5. Get ready for an adjustment period
Even if you have a smart plan for retirement, there’s still an adjustment period, where leaving the labor force means far less money coming in and more going out. And let’s face it, pre-retirement habits and assumptions can be difficult to change.
Make sure to look over your budget before you retire, not after. Where and what do you spend on? What’s your projected cash inflow?
Crunching these numbers might feel overwhelming, especially if it looks like you’re going to have to make some big changes to your lifestyle, so it’s a smart idea to sit down with a financial advisor and take stock of your situation.
If you don't have one yet, researching and calling multiple advisors can be a hassle, but there are easier ways to find one fast.
WiserAdvisor is an online platform that will match you with a vetted financial advisor based on your own unique needs. The process is simple: Just answer a few quick questions about yourself and your finances, and they’ll set you up with a free, no-obligation call to connect you with an advisor who’s a good fit for you.
4. Make sure your loved ones are protected
No one ever feels ready to start thinking about life insurance.
But the truth is, the younger you are when you purchase a policy, the lower your premiums will be. Life insurance can be used by your loved ones to make up for lost income, pay outstanding debts, cover unexpected expenses and pay for funeral costs.
With Lifeplans — an online marketplace of insurance companies — you can connect with insurers near you that suit your needs and will take a bit of the stress off your family when you pass.
All you need to do is fill in a bit of information about yourself and your coverage needs and in under 3 minutes you can browse rates and coverage amounts to determine which is best for your future.
3. Have a Social Security strategy
If you take your Social Security starting at age 62, you’ll miss out on additional funds you’d reap at a later retirement age, according to the Social Security Administration (SSA).
If you wait until you hit 66, the SSA calculates that you’d receive $1,000 instead of $750. Further, you could receive delayed retirement credits should you wait until full retirement age, which stops when you reach 70.
To be sure, managing your bills might not make deferment possible, but you may be able to strengthen your savings by regularly contributing to a retirement account.
You know that an IRA is one of the best savings vehicles for retirement and can help you to be less reliant on Social Security benefits when the time for retirement comes. However, you may not know there are different types of IRAs.
For example, a gold IRA can be your ‘safe haven’ to help mitigate the impact of inflation.
Typically, it’s also more stable than stocks during economic downturns and recessions. In fact, gold has increased in value sevenfold over the last 100 years.
Opening a gold IRA with the help of American Hartford Gold , allows you to invest directly in physical precious metals rather than stocks and bonds.
American Hartford Gold is a leading dealer of precious metals, and offers IRAs and direct purchases of precious metals and coins. Sign up now for your free 2024 information guide to find out if a gold IRA is the right move for your retirement goals.
2. Prioritize your expenses
Want to travel? It’s a delicious luxury but it’s incredibly expensive when you factor in food, lodging, flights and frequency of trips. Want to renovate your home or buy a seaside getaway? Interest rates on first and second mortgages these days are through the roof.
Before you break open the coffers and live it up, get a sense of your “nice to haves” versus your “need to haves.” You can also take steps to lower the cost of those “need to haves” so that you’ve got more money leftover for the fun stuff.
One beneficial way to lower those costs is to shop around for a better deal on your home insurance. BestMoney, an easy-to-use platform, helps you compare home insurance rates in your area.
Shopping for a better policy fast and easy: all you have to do is answer a few quick questions about yourself and your home, and you’ll see get a list of quotes tailored for your needs.
A report by MarketWatch found that 82% of Americans struggle to keep the monthly cost of car ownership below the recommended threshold of 10% of their monthly income.
When you use OfficialCarInsurance, you can ensure that you’re cutting your insurance costs down to size, and keeping them within the scope of your fixed income by comparing available policies and prices.
Getting started with a quote is easy: When you enter your age, your home state, the type of vehicle you drive and your driving record, OfficialCarInsurance will sort through the leading insurance companies in your area, including top providers like Progressive, Allstate and GEICO. You can then easily compare rates and choose the policy that best suits your needs and budget.
The platform is 100% free to use and it can help you ensure you aren’t overpaying for insurance every month.
1. Keep adding to your savings
Once it’s time to retire, many folks throw their savings plan out the window of the cruise ship or dream home. That’s the wrong way to go. Saving not only offers a buffer but also a means to make even more aspirations possible.
If you once put 10% of each paycheck aside, you could now aim for 10% of each Social Security check. Even just 5% is better than nothing, especially if you invest it wisely.
Yes, the stock market may be rocky these days, but there are other ways to invest for your future than just dumping your savings into stocks.
You can also shop around to find the best savings options with the Moneywise list of Best High-Yield Savings Accounts of 2024 to compare your options and start building your retirement or emergency fund more efficiently.
