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. Plan ahead for what Medicare won’t cover
You’re healthy now, but don’t kid yourself about the future. The government says there is an almost 70% chance that someone turning 65 today will need long-term care at some point in their lives.
Even worse for your pocketbook, 20% of people will need care for longer than 5 years.
With monthly costs for a private nursing home room running upwards of $9,000 a month on average, long-term care can quickly bankrupt you. Medicare doesn’t pay for ongoing care, and Medicaid will require you to spend almost everything you have before they help out.
The answer is to check out long-term care insurance. This product can be more affordable than you think, especially if you buy it early.
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 through GoldenCare is so important: It protects you and your family.
Note: GoldenCare does not operate in Alaska, Florida, Hawaii and Washington.
2. Preserve your wealth with precious metals
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 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 whom you deal with.
Lear Capital is a powerhouse in the precious metals industry, specializing in metal IRAs since 1997, with more than $3 billion in trusted precious metals transactions.
They have more than 93,000 satisfied customers and an AAA rating with Business Consumer Alliance, and they make it simple to transfer funds from your current retirement account, like a 401(k) or IRA, into a precious metal IRA.
For a limited time, Lear Capital is making a remarkable offer: Invest in gold or silver with them and you’ll get a 24-hour, risk-free purchase guarantee.
Not only that, you could earn bonuses of up to $15,000 in free silver or gold coins, depending on how much you invest. And the icing on the cake? Zero trade fees for an entire year. No worrying about commissions cutting into your profits.
And thanks to this special deal, if you’re not 100% satisfied within the first 24 hours, simply return your purchase for a full refund.
Is it time for you to buy gold?
Find out: Take a few seconds and get Lear Capital’s free precious metals investor kit right now!
3. Borrow from yourself
The average credit card interest rate these days is approaching 25% — a record high. Sounds like what a loan shark would charge, doesn’t it?
Never borrow recklessly, but when it’s time, do it right. Take advantage of much lower rates by borrowing against your home. Use that loan — with rates as low as 6.75% — to fix up your house, to pay off high-interest debt or for any other purpose (besides financing a lifestyle you can’t afford).
That’s a fraction of what credit cards charge, and will literally save you thousands of dollars over the life of the loan.
How do you shop for the best deal? Simple: Head to a loan shopping site like Rocket Mortgage. They’ve eliminated most of the hoops you had to jump through in the past, so it only takes a couple of minutes to see how much you could get.
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.
5. Win $1.7 million for your retirement
Your money is obviously super important. Which is why you spend so much time and energy fretting over it.
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 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. What can it hurt?
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.
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