Unless you were born into wealth or were lucky enough to get a high-paying job with a fabulous pension, your retirement won’t be a one-and-done situation. Building a comfortable retirement will be a series of strategies.
For example, having a 401(k) is great, but you also need plenty of cash savings. A paid-off home is a huge asset, but other forms of consumer debt could sandbag your dreams. A healthy Social Security benefit certainly helps, but not everyone can expect one of those.
Simply put, if you want a happy, comfortable retirement, there are specific steps to take, no matter your age. These tactics can help.
1. Take this quiz to see if you can retire comfortably
Maybe you never thought much about what retirement actually is, other than “that golden time when I no longer have to punch a clock.” But there’s a bit more to it than that, and SmartAsset's free quiz helps clarify things both financially and personally.
Some of us are hesitant to look our retirement finances in the eye. It’s like stepping on a scale, or going to the dentist: What if the news isn’t good? But that’s where SmartAsset can set your mind at ease.
SmartAsset uses your quiz answers to match you with an experienced money planner in your area. This financial expert will go over your financials, then work with you to create a plan for the retirement you want.
Some people think they can manage their own retirement planning, thank you very much, but keep this in mind: A recent Vanguard study showed that a hypothetical self-managed $500,000 would turn into $1.69 million in 25 years, on average – whereas a financial adviser could turn those same bucks into $3.4 million.
Here’s what else a skilled financial adviser can provide: clarity. Maybe you haven’t considered what you want to do in retirement (other than sleep late). What might your retirement lifestyle look like: spending time with loved ones, traveling, volunteering? Staying where you are now, or relocating? Kicking back 24/7, or starting an encore career?
SmartAsset will match you with a planner who can help define your retirement dreams and fund them. Get started by taking this free quiz.
(Please carefully review the methodologies employed in the Vanguard white paper, “Putting a Value on your Value: Quantifying Vanguard Advisor’s Alpha.”)
2. Don’t let home repairs drain your bank account
Home repairs aren’t cheap. Whether it’s a leaky roof or a broken appliance, your castle can quickly crumble and cost you hundreds, or even thousands.
Unless, that is, a home warranty company has your back. Example? First American will protect you from giant bills by covering everything from home appliances to electrical, plumbing, heating and cooling systems — even pools and spa equipment.
They also allow you to customize your plan, so you only pay for what you need.
When something goes wrong, just call First American, day or night. The company has a network of prescreened technicians and typically dispatches an independent contractor within 48 hours.
Hey, if you’re handy and like to repair stuff yourself, that’s obviously the cheapest route. But if that’s not you, a penny spent now could save you big bucks later.
Get your free quote in 30 seconds
3. Diversify your savings with gold
One of the best ways to protect your savings is having money in different types of investments: ideally, ones that can go up when others are going down. For example, stocks tend to do poorly when inflation and interest rates are rising and there’s political turmoil brewing.
One investment that thrives in this scenario: gold.
Keep in mind, though, that not everyone in the gold business is on the up-and-up. Be careful who you deal with.
Preserve Gold is a family-owned company committed to helping investors protect their wealth and retirement with physical precious metals. They offer gold, silver, platinum and palladium coins and bars delivered directly to your home. Plus, enjoy up to $25,000 in complimentary gold and silver, along with waived IRA storage fees for up to 5 years!
They also lead the industry in retirement account rollovers and will help to facilitate a transfer from your current custodian into a precious metals IRA.
Preserve Gold will beat any competitor’s price on gold and silver, and offers fast, free, insured shipping. And once you’re a client, they’ll buy back your metals and charge no fees.
Gold has been hitting record highs. Why not take a look right now?
4. Have a plan for medical costs Medicare won’t cover
According to the U.S. Department of Health and Human Services, 7 in 10 people who turn 65 today will probably need some kind of long-term care.
Think you can’t get long-term care (LTC) insurance after age 40? Think again. GoldenCare writes LTC coverage for most people. (Unless they live in the four states where GoldenCare doesn’t operate: Alaska, Florida, Hawaii and Washington.)
“But won’t Medicare take care of all that?” Nope. Medicare doesn’t cover long-term custodial care — and paying for it out of pocket could take a huge chunk of your retirement savings. That plus inflation could mean near or total depletion of your nest egg.
Without LTC insurance, your options aren’t great: running through savings, borrowing money, burdening your family with your care, and possibly losing independence because you can’t live on your own.
It’s impossible to say whether your current health will stay good. That’s why investigating long-term care insurance is so important: It protects you and your family.
Plan now for a secure tomorrow. Get your fast, free quote today.
Bonus: Get a free $991.20 every year
You get it. This is the time to sock away money, to save more, to get your finances in order.
But you also get that it’s not always easy. If there were just one easy thing you could do every day to move the needle, to get ahead of the game, you’d do it, right?
Well, here it is: Take five minutes every day and check out the totally free Money Talks Newsletter. More than a million Americans have, and they’ve reported saving an average of $991.20 each year by checking our news and advice.
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