Retirement is a major life change. If you’re planning to kick off your golden years in 2025, you might be feeling weary about how the upcoming presidential election may affect your nest egg.

Specifically, you might be wondering about new taxes that could be imposed by the new president and any stock market changes that might come with the change in leadership.

“First and foremost, politics should not be a factor in your investment portfolio,” said Ryan Brueck, CFP, ClearWealth. “Regardless of what you believe in politically, there are charts that support the fact that presidential elections do not impact long-term investment returns.”

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Therefore, he said you shouldn’t necessarily make any drastic financial moves due to the outcome of the presidential election. However, there is one thing that could affect your finances if Trump is voted back into office.

“It’s called the Tax Cuts and Jobs Act (TCJA) which was brought on during Trump’s previous presidency,” he said. “The TCJA has many income and estate tax implications and it is supposed to sunset in 2026.”

Of course, if Trump is elected, there is a chance he will extend the TCJA, since he’s the one who implemented it.

“This creates many tax and estate planning opportunities that impact almost everyone who is retiring in 2025,” he said.

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About the Tax Cuts and Jobs Act

Initiated by Trump, TCJA went into effect on Jan. 1, 2018. The largest revamp of the tax code in three decades, both individual taxpayers and businesses were impacted by it.

The TCJA permanently cut corporate tax rates, but only temporarily slashed individual tax rates. The highest earners were projected to benefit the most from this law, while the lowest earners were expected to pay higher taxes when individual tax provisions expire in 2025.

Individuals were affected by lower tax rates in five of the seven individual income tax brackets — the lowest tax bracket remained at 10% and the 35% tax bracket stayed the same — a notably higher standard deduction and a halt of the personal exemption. Additionally, it terminated the individual healthcare mandate, repealed the ability to recharacterize one type of retirement savings contribution as another and limits mortgage interest deduction — among other issues.

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The legislation affected businesses by changing deductions, depreciation, expensing, tax credits and other tax items. For example, new provision Section 199A allowed some owners of businesses to deduct up to 20% of qualified business income — with certain limitations applied based on income and business type.

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3 Ways the TCJA Expiration Could Impact Your Finances

“A Trump presidency could be favorable or unfavorable to your taxes depending on which aspects are most relevant to your situation,” said Noah Damsky, CFA, principal at Marina Wealth Advisors. “For example, some would benefit from SALT limitations expiring, while others could see effectiveness rates tick higher by a decline in the standard deduction.”

Formally known as the State and Local Tax Deduction, SALT is used by taxpayers who itemize their deductions to lower their federally taxable income. These people are able to deduct up to $10,000 of property, sales or income taxes they’ve already paid to state and local governments.

Damsky also noted the significance of the TCJA tax legislation and the potential for it to affect your finances if Trump is elected and renews it.

“If Republicans can also secure the House and Senate, this would increase the probability of extending Trump’s landmark TCJA tax legislation.”

He said retirees could be most affected by the expiration of the TCJA in the following three ways.

1. Eliminating SALT Limitations

“If TCJA expires, eliminating SALT limitations means more deductions, especially for those in high-income and property tax states,” he said. “This is especially relevant for retirees with real estate rental income, as they could see significant tax savings by offsetting rental income.”

The SALT deduction is popular with taxpayers in high-tax states and filers with high incomes, because it allows them to avoid double taxation. If you fit into this category, your tax liabilities could go up.

2. Decrease in Standard Deductions

“A decline in the standard deduction could mean a higher tax bill,” he said. “If TCJA sunsets, the standard deduction could be cut by almost half.”

This could mean you ultimately end up paying more to Uncle Sam.

“For retirees with few itemized deductions such as state and property taxes, your tax bill might go up,” he said.

3. Possible Changes to Mortgage Interest Deduction

“Currently under TCJA, home mortgage interest is deductible up to the first $750,000 of mortgage debt,” he said. “This limit would increase to $1 million if TCJA expires as currently scheduled.”

Depending on the size of your mortgage, this could be beneficial.

“This means retirees with a mortgage of over $750,000 would benefit if TCJA sunsets,” he said.

If this is you, you might end up with more money in your wallet if TCJA expires as planned in 2025.

Editor’s note on election coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. For more coverage on this topic, please check out I’m a Financial Planner: Here’s What a Kamala Harris Presidency Would Mean If You Plan To Retire in 2025.

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This article originally appeared on GOBankingRates.com: I’m a Financial Planner: Here’s What a Trump Presidency Would Mean If You Plan To Retire in 2025