6 Toxic Mistakes Preventing You From Retiring Rich

Hey there, future retiree! Dreaming of sipping margaritas on a white sandy beach, but worried about your bank account balance? You’re not alone.

Many of us make common money missteps that can seriously impact our golden years. From overspending to neglecting investments, these pitfalls can derail your retirement plans.

But fear not! By identifying and avoiding these toxic mistakes, you can set yourself up for a financially secure future.

1. Not being diversified

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. Lots of companies in the gold business are pretty shady and won’t hesitate to sell you gold and silver at vastly inflated prices.

Goldco, on the other hand, has an A+ rating from the Better Business Bureau, an AAA rating from Business Consumer Alliance, and 4.8 to 5 stars on Trustpilot, TrustLink, Google reviews and ConsumerAffairs. They offer just about everything, from precious-metal IRAs to gold coins and gold bars.

You’ll even receive up to $10,000 in free silver on qualified purchases. If you’ve ever thought about investing in gold, why not take a look?

2. Going it alone

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.”

3. Not protecting your savings

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

But don’t bet on it. 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 mean near or total depletion of your nest egg.

Without long-term care insurance, your options aren’t great: running through savings, borrowing money, burdening your family with your care, and possibly losing independence because you can’t live on your own.

One place to find long-term care insurance 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 planning now could mean a more secure tomorrow.

4. Failing to safeguard your home

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 pre-screened 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. Ignoring your health problems

A simple health screening could be worth a lifetime. You see, cardiovascular disease and strokes are two of the leading causes of death in America. And 80% of them are preventable, according to the American Heart Association and the Centers for Disease Control.

There’s someone on your side, too. A company called Life Line Screening is the leading provider of annual screenings for risk of cardiovascular disease, strokes and other chronic diseases. Screenings provide peace of mind or early detection, and both are a good thing.

Getting a screening is convenient and easy. Just go to Life Line Screening’s website and schedule an appointment at one of more than 14,000 locations across the U.S. The screenings are fast, painless and noninvasive. Results are posted in an online portal within a few days.

It’s not just about preventing death, either — it’s about saving money, too. Strokes and cardiovascular disease are two of the leading causes of serious long-term disability, which would cost you a lot of money. Knowledge is power, and early detection enables you to take action before it’s too late. That’s why Life Line Screening has been trusted by more than 10 million customers since 1993.

These screenings are recommended for everyone over 40. If you’ve never gotten one, now’s the time. Schedule an appointment here to get 50% off.

6. Ignoring your old 401k’s

Talk about a treasure hunt: there’s nearly 1.65 trillion in orphaned 401(k)s, left behind by people switching jobs.

Maybe some of that money is yours. If so, it’s time to bring it home.

A company called Capitalize is now offering free help to roll your old 401(k)s into an IRA of your choice, giving you more control, more investment choices, and way better organization.

And the best part? It couldn’t be easier.
Step one: Tell Capitalize where you’ve worked in the past.
Step two: Pick a rollover IRA to transfer the money into. (They help you compare options.)
Step three: Sit back and let Capitalize do the rest!

If you’ve left an old 401(k) at a previous employer, either because you forgot it, or because you’re not sure what to do with it, take a few minutes and let Capitalize’s free service make your life a lot easier. Try it right now!