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For many of us, retirement on the horizon means tightening our belts and cutting back on expenses. But before you start pinching pennies like there’s no tomorrow, some experts say you might want to pump the brakes.

Election season is here — and along with the usual ads and non-stop texts, there’s going to be some anxiety about your investments. GOBankingRates spoke with financial advisors to find out what people should do right now when it comes to their portfolios.

It is rare to get meaningful tax relief as a renter. Homeowners can get significant tax advantages, most notably in the form of the mortgage interest deduction and the capital gains exemption, both of which are available to all households regardless of circumstance. This is less common for renters. There are no federal tax breaks for renters and, while 23 states do offer some sort of rental-based tax relief, almost all are limited to age- or income-based assistance. 

The US is experiencing what many are calling a retirement crisis. A confluence of factors, including poor savings, increased longevity, and rising inflation, has created a challenging situation for retirees that is diminishing the value of their retirement accounts. Consequentially, maximizing investment returns has become more important than ever.