The year 2025 may bring significant economic shifts, affecting individuals' finances in various ways. While stock market gains boost retirement investments, catastrophic storms lead to soaring repair costs and insurance challenges. Additionally, the incoming administration's plans for tax cuts and financial deregulation add uncertainty. Financial experts advise focusing on controllable factors and seeking high returns in a declining interest rate environment.
2025 could bring economic changes with the potential to hit millions of people’s wallets in different ways. A series of stock market gains have fueled retirement investments at the same time that catastrophic storm damage is causing steep repair costs and making thousands of homes virtually uninsurable. Meanwhile, the incoming Trump administration is eyeing deeper tax cuts along with a rollback of newly built guardrails around consumer finance.
Keeping extra funds in case of the unpredictable is one of the most durable tenets of financial advice, and planners say that hasn’t changed. Samuel Deane, president and CEO of Deane Wealth Management, a financial advisory firm, said he typically urges clients to stash enough to cover three to six months of living expenses. But workers in industries prone to high turnover or mass layoffs should consider a bigger buffer, he said.
ECONOMY FINANCE INVESTMENT INTEREST RATES TAX POLICY
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