A retirement strategy isn’t written in stone. It’s a living document. Even if you think you’ve got everything squared away — and yes, even if you’re already retired — it’s just plain smart to revisit your money master plan now and then.
For starters, you should look for tactics to help cut recurring costs, to help protect your nest egg. It’s even smarter to look for ways to grow that nest egg; for example, it’s never too late to get an expert’s opinion on your current investments.
Don’t leave your golden years to chance. Take charge of your financial future with these super-simple tactics.
1. 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.
Some people think you can’t get affordable long-term care insurance after age 30. But GoldenCare has clients who are much older than that. (Unless they live in Alaska, Florida, Hawaii or Washington, the four states where GoldenCare doesn’t operate.)
Here’s another misconception: that Medicare will take care of all your health needs. For example, it doesn’t cover “custodial” care — say, when you’re released from a hospital into a recovery center or nursing home until you can live safely on your own. You’d be on the hook for that bill yourself. (Hint: It won’t be cheap.)
Fact is, most long-term care is “custodial”: help with bathing, dressing, wound or surgical site care, shopping and light housework. Without long-term care insurance, you’ll need to pay out of pocket or burden relatives with your care. You might also lose your independence if no one lives close enough to help, but you can’t quite manage on your own.
And if you’re already in assisted living, or taking a spouse to an adult daycare center? They’re covered, too.
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. Get a free quote today.
2. Secure your retirement with gold and silver
Diversification is essential for retirement investing. Put all your eggs in the wrong basket, and you could wind up with egg on your face. Case in point: Those who thought their “safe” investments were truly safe have had a tough time lately, watching the market ups-and-downs. If that volatility is making people think twice about their plans, that’s a silver lining to the chaos.
Speaking of precious metals: Oxford Gold Group can help you spread some of your retirement dollars from the theoretical to the tangible, with the historically valuable assets of gold and silver.
Gold has been the benchmark of wealth for thousands of years. Lately, it’s become even more essential, since gold is a critical element of electronics manufacturing. Try to imagine a modern world without smartphones, tablets and computers. Yeah, we can’t do that, either — which is why gold can be such a wise investment.
Then there’s also the fact that gold isn’t under any government currency rules. You can get those tangible benefits mentioned earlier, in bars or coins. Or stick with the theoretical, with a “gold IRA” (strictly legal, per Internal Revenue Service regulations).
You also have the option of a silver IRA, or coins and bars. No matter which format you choose, know going in that silver is also crucial to electronics manufacturing.
The company has a 4.9-star rating (out of 5) on Trustpilot, with 96% of reviewers rating the company “excellent” and 4% calling it “great.” Oxford Gold Group has an AA rating with the Business Consumer Alliance and an A+ rating with the Better Business Bureau.
Don’t wait another day to diversify. Get your free investors guide now.
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.
Home values are soaring. Take two minutes right now to find out what a reverse mortgage with AAG could do for your retirement.
4. Don’t let car repairs drain your savings
The average car loan in Q4 2021 was $39,721. Even used-car prices are more than 50% higher than they were before the pandemic. It just makes sense to keep your car longer; in fact, the average age of U.S. cars is 12 years.
However, the manufacturer warranty usually lasts only three years — and repair prices are skyrocketing. One auto shop noted the average repair 10 years ago was $1,600; now it’s $4,000. What would a multi-thousand-dollar repair bill do to your budget in retirement?
Endurance can sell you a vehicle service contract — similar to a warranty — for up to 36 months. Choose only the coverage you need from among six different VSC configurations, for vehicles up to 20 years old.
When your car needs service, use the mobile app or call Endurance on the phone. The company has a network of more than 350,000 ASE-certified repair shops in the U.S. Endurance pays the repair costs upfront, while you cover the deductible.
All VSCs include 24/7 roadside assistance plus rental car benefits if your vehicle lands in the shop. For the first year, you’ll also get the Elite Benefits program, which includes complete tire coverage, key fob replacement, a collision discount and $1,000 if your vehicle is declared a total loss.
A review from ConsumerAffairs.com calls Endurance “particularly appealing to those with older cars,” and a “solid choice” for all drivers. Endurance has a 4.4-star rating (out of 5) with Trustpilot.
Don’t let car repairs drain your savings in retirement. Get an instant quote now, and save money going forward.
5. Grow your wealth with commercial real estate
There’s a reason wealthy people invest in real estate: because it’s a darned profitable way to make money. People always need a place to live, and businesses/service providers need a place to set up shop.
Maybe being a landlord sounds like too much hassle. There’s a simple solution: investing in a company called Fundrise, which gives you the benefits of being a landlord without the need to do background checks or nag business tenants for rent.
Your investment dollars go toward the properties vetted and bought by Fundrise. They handle all the tenant stuff on their end. Here’s the best part: The company lets you start with as little as $10. Think of it: Just $10 to start your own real estate empire.
Fundrise investors earned an average annual return of 22.9% in 2021. Financial planners will tell you that past performance is not a guarantee of future results, and they’re right. However, that’s a pretty good return on investment — and as noted earlier, real estate is a basic human need.
Financial planners will also tell you that diversity is essential for retirement income planning. Fundrise lets you start small ($10!) and then add more to your portfolio as time goes on.
Speaking of time: It takes only a few minutes to sign up and create your account. What are you waiting for?
6. Retire on your own terms with expert help
You’re in your 60s. You’re this close to winning the retirement race!
Checked your investments lately? Or have you left them pretty much on autopilot?
Even if you think your retirement plan is solid, consider getting a second set of expert eyes. With help from SmartAsset, finding a qualified money adviser couldn’t be simpler.
SmartAsset’s matching tool will locate financial experts in your area. All are fiduciaries — money experts who are legally required to put your interests first. The adviser you choose will look over your current financial plan, talk about your retirement goals and, if need be, adjust investments to make your golden years truly golden.
It’s never too late to get smart about your assets — and it takes all of 60 seconds to fill out the SmartAsset adviser match quiz. If you’re ready to be matched with local advisers that will help you achieve your financial goals, take this free quiz now.
7. Cancel your car insurance policy
Auto insurance premiums tend to go down as we age. But why wait? You can save up to $440 a year — every year — by getting a better deal right now.
All those pop-up ads keep promising the lowest rates. However, they tend to want your contact info, including a phone number, before they share that rate info. Do you really want a slew of calls, e-mails and texts from insurers begging for your business?
The Zebra is different: It’ll do the legwork without demanding your personal information.
In only two minutes, the company will compare rates from 200 providers. You pick the best deal, and start saving.
Hundreds of extra dollars in your budget every year. Hard to argue with that. Take two minutes, right now, to find out how much you can save.