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. Safeguard your assets with gold
If a large part of your savings is in the stock market — as it should be — you’re well aware that what goes up can also go down; sometimes by a lot.
You can’t control the stock market or the world economy. But you can hedge against uncertainty by having other forms of wealth.
One of the best ways to protect your savings is diversification. Have 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.
But there’s one investment that thrives in this scenario: gold.
But keep in mind that not everyone in the gold business is on the up-and-up. Be careful whom you deal with.
Goldco is one company to consider. They offer just about everything, from precious metal IRAs to direct purchases of precious metal coins and bars.
Goldco has been around for more than a decade and has been recommended by celebrities like actor Chuck Norris and even former presidential candidate Ron Paul.
They have an A+ BBB Rating, AAA Rating from Business Consumers Alliance and 4.8 to 5 stars on Trustpilot, Trustlink, Google Reviews and Consumer Affairs.
You’ll even receive up to $10,000 in free silver on qualified purchases.
Maybe gold is right for you; maybe it isn’t. But if you’ve ever wondered, why not take a quick look?
2. Plan now for medical costs Medicare won’t cover
Here’s hoping that your retirement years are active, healthy and vibrant and that you’re able to function as you always have, right up to the time you shuffle off this mortal coil.
But don’t bet on it. 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.
3. Invest in real estate (with as little as $10)
Look, it’s a plain truth that rich people get and stay rich by making money off of their money. Not investing money is one of the biggest reasons you’re missing out on joining the elusive millionaires’ circle.
Fundrise lets ordinary people with modest amounts of money (i.e, $10) own a piece of lucrative real estate holdings. Fundrise tears down the traditional barriers needed to invest in real estate property, and so far over 1.7 million consumers have used Fundrise to invest in landholdings.
It takes $10 to get started investing on Fundrise.com, and that minimum amount must be maintained. The platform is easy-to-use, open to all investors (of all experience levels) and there are other investment options too, like IRA and venture capital funds.
Fundrise.com investments have seen an average annual rate return of 5.29% over the past five years, a stark contrast to the average, annual 0.23% interest your money gets by sitting in a savings account.
This means Fundrise has the potential to make 2,300% more money than it would have made in your regular bank account — or under the mattress. And if you’re feeling skeptical or gun-shy, you can give Fundrise a shot for as little as $10.
Note: This is a testimonial in partnership with Fundrise. We earn a commission from partner links on moneytalksnews.com. All opinions are our own.
4. 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!
5. 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.”
6. 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 Select Home Warranty, you can safeguard yourself against giant repair bills. From home appliances to electrical, plumbing, heating and cooling systems, it can all be protected.
When something goes wrong due to normal wear and tear, you just call Select Home Warranty, day or night. The company has a wide network of reputable repair folks who will fix what’s wrong.
And if they can’t fix it? Select Home Warranty will replace it. All you pay is a service fee.
You don’t need a home inspection to qualify for a warranty, and there’s no limit to the number of claims you can file. Right now, Select Home Warranty is offering $150 off plans, two months for free and free roof leak coverage.
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.
If nothing else, at least see what it would cost. Get a free quote in 30 seconds.
7. Protecting your loved ones for less
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 nice, fat bank account, there’s really no 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 you can get term life insurance ranging from $20,000 – $2,000,000. And it may cost as little as $7 a month: 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 has provided over $34 billion in coverage. So, why not check it out? Click here right now for a quick, free quote from Ethos.