1. Update your investing strategy
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 generally recommends either stocks or 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 — Vanguard will connect you with vetted financial advisors suited to your unique needs.
With a minimum portfolio size of $50,000, this service is best for clients who already have a nest egg built up but are ready to grow their wealth with a variety of different investments. All you have to do is set up a consultation with a Vanguard advisor, and they will help you set a tailored plan and stick to it.
2. Invest in a Roth IRA
Orman recommends opening a Roth IRA to avoid paying tax on withdrawals from your retirement 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.
Many investors turn to “safe haven” assets like gold during economic and geopolitical instability to preserve their wealth.
The enthusiasm of investors has indeed propelled the price of gold to record levels with the precious metal recently surging past the $2,300 per ounce mark.
Opening a gold IRA with American Hartford Gold allows you to diversify your portfolio and grow your retirement savings simultaneously. This tax-advantaged account allows you to invest directly in physical precious metals, safeguarding your finances.
As one of the country’s most trusted precious metals companies – with an A+ rating from the Better Business Bureau – American Hartford Gold has helped thousands of clients protect their retirement plans.
When you sign up with American Hartford Gold, you can receive up to $15,000 in complimentary silver, along with a free investor guide to help you determine if this investment is right for you.
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.
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