7 Smart Ways to Recession-Proof Your Retirement

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According to a March 2022 study from the Nationwide Retirement Institute, inflation has forced many Americans to rethink the way they live. Among other sea changes: 13% of Gen Xers and Baby Boomers have either postponed retirement or are considering putting it off.

Maybe your retirement is decades down the road. But suppose inflation ramps up again once you’re ready to leave the workforce. What will that do to your retirement dreams?

It’s scary to think about. You can wish and pray that everything will work out. But hoping for the best isn’t a strategy.

The tactics below will boost your retirement savings, with little to no effort on your part. Harness them!

1. Preserve your wealth with gold and silver

Investing wisely isn’t enough. Inflation can hammer even the most prudent of choices. Taken a look at your 401(k) balance lately?

To recession-proof your retirement, you need to diversify. Since gold has been the standard of wealth for millennia, let the experts at Oxford Gold Group grow your wealth through this historically valuable asset.

We’re not just talking jewelry, either. Gold is a crucial part of modern electronics. Think anyone’s going to give up their smartphones any time soon?

Gold doesn’t fall under government currency rules. You can buy gold bars or coins, or even invest in a “gold IRA” done strictly to Internal Revenue Service regulations. Oxford Gold Group also sells 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.

Protect and secure your retirement. Request your free investors guide now.

2. Protect your family and your future now

Here’s hoping your retirement years are active, healthy and vibrant. That you are able to function as you always do, right up until the time you shuffle off this mortal coil.

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 insurance after age 30? 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. Here’s a prime example. 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 a free quote today.

3. Eliminate your monthly mortgage payments

Planning to retire with a mortgage? You could wind up “cost-burdened,” according to a 2021 study from Harvard’s Joint Center for Housing Studies. That means you’re more likely to spend more than 30% of your income on housing.

Think about that: Almost one-third of your retirement dollars will be spent before you even get them. The other 70% will have to cover food, clothing, utilities, upkeep, those health care costs not covered by Medicare and, of course, anything you want to do in your golden years.

Fortunately, you have options. A reverse mortgage from the American Advisors Group can help you enjoy your retirement, rather than simply endure it.

It’s simple: If you qualify, AAG will pay off your house note and give you a chunk of the proceeds to use any way you like — while still living in your home. Because it is your home; you’ll hold the title until you die or choose to move elsewhere, provided you keep making payments.

Opt for a lump sum, scheduled payments or even a line of credit. Again, it’s your money, to be used in ways that make your retirement more pleasant, comfortable and safe.

AAG has a 4.46-star rating with the Better Business Bureau, a 4.5-star rating with Trustpilot and a 5-star rating with ConsumersAdvocate.org.

Take two minutes to find out if a reverse mortgage loan is right for you. Enter your zip code here to get started.

4. Don’t let car repairs drain your savings

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. Stop worrying about expensive household breakdowns

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. Diversify your portfolio with commercial real estate

Real estate is a pretty safe investment since people will always need somewhere to live. And despite the rise in e-commerce, certain businesses will always need a place to sell their goods and services. By investing in a company like Fundrise, you get the benefits of being a landlord without the hassles of having tenants.

About those benefits: Fundrise investors earned an average annual return of 22.9% in 2021. While past performance is not a guarantee of future results, that’s a pretty good return on investment.

You don’t need to be a Rockefeller to buy in, either: Fundrise lets you start with as little as $10. What you’re buying is a piece of the action, and the action has been pretty hot lately.

When it comes to retirement planning, diversity is the name of the game. Suppose you put all your eggs in one basket and it’s the wrong basket? With Fundrise, you can start small – really small – and then over time add more to your portfolio.

It takes only a few minutes to sign up and create your account.

7. Add 15% extra to your retirement nest egg

According to a Journal of Retirement study, people who work with a financial adviser will add 15% to their incomes in retirement. Even if you think your retirement plan is solid, consider getting a second set of expert eyes.

These days there are no-cost online services that make discovering your ideal financial adviser a breeze. 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.

Of course, there are no guarantees a professional will do better than you, but with that much at stake, isn’t it crazy not to at least check it out? In addition to investment advice, 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.

The process only takes a few minutes, and in many cases, you’ll be connected with an expert immediately for a free retirement consultation.

Use this free matching service to connect with three qualified financial advisers in your area in five minutes.

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