Traveling, enjoying hobbies, helping others, hanging out with friends and family: Retirement is going to be a dream come true.
Unless you don’t have enough money to enjoy it.
According to the Social Security Administration, the average monthly retiree check from Social Security this year is $1,827, or just under $22,000 per year.
Could you survive on that? Maybe. But thrive? Doubtful.
If things are looking tight, the answer is to save as much as possible before the big day arrives and to explore ways to add income and stretch your savings as much as possible.
Here are tips for anyone who’d like to have more money, especially those approaching retirement or already there.
1. Get cash without leaving home
If you purchased a home in the last 10 years, you likely have significant home equity.
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.
2. Diversify your wealth with gold
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; sometimes by a lot.
You can’t control the stock market or the world economy. But you can hedge against uncertainty by having other forms of wealth.
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 there’s one investment that thrives in this scenario: gold.
But keep in mind that not everyone in the gold business is on the up-and-up. Be careful whom you deal with.
Goldco is one company to consider. They offer just about everything, from precious metal IRAs to direct purchases of precious metal coins and bars.
Goldco has been around for more than a decade and has been recommended by celebrities like actor Chuck Norris and even former presidential candidate Ron Paul.
They have an A+ BBB Rating, AAA Rating from Business Consumers Alliance and 4.8 to 5 stars on Trustpilot, Trustlink, Google Reviews and Consumer Affairs.
You’ll even receive up to $10,000 in free silver on qualified purchases.
Maybe gold is right for you; maybe it isn’t. But if you’ve ever wondered, why not take a quick look?
3. Secure your retirement with a professional
Obviously, you’re no fool when it comes to making money. If you were, you wouldn’t be reading this.
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 study by investment firm Vanguard found that, on average, a hypothetical self-managed $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 you 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.
Nothing to lose, 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.”)
4. Protect your identity from scammers
According to the Department of Justice, last year more than 92,000 victims over the age of 60 reported losses of $1.7 billion from fraud, including romance scams, investment fraud, government impersonations and tech support fraud.
People who rip off the elderly have earned themselves a special place in hell. Don’t make it easier for them to steal your financial security.
Protect yourself by following simple rules like not clicking links in emails from strangers, not answering calls or texts requesting personal information, and protecting your identity.
One of the easiest ways to stop identity theft is with a monitoring service like IdentityForce. It only takes a few minutes to enroll, then they’ll constantly scan for threats to your identity. If they find something shady, they alert you by text, email, phone or mobile app.
Don’t take our word for it. Forbes Advisor gives them 5 stars saying “…no other service offers you as much in return.” U.S.NEWS says “IdentityForce provides comprehensive identity theft protection, including protection against medical identification fraud, cyberfraud, and …junk mail opt-out.”
Identity theft protection won’t stop every crook and every scam. But it’s a good place to start. See if IdentityForce is right for you and start your 30-day free trial today!
5. Don’t let home repairs drain your savings
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 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. Stop overpaying for car insurance
If you’re like most Americans, you’re probably paying too much for car insurance. But shopping around for a better deal can be a hassle.
That’s why you should check out Provide Insurance, the largest online marketplace for insurance in the US. Provide Insurance lets you compare quotes from more than 175 different carriers in minutes.
All you have to do is answer a few questions about yourself and your driving history. Then Provide Insurance will show you the best options for your needs and budget.
You could save up to $610 a year on car insurance by using Provide Insurance. That’s money you could use for other things, like investing, saving or paying off debt.
Don’t let your current insurer charge extra. Try Provide Insurance today and see how much you can save on car insurance.
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