1. Maximize your savings
You don’t always have to put away large sums to move toward your retirement goals.
Acorns makes saving effortless by automatically rounding up your everyday purchases and investing the spare change.
Every time you make a purchase on your credit or debit card, Acorns automatically rounds up the price to the nearest dollar and places the excess — the coins that would wind up in your pocket if you were paying cash — into a smart investment portfolio.
It’s a simple way to grow your savings without even thinking about it.
A certificate of deposit (CD) is another helpful way of growing your retirement savings. A CD is a low-risk savings account that offers a fixed interest rate for a specified period.
You can easily get a rate of return over ten times higher than the average 0.46% on most traditional savings accounts.
With SavingsAccounts.com, you can shop and compare top certificates of deposit rates from various banks nationwide.
Their extensive database shows the most competitive rates, with daily rate updates and personalized recommendations based on your risk preferences and time horizon, so you can find the right CD to meet your retirement savings goals.
2. 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.
When it comes to essential expenses like home and auto insurance, you can find ways to save without sacrificing quality. For instance, regularly shopping around for better rates could shave hundreds off your annual premiums.
OfficialCarInsurance makes it easy to comparison-shop for car insurance by providing quotes from various providers based on your personal information and driving history. In just minutes, you can see if switching to a more affordable plan could be worth it.
The savings don’t have to stop at car insurance. With OfficialCarInsurance, you can easily compare home insurance rates and reduce another significant monthly expense.
In less than two minutes, OfficialCarInsurance scans the leading insurers in your area to find the best offers. Just provide a few details, and you’ll quickly see the coverage options available at the lowest possible cost.
3. 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 — Advisor.com is an online platform that can match you with a vetted financial advisor near you.
Advisor connects you with experienced fiduciary advisors nearby to help you create a customized retirement strategy tailored to your goals and timeline. Whether you're looking for guidance from established firms like Vanguard and Fisher Investments or boutique local advisors, Advisor will find your ideal match.
How it works
Three easy steps to get matched with a financial advisor.
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Step 1: Answer a few quick questions about yourself and what you would like help with.
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Step 2: Advisor.com will match you with a vetted advisor who can provide you with a personalized plan to meet your financial goals.
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Step 3: Book a free, no-obligation consultation to confirm if your match is right for you.
4. Open 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.
RothIRA.org connects you with pre-screened financial advisors who can guide you in choosing the best Roth IRA to meet your retirement needs.
When you sign up with RothIRA.org, you’re custom-matched with two or three advisors near you who meet your specific needs. Your financial advisors will contact you to set up your initial one-on-one consultation — for free, with no obligation to hire.
