3 Reasons to Ignore Presidential Candidates' Economic Promises - 55

Presidents can bully the Federal Reserve, but they can't set central bank policy. Joe Anderson, CFP® and Alan Clopine, CPA explain how the Fed impacts overall markets in YMYW podcast 55. They also discuss a recent article covering three reasons why you should ignore Hillary Clinton and Donald Trump's economic promises. Original publish date August 13, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro

03:06 - "The president doesn't control the Federal Reserve system. The way the Fed was set up was quasi-independent and answers to Congress on monetary policy."

07:56 - "Stocks are priced based upon future predictions of what we all think the future's going to be."

12:41 - "The moment you turn 50, you can put more into your retirement plans, and then that can give you a better tax benefit via deduction because you can shelter more money via tax or have more money grow tax-free depending on what planning you're doing."

15:36 - "Any time you pull money out of a 401(k) or IRA, you have to pay income taxes – federal and state."

19:32 - "You actually have more control over how much you pay in taxes in retirement, more so than any other time in your life."

22:43 - "There are always crises, whatever they might be, but we get through them."

25:38 - "If there's a lot of inflation and everything has gone up in price, gold will probably go up in price too."

29:58 - "We are a fee-only Registered Investment Advisor; there are no commissions generated to our firm, we act as a fiduciary 100% of the time."

32:55 - "If you don't sign up for Medicare in a timely manner, then when you do sign up you have to pay more for Medicare for the rest of your life."

37:03 - "The more income that you make, the higher the premium you will have to pay."