Retirement Goals: Phil and Debbie’s Recipe for Retiring Rich

Advertising Disclosure: When you buy something by clicking links on our site, we may earn a small commission, but it never affects the products or services we recommend.

Senior couple enjoying retirement
Monkey Business Images / Shutterstock.com

Phil and Debbie are both in their 50s. They’ve been married for 31 years. Their kids are grown, they’ve got a decent nest egg, and all-in-all life’s pretty great.

At least it was, until they recently started thinking about retirement.

The closer retirement gets, the more they find themselves grappling with concerns. Like most people approaching a major transition, they worry about their financial future. They wonder if they’ve saved enough to maintain their lifestyle. They worry whether they’ll have enough to stay ahead of inflation.

Phil and Debbie spent a lot of time exploring the challenges they’re facing, then finding simple solutions to deal with their concerns. Following are some of the services they explored to reduce their stress and ensure their golden years will be not just OK, but the most awesome part of their lives.

Hopefully their tips will be useful to you as well.

1. Get a second set of expert eyes

To properly manage your money, work with a professional — it’s totally worth it. If you’re not doing this, you could be missing out on some serious financial gains.

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 financial advisor. That’s twice as much!

If you’ve got at least $100,000 in investments, check out a free service called SmartAsset. You fill out a short questionnaire and instantly get matched with up to three vetted financial advisors in your area, all legally bound to work in your best interests.

Even if you don’t want help picking investments, an advisor can help lower your tax burden, create a comprehensive financial plan, maximize your Social Security, help with estate planning and making sure you’re on the right track. They can also be there in case one day, you’re not.

Using SmartAsset only takes a few minutes, and in many cases you’ll be offered a free consultation.

Nothing to lose and lots to potentially gain. Take a minute and check it out right now!

Please carefully review the methodologies employed in the Vanguard white paper, “Putting a value on your value: Quantifying Vanguard Advisor’s Alpha.”

2. Don’t put all your eggs in one basket

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. You can’t control the market, but you can hedge against uncertainty by having other forms of wealth.

One of the best ways to protect your savings is diversification. Keep money in different types of investments, ideally ones that 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.

Be careful who you deal with, though. Some companies in the gold business are shady and won’t hesitate to sell you gold and silver at vastly inflated prices.

Rosland Capital, on the other hand, has been seen on Fox since 2008 and is recommended by William Devane. They have an A+ rating from the Better Business Bureau and an AAA rating from Business Consumer Alliance. They offer just about everything, from precious-metal IRAs to gold coins and gold bars.

You’ll even receive up to $15,000 in free gold on qualified purchases. If you’ve ever thought about investing in gold, check it out right now!

3. Get your home care covered

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.

“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 scramble any nest egg.

Solution? Long-term care insurance.

One place to find it is GoldenCare. (Unless you live in the four states where GoldenCare doesn’t operate: Alaska, Florida, Hawaii and Washington.)

At least check it out and see if it’s a fit. Because a little planning today could mean a far more secure tomorrow.

4. Invest in real estate for $10

Real estate has long been a path to wealth. But you need to be wealthy to get started, right?

Wrong. For as little as $10, Fundrise can get you started. Fundrise lets you buy into real estate properties the same way stocks let you buy into companies.

In effect, you’re a landlord without having to run background checks or serve eviction notices. While not a guarantee of future results, Fundrise investors have earned an average of 25% within three years; if they held on for five years, the increase was more than 50%.

People are always going to need a place to live — and recent rent jumps make real estate investing more profitable. Rent prices went up almost 17% in 2021, according to data from Harvard’s Joint Center for Housing Studies.

Take two minutes and check it out.

Note: This is a testimonial in partnership with Fundrise. We earn a commission from partner links on moneytalksnews.com. All opinions are our own.

5. Use this secret source for discounts

Are you over 18? Then you’re eligible to save hundreds of dollars every year simply by joining AARP.

“What?” You say, “I thought AARP was for retired people.”

As it turns out, you don’t have to be 50 or older to join AARP. And members get discounts on hundreds of things, like:

  • Up to $200 per 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. Click here and check it out.

6. Whining about the market? Try wine-ing instead

Every successful investor knows how important it is to diversify your savings with different types of assets, like stocks, bonds, gold and real estate.

But don’t stop there. If you’re looking to add something completely different, here’s an idea: check out Vinovest. They make it simple, and rewarding, to invest in fine wine and whiskey. The Vinovest team combines insider knowledge and bulk buying power to acquire high-value bottles and barrels at the best prices. By purchasing large quantities directly from vineyards and distilleries, Vinovest secures deals that individual investors can’t match.

Vinovest handles all the details, from authentication to storage and insurance. You just sit back and watch your returns grow. While past returns are no guarantee of future results, Vinovest clients have enjoyed exits up to 30.7%.

Ready to uncork the potential of alternative investments? Join 150,000+ other Vinovest investors and diversify your savings with wine and whiskey. Get more information right now by clicking here.

7. Without your income, what would your family’s life look like?

Would the bills get paid? Would they be able to stay in your home? Would your kids be able to go to college? Would they have the things they need to succeed in life?

That’s the purpose of life insurance.

Protecting the people you love is critical, but it’s not time-consuming, nor is it expensive. In fact, in less time than it’s taken you to read this, you could have already gotten free quotes. $500,000 of coverage starts at less than you spend on lunch: as little as $26 a month.

One place to find fast, free quotes: Policygenius, a site that makes it easy to compare life insurance quotes from America’s top insurers, as well as finding your lowest price.

Go ahead: Click here right now and check it out. It could be the best thing you’ve ever done for the most important people in your life.

Get smarter with your money!

Want the best money-news and tips to help you make more and spend less? Then sign up for the free Money Talks Newsletter to receive daily updates of personal finance news and advice, delivered straight to your inbox. Sign up for our free newsletter today.