7 Things You Must Do When Your Savings Reach $100,000

Advertising Disclosure: When you buy something by clicking links on our site, we may earn a small commission, but it never affects the products or services we recommend.

Happy older investor
Nadino / Shutterstock.com

Congratulations! You’ve worked hard all your life, and your savings are finally starting to show it. Now, ever so subtly, your priorities are beginning to shift from making money to making sure you’re not going to lose your money.

Here are a few things to think about. And the best part? Most of these ideas you can check out in about the time it takes to read them.

1. Diversify your investments

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?

2. Get a second opinion

Obviously, you’re no fool when it comes to making money. If you were, you wouldn’t be reading this.

But there comes a time in life when it makes sense to get a second opinion. Sure, you’ve been successful at growing and managing your savings. But the more you have, the more attention your savings require and the greater the ramifications of screwing up.

A Vanguard study found that, on average, a hypothetical $500,000 investment over 25 years would grow to $1.7 million if you manage it yourself, but more than $3.4 million if you work with a professional.

Obviously, there are no guarantees a professional will do better than you. But getting a second opinion from a pro certainly can’t hurt. Even if you don’t need help picking investments, they can help you create a plan, maximize your Social Security, protect your assets and offer you peace of mind by ensuring you’re on the right track.

They can also be there in case one day you’re not.

These days, there are no-cost online services that make it easier than ever to find vetted financial advisers in your area. For example, SmartAsset. 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 in many cases you’ll be offered a free consultation.

Nothing to lose, lots to potentially gain.

Please carefully review the methodologies employed in the Vanguard white paper, “Putting a Value on your Value: Quantifying Vanguard Advisor’s Alpha.”

3. Leave your family $5 million richer

You’d move mountains for your family, but what if you’re not around? Who’ll keep the household running? That’s where life insurance saves the day. Unless your kids are already off the payroll and you’re rolling in dough, you’ll want coverage.

Enter SBLI (Savings Bank Life Insurance). These folks make getting life insurance easier than ordering pizza. Just a few clicks from your couch, no doctors poking or prodding. Answer some quick health questions, and boom — a personalized quote in under 5 minutes.

With SBLI, you can snag term life insurance worth up to $5 million. Or go for the gusto with trusty whole life. Either way, it might cost you less per month than your daily caffeine fix.

Over 1,000,000 families have trusted SBLI with over $187 billion in coverage since 1907. They’re legit and they’ve got your back.

Why put it off? Protecting your loved ones is kind of a big deal.

Get a free, no-obligation quote from your friends at SBLI right now!

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 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.

5. Don’t pay to fix your car

The cost of car repairs is skyrocketing. One shop told Consumer Reports that a decade ago, their average repair was $1,600. These days, the average bill is $4,000.

If you’re concerned about coming up with thousands of dollars for a repair bill, protect your investment with a CarShield auto warranty.

CarShield provides extended warranty plans of up to 24 months, and allows you to choose from at least six different plans, so you’ll only pay for the coverage you need. They cover cars up to 20 years old and offer flexible month-to-month plans so you’re not locked in for years.

CarShield has a network of thousands of ASE-certified repair shops, and they pay the repair bill. All you cover is the deductible. All their warranties include 24/7 roadside assistance and rental car benefits while your vehicle is being repaired.

ConsumerAffairs calls CarShield “a solid choice” for drivers of any age, and “particularly appealing” for those with older vehicles.

Take a minute right now and get a quote.

6. Use this secret source for massive discounts

Are you over 18? Then you’re eligible to save hundreds every year simply by joining AARP.

“What?” You say, “I thought AARP was for old, retired people.”

As it turns out, AARP doesn’t have a minimum age to join. And members get discounts on hundreds of things, like:

  • Up to $200 person off flights
  • Up to 30% off rental cars
  • Up to 15% off restaurants
  • Up to 20% off hotels

You’ll also save on eyeglasses, prescriptions, meal deliveries and lots more. And that’s not all. AARP offers a Fraud Watch Network, job listings, retirement planning tools, games and tons of information, programs and resources.

Anyone trying to save money can’t afford not to join AARP, especially since the cost is as low as $12 per year with auto-renewal. You’ll likely recoup the cost in the first week.

They even give you a free gift to sign up!

7. Forget savings accounts & CDs — there’s a better way

Are you over 50 years old and still relying on CDs for retirement savings? If so, it’s time to reconsider. With rates soaring up to 6.9%, annuities offer safety, and their interest accumulation beats CDs by 20% or more.

What can 20% more interest mean for you? Let’s look at an example.

Today’s CDs max out at about 5%. So, if you earn 5% on $100,000 over ten years, you’ll end up with about $163,000. But if you can earn 6.9% with an annuity, you’ll have nearly $195,000. That’s $32,000 more money you could use to travel, fix up the house or spend on whatever you want.

Annuities also offer tax-deferred growth for turbocharging compounding. And they can do something CDs can’t — they can be converted into a stable monthly income for life.

Ready to learn more? Get unbiased advice and info at Annuity.org. And if you like what you see, schedule a free consultation with a trusted retirement planning advisor.

Nothing to lose, and potentially a lot to gain. Check out Annuity.org today.

Stacy Johnson / Money Talks News

Get smarter with your money!

Want the best money-news and tips to help you make more and spend less? Then sign up for the free Money Talks Newsletter to receive daily updates of personal finance news and advice, delivered straight to your inbox. Sign up for our free newsletter today.