Get expert financial advice
According to the Federal Reserve, only 36% of non-retirees thought their retirement savings were on track as of 2021. If you feel you could use some help getting your finances back on track, consider reaching out to a financial advisor.
Prudence in financial matters comes more easily when you have great advisors in your corner. If you want advice on how much cash you should hold in your portfolio, and how to invest for safety in this market, consider finding a financial advisor through WiserAdvisor.
WiserAdvisor is an online platform that connects you with vetted financial professionals. Just answer a few quick questions about yourself and your finances, and the platform will match you with experienced advisors best suited to help you develop a plan to achieve your wealth-building goals.
You can view profiles, read past client reviews, and schedule an initial consultation for free, with no obligation to hire.
Make sure your loved ones are taken care of
Not only are retirement savings important for you, they affect your loved ones too. When you opt out of life insurance, you are leaving your family on the hook for things like medical and end-of-life expenses.
If you’re concerned that Medicare might not cover your expenses, there are other insurance options you can consider.
Long-term care insurance offers coverage for the costs of in-home assistance, nursing homes or assisted living facilities.
Without proper planning, paying for long-term care could deplete your retirement fund. In many cases, the burden of paying for care often falls on family members – potentially straining their finances.
When considering long-term care insurance, GoldenCare offers different options based on your needs, including hybrid life or annuity with long-term care benefits, short-term care, extended care, home health care, assisted living, and traditional long-term care insurance.
Work longer and delay Social Security
Working longer not only delays taking money out of your retirement investments, which allows them to continue compounding earnings growth, but it also pushes back the age at which you’ll need to start collecting Social Security payments.
Take that $333,940 investment portfolio. Invested in a conservative portfolio returning 5% annually — the historical average return on stocks is 11.9% — that money would grow to $384,031 in three years. Assuming you’re following the 4% rule for withdrawals, that would amount to $15,361 per year — an increase of $2,004 each year.
Add more to your retirement savings
However, it isn’t always easy to find spare change in your budget to invest with — until now.
With Acorns, you can turn spending into savings, thanks to their automated investment platform.
All you have to do is link your bank account and spend as you normally would. Acorns will round up your everyday purchases to the nearest dollar, and then invest that spare change in a diversified portfolio built by experts, and are managed by top investing firms.
Plus, Acorns lets you customize how you save. With an Acorns Silver plan, you get access to Acorns Later, a retirement investment account with a 1% IRA match on new contributions.
With Acorns Gold, you get a 3% IRA match on new contributions and the ability to customize your portfolio by selecting your own stocks.
Signing up for Acorns takes less than five minutes, and if you sign up now, you can get a $20 bonus investment.
Finally, consider diversifying your retirement savings outside of the stock market. As a baby boomer, you’ve seen your share of swings in share prices — but you’ve also seen massive growth in commodities like gold. Did you know you can tie your retirement savings to this more stable investment with a gold IRA?
One way to invest in gold that also provides significant tax advantages is by opening a gold IRA with the help of Preserve Gold.
Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account, thereby combining the tax advantages of an IRA with the protective benefits of investing in gold, making it an attractive option for those seeking to ensure their retirement funds are well-shielded against economic uncertainties.
Preserve Gold — a leading precious metals dealer in North America — charges no fees on its gold IRA account for the first five years, and offers a price match guarantee.
Sign up today and you'll be eligible for a free home safe to help you keep your valuables protected.
