Americans are gearing up for several political headwinds heading into the 2024 presidential election and what may come after. Michele Martin, president of Prosperity, an EisnerAmper Company, joins Wealth! to discuss how you can navigate both the election and the expiration of the Tax Cuts and Jobs Act when it comes to your personal finances.

Martin does not see the presidential election as a "game changer" for investors. "It's really easy to get caught up in the elections and wondering what policy things are going to affect your portfolio," she explains. However, she believes that right now, its more about "sticking tried and true to your plan, thinking about your overall allocation."

She notes that right now, "stocks are priced for perfection." So if investors are overweight in areas, maybe seek to trim back — especially in IRAs since it will be a non-taxable event. Marin stresses the importance of planning, adding that "if you're an early investor and you have a really long time horizon, by all means it really shouldn't affect much of what you're thinking about."

However, for those nearing retirement, now might be a good time to scale back on risk and make a plan with a financial advisor.

Meanwhile, the Tax Cuts and Jobs Act is set to expire at the end of 2025. Martin notes that this will change the estate tax exemptions, so now is a good time to sit down with an estate planning attorney before the Act expires: "It's better to have the luxury of time to make those important decisions for your family."

For more expert insight and the latest market action, click here to watch this full episode of Wealth!

This post was written by Melanie Riehl