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Life is Rich: Trump Takes the Stage, Social Security on Edge, and Savvly’s Big News!
Savvly Inc.
November 13, 2024 • Reading Time: 8 minutes
Welcome back to Life is Rich. Let's put it this way: There's no shortage of news this week as Americans face a barrage that includes the elections, daylight savings, and, of course, Christmas memes.
Before we jump in, we're happy to announce that Savvly will officially launch in 2025! So sign up for our waitlist to find out just how you can make the most of your pension.
Trump's views on pensions
President-elect Donald Trump's successful campaign sees him once again at the helm as POTUS. Business savvy with a sharp eye on the country's income and balance sheets, Trump's stance on the nation's spending has come under the limelight several times in the past. He has a firm view that by cutting spending, the country will have a healthier economy.
So, what does this mean for retirees? For starters, Trump and the Republican Party want to propose eliminating taxes on benefits such as social security. While this would put more money in recipients' pockets, the non-profit public policy organization Committee for a Responsible Federal Budget (CRFB) estimates that it would deplete the Social Security coffers as soon as 2031, three years sooner than the Congressional Budget Office predicted.
The after-election spending spree
If you're flummoxed by that header, so are we! According to a survey featured in USA Today, 44% of consumers are spending less money on dining out and subscriptions to wait out the economic fallout of the elections. The survey targeted those between the ages of 18 and 44. The respondents also indicated that major purchases, such as homes and cars, were off the table until the election results rolled in.
Ted Lasso back on American soil?
No, it's just Kentucky Governor Andy Beshear donning the beloved fictional coach's look for Halloween sans a mustache. The governor sported the look during one of his news conferences, and while he even launched into Ted's famous quote, "Every day is a chance to do better than the day before", the governor got straight to business addressing key concerns and issues.
Social Security has been under the radar recently due to the dwindling funds, but it's also a concern for those eager to see whether a Republican approach will scrap the program entirely.
Well known for his stance on US expenditure, it's expected that the president-elect might choose to scrap benefits programs entirely. While there have been multiple views from the Trump camp on whether or not to keep the benefits, in March, Trump wrote that he wasn't seeking to do away with these benefits but rather to make them better and more affordable. These benefits include Social Security and access to better medical care.
The Good and Bad News of the Week
The Good News
The Bad News
Exciting Announcement!
We're gearing up for something truly spectacular and can't wait to let you in on what we're up to. Sign up for our waitlist to get a front-row seat to our Savvly product launch!
Savvly Blog
If you're heading into retirement soon, it's a good idea to do the math and ensure you've covered all the bases. Expenses creep up when you least expect them, and it helps you be prepared for the unexpected. Our recent blog post, The True Cost of Retirement: Are You Prepared? tackles some of the expenses you might have to deal with after retirement.
Links You Might Have Missed
Before You Go
Americans surviving a grueling couple of days that include saying goodbye to the beloved Peanut, voting, and having to wake up an hour earlier.
Social Security and Trump's campaign