If you live in Georgia, here’s how Trump could impact your retirement

As the 2024 elections approach, Georgia is once again plunged into political crisis. And if you’re wondering how former President Donald Trump’s policies might affect your retirement plans, you’ve come to the right place.

GOBankingRates spoke to financial experts to find out exactly what could happen after November 5th. Let’s break down how Trump could impact your retirement if you live in Georgia.

Find out: What a Trump presidency could mean for Social Security in 2025

Read more: 9 Things You Must Do to Increase Your Wealth in 2024

Trending now: Boomers own half of US wealthWhy are thousands living without a home?

Georgia: The Political Peach Pit

When it comes to elections, Georgia matters. As Cliff Ambrose, founder and wealth manager at Apex Wealth, put it: “Georgia is it [an] important swing state, [where] Any change in policy direction could make a big difference to voters in this region as the election progresses.”

In other words, your voice in Georgia carries some weight.

Tax Cuts: More Money in Your Pocket (Especially If You’re Rich)

One of Trump’s big selling points is his penchant for tax cuts. According to Ambrose, “Trump’s policies could significantly impact your retirement finances. He tends to favor tax cuts that could allow retirees to keep more of their income, and this could benefit those living on a fixed income.”

Dean Bright of Bright Buys Houses added: “If Trump is back in office, his tax cuts will most likely help wealthier retirees.” So if you’re doing well in retirement, you might see even more green in your wallet.

But it’s not all sunshine in the Peach State.

Learn more: Trump Wants to Eliminate Income Taxes: How Would That Affect You If You Retired?

Social programs: A potential bottleneck

While tax cuts sound great, they may come with some concern for some retirees. Ambrose warned, “Possible cuts to federal programs like Social Security or Medicare could lead to higher out-of-pocket costs down the road.”

Bright echoed those concerns, saying Trump’s policies “could place some strain on important programs like Social Security that many middle- and low-income retirees in Georgia rely on.”

So if you’re relying on these programs to keep you comfortable in your golden years, keep a close eye on how Trump’s plans could affect them.

The Georgia Economic Shuffle

RetireGuide’s Anthony DeLuca gave us a glimpse into Trump’s big picture for Georgia. “Trump spent time in Savannah, Georgia, discussing a similar economic approach. Through tax cuts and tariffs, he wants to bring about a “manufacturing renaissance that will bring back jobs at home.”

The story continues

DeLuca added: “Georgia’s biggest economic drivers are services, agriculture, manufacturing and defense. Trump’s initiative aims to bring this back in-house, rather than moving jobs and product development offshore.”

This could mean a few additional jobs for Georgia workers, which could help with retirement savings. But keep in mind that these tariffs may also increase the cost of goods, which could force retirees to trim their budgets.

Editor’s Note on Election Coverage: GOBankingRates is nonpartisan and strives to objectively cover all aspects of the economy and present balanced reports on politically focused financial stories. For more information on this topic, visit GOBankingRates.com.

More from GOBankingRates

This article originally appeared on GOBankingRates.com: If you live in Georgia, here’s how Trump could impact your retirement