I, On the other hand, worked hard in the private sector my entire life. I do have a pension, but not much of one. It is small. And I have had to build my own retirement by scrimping and saving and investing in several different IRA vehicles. I will work several years beyond retirement age before taking Social Security., But Im sure the income taxes will rise under Biden. So much for working longer.
If Biden wins, what am I to do? My friends, above, will be fine. But I may be forced to sell all my stock just in order to avoid Bidens taxes. I know he wants to double, possibly even triple, capital gains taxes. Moreover, what will my stocks be worth? A Biden presidency would send the stock market into freefall. So much for my retirement plans. At least, I will be able to count on having millions of people like me in the same boat.
I am having discussions with my financial planner of what do we do to protect against a Biden win and be in a safe position before the crash