Today’s Hack
With the recent political landscape, tariffs have become a hot topic, often surrounded by confusion and misinformation. How do you sit through the noise to find out how this might impact you? In this episode, Phil breaks down what tariffs are and how they can affect your investment portfolio as you near retirement.
So, what exactly are tariffs? In simple terms, tariffs are taxes imposed by a country on imported goods. This means that when products from other countries enter the U.S., they may incur additional costs, which can ultimately affect prices for consumers. While some people argue that tariffs are beneficial for local businesses, others warn of potential inflation and increased costs for consumers.
With insights into the current political landscape and historical context, this episode aims to demystify tariffs, helping you to make informed financial decisions.
Here’s what we discuss in this episode:
0:00 – Intro
1:42 – What is a tariff?
2:48 – Will costs rise?
7:02 – Has this happened before?
9:20 – Impact on economy
10:40 – Effect on the market
If you have any questions about what we discussed in this episode, reach out and we’ll be happy to set up a time to talk.
Get your copy of The Tax-Smart Retiree: https://www.thetaxsmartretireebook.com/welcome