THE LIFE

August 3rd, 2011

Will the New Debt Deal Affect You?

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After much drama, lawmakers may have finally settled on a deal to raise the nation’s debt ceiling. But for everyone from the retirees figuring out their future to students paying off their debt loads, the work and the headaches have just begun.

Financial advisers and other experts say the full impact of the headline-grabbing bill may not be known for weeks or months, especially with so many more details of the legislation passed yesterday still being worked out and interpreted. But many think it’s going to force many folks to rethink everything from their portfolio allocations to their tax movements. Two areas of concern already have emerged: Social Security and Medicare beneficiaries have been spared so far, for example, but experts say seniors could still be hit in phase two of the deficit-reduction plan. Investors, meanwhile, worry that the deal will further drag down the sputtering economy — and take the stock and bond markets with it. From the standpoint of economic growth, the cuts are “one more thing going in the wrong direction,” says Chad Stone, the chief economist for the Center on Budget and Policy Priorities.

Congress approves debt plan Tuesday and avoids first-ever government default, rushing the legislation to President Barack Obama for his signature. Video courtesy of Fox Business Network

In general, most pros recommend against any knee-jerk moves. Still, there are certain areas that are more likely to be impacted than others. Below are seven — from retirement planning to the fate of the dollar — that could require new strategies in the months ahead. These are by no means definitive, but think of them as a starting point for how to adjust your portfolio and finances.

View full article here


About the Author

Socialtik Mag
Socialtik Mag is a progressive platform for young, aspiring professionals to express our views on the issues and ideas in the world around us. It’s the Gen-Y perspective of life in the new decade. In addition to the original content we produce, we post from sites around the internet to keep our peers aware of what’s positive, what’s fresh, and most importantly, what’s progressive.




 
 

 
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  5. Congress approves debt plan Tuesday and avoids first-ever government default, rushing the legislation to President Barack Obama for his signature. Video courtesy of Fox Business Network



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