Secure your retirement fund
While many Americans worry about whether they'll have enough money to survive during retirement, Suze Orman consistently advocates for Roth IRAs as a top choice for retirement savings, though not necessarily the first bucket you should withdraw from.
Aside from a Roth, there are specialized IRAs that you could consider based on specific circumstances and preferences. For instance, billionaire hedge fund manager Ray Dalio favors gold in the current high-inflation environment, calling it a "timeless and universal" investment. Meanwhile, Orman has spoken at length about the importance of putting your money in a tax-advantaged retirement account.
If you want the best of both worlds, consider opening a gold IRA with the help of Thor Metals.
By opening a gold IRA, you can enjoy the tax advantages of an IRA and the inflation-hedging properties of gold.
Thor Metals provides expert guidance and customized options, allowing you to tailor your portfolio to match your goals and risk tolerance. If you want to learn more, you can order a free information guide today.
Plan for your future
Before nearing retirement, seeking financial advice to tailor a retirement plan that aligns with your lifestyle is important. Regardless of the bucket you choose to withdraw from, there are various strategies, like the 4% rule, which suggests that retirees withdraw 4% of their retirement savings in the first year, adjusting annually for inflation to ensure funds last at least 30 years.
Suze has previously criticized the 4% rule as “very risky,” suggesting that retirees should extend their working years and withdraw no more than 3% to minimize risk.
However, a recent Morningstar Study indicates that withdrawing 4% is considered a safe starting point with the partial stock market recovery.
In addition to your retirement accounts, if you want to grow your nest egg over time with a high-yield cash account that offers 5.00% APY — that’s 10x the national average — consider the Wealthfront cash account.
Wealthfront is an financial services platform offering a range of products from automated investing to cash accounts. To get started, you can fund your cash account with as little as $1 and start stacking up your retirement savings.
How many retirement “buckets” do you need? and which one should you draw from first to maximize your total retirement savings? If you aren’t sure of the answer and want to find the optimal strategy to help you save for the future, it might be worth speaking to a professional who can help.
Zoe Financial is an online platform that matches you with vetted financial advisers based on your needs. The process is simple: just answer quick questions about yourself and your finances.
From there, Zoe Financial will set you up with a free, no-obligation consultation to connect you with a professional who is best suited for your financial goals.
