Unless you were born into wealth or were lucky enough to get a high-paying job with a fabulous pension, saving for retirement is largely up to you. You’ve got to pull out all the stops to make it successful.
For example, having a 401(k) is great, and so is a big, fat emergency fund. A paid-off home is a nice retirement asset, and Social Security will hopefully provide some stable monthly income.
But there are plenty of additional ways to get ahead and stay that way. Here are five examples to check out.
1. Protect your family and your future now
Here’s hoping your retirement years are active, healthy and vibrant. The reality? 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 they don’t operate: Alaska, Florida, Hawaii and Washington.)
“But won’t Medicare take care of all that?” you ask.
Nope. After an accident or illness, the hospital could release you to a nursing home or recovery center until you can manage on your own. However, Medicare doesn’t cover this sort of “custodial” care – and paying for it out of pocket could take a huge chunk out of your retirement savings. That plus inflation could mean near or total depletion of your nest egg.
With LTC insurance through GoldenCare, you’ll be able to get help if you’re sick or incapacitated. Most long-term care is custodial care: bathing, dressing, cooking, light housework, shopping and the like. Without LTC insurance, your choices aren’t great: running through savings, borrowing money, burdening relatives with your care, and possibly losing independence because you can’t live on your own.
Getting older doesn’t have to mean getting stuck without care. Don’t wait until it’s too late. Get your fast, free quote today.
2. Diversification is key
We’ve all experienced it. I’m talking about inflation. The government prints money, the value of the dollar declines and prices go up on everything from pickles to pickups.
In 2022, inflation was worse than it has been in 40 years.
How to fight back? One time-tested idea is gold. Gold has historically held its value over time, making it an ideal asset to protect against inflation.
So, if you’re worried about out-of-control politicians and rampant government spending, gold could be part of the answer.
How do you get started? First, don’t go overboard; most pros advise putting only about 10% to 15% of your savings into gold. And keep in mind that not everyone in the gold business is on the up-and-up. Be careful whom you deal with.
Oxford Gold Group is one company to consider. You can invest in a “gold IRA” done strictly to Internal Revenue Service regulations. Oxford Gold Group also sells gold bars and coins, as well as silver (including silver IRAs), platinum and palladium.
Oxford Gold Group has a 4.9-star rating (out of five stars) on Trustpilot, where 96% of reviewers call the company “excellent” and 4% call it “great.” It has an AA rating with the Business Consumer Alliance and an A+ rating with the Better Business Bureau.
If you’ve ever thought of investing in gold, request your free investors guide now.
3. Secure your future with a professional
Maybe you never thought much about what retirement actually is, other than “that awesome time when I can sleep late and travel the world.” But there’s a bit more to it than that, and there comes a time in life when it makes sense to get a second opinion from a professional.
SmartAsset can help clarify things both financially and personally.
Some people think they can manage their own retirement savings, 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 it into $3.4 million!
But some pros are better than others. How do you find the right one?
Easy. Use this no-cost online service that makes it easy to find vetted financial advisers in your area. You fill out a short questionnaire and are instantly matched with up to three local fiduciary financial advisers, all legally bound to work in your best interests.
The process only takes a few minutes, and SmartAsset will match you with a planner who can help define your retirement dreams and fund them.
(Please carefully review the methodologies employed in the Vanguard white paper, “Putting a Value on your Value: Quantifying Vanguard Advisor’s Alpha.”)
4. 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 home can quickly become a nightmare and cost you hundreds or even thousands of dollars to keep up.
But you don’t have to worry. Luckily, with a home warranty company called American Home Shield, you can safeguard yourself against giant repair bills. From home appliances to electrical, plumbing, heating and cooling systems, it can all be protected.
AHS protects your stuff no matter the age. Their plans cover up to 23 appliances and systems, and if they can’t repair it, they’ll replace it. That’s why American Home Shield is America’s top home warranty company with more than 17,000 contractors and two million members.
All over America, homeowners are choosing AHS for the savings, service and peace of mind that it delivers.
5. Help Protect Your Family By Leaving Them Up To $2,000,000
There’s nothing you wouldn’t do for your family, right? Well, if something happens to you, who’s going to pay the mortgage, or college bills? This is why life insurance is so important.
Not everybody needs insurance. If your kids are grown, and you have a sizable bank account, there might be less of a need. But if your family would have a hard time getting along without you, life insurance is definitely something you should look into. Just don’t pay too much for it by buying the wrong kind, or buying from a commissioned salesperson.
Shopping for life insurance used to be a long, complicated process. Now? Not so much. For example, Ethos is a company that lets you apply online in minutes without getting off the couch. There’s no medical exams, no blood tests, and you can get term life insurance ranging from $100,000 – $2,000,000. And for around $1/day you can get $250,000 in term coverage: less than you might be spending now on coffee.*
Simply answer a few online health questions and get a personalized quote in less than 5 minutes. This could be the most important thing you ever do for the people you love.
And Ethos is rock solid: They’ve protected more than 100,000 families and have provided over $34 billion in coverage. So, why not check it out?
*Sample quote based on 20 yr term for 40 year old non-smoking male
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 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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