Apr 24, 2024
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Have you prepared enough for retirement? It’s a question on the minds of many Americans as they approach 65.
The biggest fear among retirement savers is the possibility they will outlive their assets, according to a survey by research firm Cerulli Associates. Around 58% of retirement savers (including retirees) reported this as their top fear. The figure was even higher among Gen X and baby boomers.
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According to Vanguard, the average retirement balance for those who are 65 and older is $232,710.
The best way to determine whether you have enough savings to last through your retirement is to work with a financial adviser; they can run simulation tests based on your assets and spending.
In the meantime, you can look at how much other Americans have saved depending on their age group. Just remember that national figures are just that — a general snapshot — so take them with a grain of salt as you weigh them against your own finances.
If you think you might be behind on your financial goals for retirement, there are always a few ways you can catch up.
Do this now so nest egg builds over time
In 2022, Vanguard published the following average balances of retirement savings by age group.
- 25 to 34 years: $30,017
- 35 to 44 years: $76,354
- 45 to 54 years: $142,069
- 55 to 64 years: $207,874
- 65 years and over: $232,710
If you are in one of the younger age categories or still working, you might want to consider opening an individual retirement account (IRA) now so your retirement nest egg can grow over time.
One option is a gold IRA with Goldco to help build it up over time.
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By opting for a Gold IRA with Goldco — an industry leader in precious metals — you can diversify your portfolio and bolster your retirement fund. A Gold IRA offers the tax benefits of a traditional IRA alongside the inflation-hedging properties of gold and can be a solid catalyst for your nest egg.
And even if you’re closer to retirement age, it’s still not too late to open a gold IRA and benefit from this steady asset too.
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An income boost for retirement
For those getting closer to retirement age — say between 45 to 65 — you might want to boost your nest egg with passive income to further solidify your retirement fund as you approach those golden years. And there are options that can continue to provide you with some income when you stop working.
Commercial real estate is recognized by many as a way to add stability to your investment portfolio. With First National Realty Partners (FNRP) — a private equity firm—investors have access to institutional-quality, grocery-anchored commercial real estate investments without the legwork of finding deals.
With FNRP, you own a share of properties leased by national brands. And since the investments are necessity-based, they have been proven to perform well amidst economic uncertainty.
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You can also test the waters of real estate by investing in shares of properties with Arrived’s online platform.
Start by browsing a curated selection of homes, vetted for their appreciation and income potential. Once you find a property you like, you can choose the number of shares you want to buy. With Arrived, you can start investing in real estate with just $100.
Another real-estate backed option to consider is Compound Real Estate Bonds, a real estate company that offers an opportunity to earn 8.5% APY through their SEC-qualified Real Estate Savings Bonds.
Compound has a strong focus on income producing real estate, and real estate private credit, that can help you diversify your portfolio while helping to hedge it against inflation.
By choosing to invest with Compound, you can boost your retirement nest egg or savings over time and also enjoy the freedom of no fees or lock-in periods, so you have the flexibility to withdraw your funds whenever you need to.
Continue to cut costs during retirement
Even if you’re already retired, there are still ways to cut monthly costs so you have more cash on hand. For instance, you can make sure you’re getting you a better car insurance rate with BestMoney. This online platform connects you to the lowest car insurance rates near you in two minutes so you can spend less on this essential expense.
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That’s just one example, but not every expense can be shaved down like this, and there are things you have to spend on.
You can make the most of your spending by using Acorns— an automated saving and investing app.
With Acorns, all you have to do is sign up and link your banking info to their app and spend as you normally would. From there, any purchases you make will be automatically rounded up to the nearest dollar and the spare change will be invested in a diversified portfolio so you can save while you spend.
Read More: Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it
When in doubt, call a professional
If you’re at a loss for how to up your retirement savings — no matter your age — don’t hesitate to reach out to a pro.
Zoe Financial is a great option to get professional guidance when navigating your finances. Zoe Financial is a modern wealth platform offering you access to curated fiduciaries, financial advisors and financial planners — all of which are professionally vetted.
They recognize the uniqueness of each person behind each and every bank account and help you seamlessly find the right guidance depending on your specific financial goals.
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Coryanne is an investing and finance writer whose work appears in Moneywise, U.S. News and World Report, Kiplinger, USA Today and Forbes Advisor, among other publications.
