Poll: 57% of Americans think Trump will affect their retirement strategy

Trump's tax policy may also factor in your retirement fund re-evaluation. For example, consider that Trump and the Republican-led Congress have announced plans to streamline the tax brackets from seven brackets to three. If your tax bracket decreases now and your bracket is likely to be higher at retirement, a Roth IRA formed with post-tax dollars becomes increasingly attractive.

Should the Trump administration affect your retirement strategy? Frankly, any President should affect your retirement strategy — because you should be periodically re-evaluating your retirement plans and goals to see if you are on the right track.

You should also strive to make retirement a priority, as well as maintaining an emergency account that keeps you from having to dip into your retirement funds. The key is living within your means. "It's just sad that people live paycheck to paycheck when they are making good incomes," says April Lewis-Parks, Director of Education and Public Relations at Consolidated Credit.

The best way to improve your retirement savings is to cultivate a savings habit. "Even if it's just $10 a week, that's something," says Lewis-Parks. She recommends that people investigate, "...if I put my retirement fund 1% up, how much more money I will save over 30 years?" The free MoneyTips Retirement Planner lets you run countless scenarios like that. "Once people are aware of how little changes have a huge impact, then they will start to make those changes."

Governmental policies change, and so do your retirement needs over time. Keep track of how your retirement funds are affected by governmental and economic changes, but be cautious in making changes to your long-term retirement plans. Stay disciplined in your approach to retirement savings and apply as much savings toward your retirement as you possibly can to minimize changes of the unpleasant variety.

Let the free MoneyTips Retirement Planner help you calculate when you can retire without jeopardizing your lifestyle.

Originally Posted at: https://www.moneytips.com/poll-57-percent-of-americans-think-trump-will-affect-their-retirement-strategy/558

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