Today's Hack

With the latest changes and spending proposals, we discuss how the economy might be impacted. What should you do now to prepare?

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Show Notes For This Episode

Other Retirement Facts:

There’s a lot going on in the country from a tax standpoint, from a spending standpoint, and then with everything that has happened in response to coronavirus. How will that impact you and your financial plan? 

Coronavirus has caused a lot of government spending. What does Phil have to say about that? The potential for increase in tax rates is something we’ve talked about for some time. All this spending will have to be accounted for at some point. 

The stimulus packages have changed certain employment dynamics. Did the stimulus package incentivize people to not return to work? We talk about some industries that have help wanted signs posted and can’t seem to fill certain positions.

What are the tax rates for capital gains? How might they move? Phil shares some of the taxes you could face. We also talk about the difference between short-term and long-term capital gains. What could change with the step-up in basis?

When we talk about the impact on the economy, it’s important to understand the full picture. If corporate taxes are raised or if there is tax on high income earners, what will happen overall? Will it cause the economy to improve or will it be detrimental?

We’ll end today’s podcast with a question from the mailbag. Bill wants to know what happens with the money in his 401(k) after he retires. Does it have to be rolled over or can he leave it in there? Phil says to consider the pros and cons of your options.

Listen to the entire show or use the timestamps below to skip ahead to a particular topic.

[0:29] – Got gas?

[1:11] – What’s going on with the nation right now?

[1:52] – Coronavirus response caused a lot of spending.

[2:45] – What impacts has the stimulus caused? 

[4:32] – What is happening with capital gains?

[11:46] – How does corporate tax play a part?

[20:09] – Mailbag: What happens to my 401(k) money after I retire?

A Quotable Moment:

Planning in any kind of environment like this is a tricky thing. You don’t want to make decisions based on speculation of, “What if?” But you don’t want to sit on the sidelines either.

-Phil Putney

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