting and wealth transfer environment. 

That’s it for today. Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip. 

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