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1. Update your investment portfolio

Taking a “set it and forget it” approach to your investment portfolio rarely pays off. You have to regularly revisit your portfolio and make sure it’s still in line with your financial goals and timelines.

Orman recommends either stocks or exchange-traded funds ETFs that pay dividends. So even if the market sees a downturn, your investments will still provide you some income.

But you don't need to get down on yourself for not knowing what approach to take — that’s what financial advisors are for.

To ensure your retirement fund is on the right track— and help you spend less time worrying about it —WiserAdvisor matches you with vetted financial advisors suited to your unique needs. With no fees to get started, you can browse your advisor matches with WiserAdvisor’s comparison tool and book a free consultation.

Read more: Car insurance rates have spiked in the US to a stunning $2,150/year — but you can be smarter than that. Here's how you can save yourself as much as $820 annually in minutes (it's 100% free)

2. Invest in a Roth IRA

To avoid paying tax when making a withdrawal from your retirement account, Orman recommends you go for a Roth IRA account.

“Later on in life, you want to be able to take that money out tax-free,” she explains.

Because your contributions to a Roth account are made after tax, you won’t have to deal with deductions when you withdraw. Traditional IRAs, on the other hand, aren’t taxed when you make contributions, so you end up paying later.

Most banks and brokerage firms offer these accounts. But if you’re looking to combine the tax benefits of an IRA with a traditionally recession-resistant asset class, opening a Gold IRA might be worth considering.

By opening a Gold IRA with American Hartford Gold you can diversify your portfolio and lock in retirement savings all at once.

3. Take a hard look at your finances

If you haven’t already, Orman says it’s time to buckle down and take a deep look through your budget.

Compare what you’re spending to what you’re saving. Trim the fat where you can and cut back on unnecessary spending so you can allocate more to your retirement savings account. Monarch Money is a great tool to do this.

Monarch Money is a budgeting app that makes checking in on your money simple and streamlined. You can set and track your money goals, enjoy access to personalized advice and track your net worth.

To get started, all you need to do is download the app, make an account and start a seven day free trial.

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The content provided on Moneywise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter.