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We often caution folks against treating their retirement accounts like a windfall. But how should you manage an ACTUAL windfall, such as a large inheritance, a bonus or buyout from your employer, profit from selling a business, or winning the lottery?
One reason we advise our clients not to overreact to election results is that the plans candidates propose on the campaign trail often look very different once they've worked through the U.S. lawmaking process. President Biden's agenda has struggled with that very reality in recent weeks. As Congress continues to debate and negotiate the Build Back Better Plan, perhaps the central topic of discussion has been balancing ambitious spending with changes to tax codes that would be necessary to pay for that spending.
President Biden and Congress continue to float some pretty significant tax proposals, including last week’s package focused on corporate tax rates. On today’s show, we dig into items aimed at individuals, particularly some potential changes that could affect retirees this time next year.
The American Recovery Plan Act (ARPA) doesn’t sound quite as catchy as the SECURE Act or the CARES Act. But the government’s new trillion-dollar plan to accelerate our country’s recovery from COVID-19 is no less consequential.
We know at the household level, if we engage in “deficit spending,” that bill will eventually come due and we have to pay it. But at the government level, there are a group of economists who have developed a framework for thinking about how government spending and taxation works.
Retirement means that you're done working full time, but it doesn't necessarily mean that you're done making money.