A half-million bucks. Sounds like a lot, and it is. Unless, that is, you’re planning on living another 30 years with only Social Security as income.
The average Social Security monthly benefit is only around $1,800. You may survive, but will you thrive?
If you’ve managed to put aside $500,000 to supplement that income, congratulations. But you’ve probably realized by now that even that may not be enough. After all, if you earn 5% on your savings, that only adds a little more than $2,000 more per month to your income.
We’ve compiled nine game-changing tactics that will help your money work a little harder and pay you a little more. From savvy investments to smart savings hacks, these tips are your ticket to a happier, earlier retirement.
Not all these tips may apply to you, but some of them will, so be sure to read them all.
1. Stop putting all your eggs in one basket
One of the best ways to protect your savings is having 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.
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 who you deal with.
Patriot Gold is a conservative firm, pushing America first values. Consumer Affairs has awarded them America’s Best Gold Ira dealer for the last 6 years for overall satisfaction. They also have a 5-star rating by Trustpilot.
At Patriot Gold, you’ll never pay retail and always work directly with the owners. They offer 24 hour account setups & secure vault storage. They even offer no fees for life on qualifying individual retirement accounts. Furthermore, you’ll receive a free membership to Mammoth Nation for supporting conservative candidates.
Patriot Gold is not only endorsed by Dick Morris, Mike Slater & iAllegedly Dan but they’re also clients. Gold has been hitting record highs recently, why not take a look right now?
Patriot Gold has a minimum investment amount of $10,000 simple cash purchase and $50,000 for Gold & Silver IRA’s. Please fill in your correct name, email and phone number so Patriot Gold can contact you promptly.
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2. A proven way to boost your savings
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 adviser. 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 advisers in your area, all legally bound to work in your best interests.
Even if you don’t want help picking investments, an adviser can help lower your tax burden, create a comprehensive financial plan for you, maximize your Social Security, and serve as a second pair of eyes to make sure you’re on the right track.
Using SmartAsset only takes a few minutes, is totally free, and in many cases you’ll also be offered a free consultation. Lots to gain, nothing to lose. At least check it out.
Please carefully review the methodologies employed in the Vanguard white paper, “Putting a value on your value: Quantifying Vanguard Advisor’s Alpha.”
3. Stop paying an extra $610 for car insurance
If you want more money, stop wasting the money you have. Example? If you’re like most Americans, you’re paying too much for car insurance. But shopping around for a better deal is such a hassle.
Well, it used to be.
Now you can just check out Provide Insurance, the largest online marketplace for insurance in the U.S. 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 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 overcharge you. Try Provide Insurance today and see how much you can save on car insurance.
4. Stop letting home repairs drain your bank account
Home repairs aren’t cheap. Whether it’s a leaky roof or a broken appliance, your castle can quickly crumble and cost you hundreds, or even thousands.
Unless, that is, a home warranty company has your back. Example? First American will protect you from giant bills by covering everything from home appliances to electrical, plumbing, heating and cooling systems — even pools and spa equipment.
They also allow you to customize your plan, so you only pay for what you need.
When something goes wrong, just call First American, day or night. The company has a network of prescreened technicians and typically dispatches an independent contractor within 48 hours.
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.
Get your free quote in 30 seconds.
5. Stop paying full price for retail purchases
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. Stop ignoring your older self
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.
7. Stop investing like a rookie
Why do people invest in stocks? Simple. Because over time, stocks beat the pants off bank accounts.
And why do people invest in stocks through Robinhood? Simple. Because Robinhood beats the pants off other investing apps. And that’s especially true of their new gold account.
For just 5 bucks a month, Robinhood Gold gives you:
- 5% interest on your uninvested cash
- 1% bonus cash on new, eligible deposits (no limit!)
- 3% IRA match on eligible contributions to your Robinhood IRA
- Instant access for deposits up to $50,000
- Professional research from Morningstar
- Level II market data from Nasdaq
- First $1,000 of margin borrowed is interest-free
- Up to $2.25 million in FDIC insurance
So, if you invest in stocks, bonds, crypto, options or anything else, check out Robinhood Gold. Do it now, though: That 1% deposit bonus isn’t going to last forever.
8. Stop getting ripped off by your bank
It’s this simple: If you’ve got savings in a traditional bank savings account, you’re throwing money away.
In just a few minutes, you could move those savings to a financial technology company, like Upgrade, and earn tons more interest with no additional risk.
Upgrade’s FDIC or NCUA-insured Premier Savings account is currently offering 4.69% Annual Percentage Yield (APY)– nearly 12 times the national average . And all you have to do to earn that high rate is maintain a minimum balance of $1,000.
If you move $100,000 from a low-interest account to Upgrade’s Premier Savings, you could earn an extra $5,000 every year. No additional risk, 5 grand more: all financial decisions should be this easy.
If you’re OK with earning basically nothing, go ahead and stick with your big bank. But if you want your money to work as hard for you as you do for it, make a move. Take a few minutes right now and check out Upgrade. You’ll be a little richer for it.
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