Retirement isn’t something you should just wait for – it’s important to prepare for it.
Don’t go into retirement with fingers crossed, hoping that everything will work out somehow. It’s essential to think about things like:
- Will I outlive my nest egg?
- What if I need help at home?
- Suppose my car breaks down and the fix costs thousands of dollars?
- Can my retirement budget keep up with home maintenance costs?
Uncomfortable? Sure. But being proactive now will go a long way toward making your golden years truly golden. These tactics can help.
1. Retire better with this powerful tool
If you’re like most Americans, your home is your greatest asset. You’ve worked hard for years to build the equity in your home. Now it’s time to use your equity to help fund your retirement with a reverse mortgage with America’s top provider, American Advisors Group (AAG).
With a reverse mortgage, homeowners 62 and older can access their home equity and turn it into cash. With a reverse mortgage, you can stay in your home and get the funds you need to supplement your retirement income and eliminate your monthly mortgage payments.
If you want to retire with financial security, maintain your standard of living, supplement Social Security, finance renovations and eliminate your mortgage payments, you should consider whether a reverse mortgage is right for you.
AAG has educated over 1 million retirees. It has a 96% customer satisfaction rating and an A+ BBB rating. AAG has helped thousands of older adults achieve a better retirement, and they can help you, too.
Discover in two minutes if a reverse mortgage loan is right for you, and get your free information kit now.
2. Preserve your wealth with precious metals
Inflation making you nervous? Don’t panic. But do act.
Many people are turning to gold and silver to diversify their portfolios, and even to save for retirement. Oxford Gold Group can help you do both, with products that are tangible and historically hold their value.
That’s a long history, since people have kept gold as the standard of wealth for thousands of years. No government rules control gold, and it’s an essential ingredient in modern electronics.
Silver is also hot right now, and Oxford Gold Group sells that, too. Want to diversify your retirement accounts? Oxford Gold Group can set up a gold (or silver) IRA, done with strict attention to Internal Revenue Service regulations.
Oxford Gold Group has a 4.9-star rating (out of five) on Trustpilot, and an A+ score with the Better Business Bureau. ConsumerAffairs.com calls the company’s precious metal investment services “a legitimate way” for people to diversify their retirement portfolios. Get your free investment guide now.
3. Protect your family and your future now
Here’s a sobering stat: Seven in 10 people turning 65 today can expect to need some kind of long-term care, according to the U.S. Department of Health and Human Services.
Often, that means help with everyday tasks (shopping, light housework) as well as health care needs like bathing, dressing and organizing your meds. If you need this kind of basic care after a hospitalization, you might be released to a recovery center or nursing home – but Medicare doesn’t cover this kind of “custodial” care.
Fortunately, GoldenCare has your back. The company provides long-term care (LTC) insurance options for all ages, including people in their 60s. (GoldenCare is not currently available in Alaska, Florida, Hawaii or Washington.)
Today’s LTC options no longer require a three-day hospital stay, and no longer restrict care to skilled nursing facilities. Now they cover the basic help you need in your own home, as well as assisted living facilities and adult day care centers.
No one can say whether your current good health will last. We know how hard it is to think about that – but it’s essential that you do, because without LTC insurance you might be looking at some tough choices:
- Burdening family with your care. Your spouse/partner can do only so much. And even if your kids live nearby, they have their own busy lives.
- Depleting your savings. Again, you’d have to pay for “custodial” care while recuperating away from home. That means less to live on, and less (or nothing) to leave to your family.
- Having to ask for money. Your kids need to save for their own retirements, not help fund yours.
- Giving up independence. Suppose you have no one to ask for help. Even if your needs are very basic, you might have to go to a nursing home because you can’t afford to pay for in-home help.
Regardless of your age, you owe it to yourself – and to your family – to check out LTC insurance. Get a free quote today.
4. Shield yourself against costly car repairs
The advanced safety features on today’s cars are a boon to aging drivers, but they come at a high cost. One repair shop said that 10 years ago, the average repair was $1,600. Now it’s $4,000.
The average driver keeps a car for about 12 years, but a typical manufacturer warranty lasts for three years. Ask yourself this: What would a car-repair bill in the thousands do to my retirement budget?
Endurance offers vehicle service contracts of up to 36 months. Similar to automobile warranties, these VSCs are available in six different tiers, which lets you choose only the coverage you need.
No matter which plan you choose, you’ll get 24/7 roadside assistance and rental car benefits while your vehicle is in the shop. You’ll also get a free year of the Elite Benefits program, which includes key fob replacement, complete tire coverage, a collision discount and $1,000 if your car is declared a total loss.
If your car breaks down or just needs service, just contact Endurance via phone or their mobile app. (Help is available 24/7.) Vehicles up to 20 years old are covered, and you can choose a shop from the network of more than 350,000 ASE-certified repair facilities across the U.S. Endurance pays upfront for the repair, so all you’ll be responsible for is the deductible.
Endurance has a 4.4-star rating (out of five stars) with Trustpilot. A review from ConsumerAffairs.com calls the company “particularly appealing to those with older cars,” and a “solid choice” for all drivers.
Protect yourself from costly auto repairs. Get an instant quote now.
5. 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 fix.
But you don’t have to worry. Luckily, with a home warranty company called America's 1st Choice Home Club, you can safeguard yourself against giant repair bills. From home appliances to electrical, plumbing, heating and cooling systems, it can all be protected.
Plus, their in-house service team is available 24/7 to help and ensure a hassle-free repair process if anything goes wrong. You can even choose your own technician, or they can send you one from their nationwide network if you don’t have someone in mind.
All over America, homeowners are choosing AFC Home Club for the savings, service and peace of mind that it delivers.
Stop worrying about household breakdowns, and get a free quote in 30 seconds.
6. Win $1.7 million for your retirement
We’re not talking about winning the Powerball lottery or having a hot night at the casino. How likely is either of those things, really?
You’re much better off “winning” by making solid financial investments. That’s how the rich got rich, and how they stay rich – and chances are, they didn’t do it themselves. They expand their wealth by hiring qualified investment advisers. You can, too, with help from SmartAsset’s free financial adviser matching tool.
A study done by Vanguard spells things out pretty clearly: Good professional advisers can add up to 3% more to your savings. So if a self-managed $500,000 investment turns into $1.7 million after 25 years, a money expert could get you $3.4 million. That’s twice as much money.
SmartAsset's no-cost online service makes discovering your ideal financial adviser a snap. You fill out a short questionnaire, then get matched with up to three local fiduciary financial advisers, each legally bound to work in your best interests. The process only takes a few minutes, and in many cases, you’ll be connected instantly with an expert for a free retirement consultation.
So why not start growing your own wealth! Click here to get started.
Quiz: Find out if you are ready to retire
Figuring out the right time to retire doesn’t have to be hard. SmartAsset's free quiz matches you with three fiduciary financial advisers in your area in five minutes. Each adviser has been vetted by SmartAsset and is legally bound to act in your best interests. If you’re ready to be matched with local advisers that will help you achieve your financial goals, take this quiz now.