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The problem

Nearly 10,000 baby boomers in the U.S. are entering retirement each and every day. That’s an incredible wave of folks who will be collecting Social Security, to say nothing of the nearly 10 million Americans currently receiving some sort of disability payment.

With such an influx of new “customers” and staffing levels that haven’t changed in 27 years, customer service issues are projected to increase. But there are also inflation-related concerns plaguing many retirees, as the Cost of Living Adjustments (COLAs) aren’t matching the real pressures many Americans are experiencing.

What you can do about it

The good news is that not all hope is lost. While time is on the side of younger investors, it’s also true that it’s always “better late than never” to start saving for retirement.

Consulting a financial advisor to create a plan is a good first step, regardless of your age or financial status.

A qualified pro from Zoe Financial can help you understand your options and co-create a retirement plan that gives you confidence in the future. Booking an initial consultation with one of your advisor matches is free and simple to do. Just fill in your information and browse profiles to find your fit.

Among the asset classes you may want to look at for retirement savings is gold.

Gold is a durable asset that many investors see as a hedge against inflation. So, for those worried about inflationary pressures eating away at their savings (and an economic downturn hitting their retirement accounts), investing in a gold IRA from American Hartford Gold (AHG is worth considering.

This retirement account can potentially help you stabilize your finances by allowing you to invest directly in physical precious metals rather than stocks and bonds.

One of the country’s most trusted precious metals companies – with an A+ rating from the Better Business Bureau – American Hartford Gold has delivered more than $2 billion in gold and silver. If you think a gold IRA might be right for you, you can request a free information guide that details how you can receive up to $15,000 in free silver on qualifying purchases.

Beyond retirement accounts, if you’re seeking a reliable option to grow your money steadily over time, consider a certificate of deposit (CD). CDs provide a fixed interest rate for a specific term, offering a low-risk way to boost your savings. However, it’s important to remember that withdrawing your funds before the term ends usually comes with a penalty fee.

Don’t know where to start looking for the best rates? With CD Valet – an online CD marketplace – users can shop and compare top certificates of deposit rates from various banks and credit unions nationwide.

Their extensive database shows the most competitive rates without bias, with daily rate updates and earnings calculators which give consumers an array of free tools to help them find the right CD to meet their savings goals.

Finally, retirees (or those closing in on retirement) may want to consider if their life insurance policy is the best choice in terms of coverage and cost.

Ill health and accidents can create financial chaos for families without a good insurance plan that will cover the right costs. One type of insurance to consider is final expense insurance. This type of insurance can help provide coverage for the expenses your loved ones will face after you pass away.

Once you’re gone, life insurance can offer a versatile solution for your family, providing coverage to potentially replace lost income or settle outstanding debts.

By opting for term life insurance through a provider like Ethos, you are helping to ensure that your family will be taken care of after you’re gone. Term life insurance offers flexibility when you're seeking affordable coverage while balancing other financial responsibilities.

Ethos offers an easy online process that allows you to get up to $2 million in coverage with terms ranging from 10 to 30 years.

To get a free quote, all you have to do is answer a few questions about yourself. Then, you can compare coverage and choose the right policy that best suits your needs.

Chris MacDonald Freelance Writer

Chris MacDonald is an experienced financial journalist, covering companies across various industries and markets. His love of finance led him to pursue an MBA in finance and move on to the world of financial analysis in the venture capital and corporate finance worlds.

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