Get expert financial advice
According to the Federal Reserve, only 36% of non-retirees thought their retirement savings were on track as of 2021. If you feel you could use some help getting your finances back on track, consider reaching out to a financial advisor.
With Vanguard, you can connect with a personal advisor who can help assess how you’re doing so far and make sure you've got the right portfolio to meet your goals on time.
Vanguard’s hybrid advisory system combines advice from professional advisers and automated portfolio management to make sure your investments are working to achieve your financial goals.
All you have to do is fill out a brief questionnaire about your financial goals, and Vanguard’s advisers will help you set a tailored plan, and stick to it.
Once you’re set, you can sit back as Vanguard’s advisors manage your portfolio. Because they’re fiduciaries, they don’t earn commissions, so you can trust that the advice you’re getting is unbiased.
Make sure your loved ones are taken care of
Not only are retirement savings important for you, they affect your loved ones too. When you opt out of life insurance, you are leaving your family on the hook for things like medical and end-of-life expenses.
If you’re concerned that Medicare might not cover your expenses or you just don’t want to possibly leave your family with unexpected bills, there are other insurance options you can consider.
If you’re looking for a policy that will last a lifetime, with a locked-in premium and a cash value that can be tapped into while the policyholder is still alive, a whole life insurance policy from Mutual of Omaha is the right fit for you.
With coverage amounts ranging from $2,000 to $25,000 (in WA, $5,000 to $25,000), you can rest assured that you and your family will always be ready to cover those unexpected expenses.
It only takes five minutes to fill out the online application with your personal and beneficiary information. Once you register, not only will you be guaranteed coverage, but your benefits will never be reduced due to age or health. Plus, no medical exams or health questionnaires are needed to join.
Work longer and delay Social Security
Working longer not only delays taking money out of your retirement investments, which allows them to continue compounding earnings growth, but it also pushes back the age at which you’ll need to start collecting Social Security payments.
Take that $333,940 investment portfolio. Invested in a conservative portfolio returning 5% annually — the historical average return on stocks is 11.9% — that money would grow to $384,031 in three years. Assuming you’re following the 4% rule for withdrawals, that would amount to $15,361 per year — an increase of $2,004 each year.
Add more to your retirement savings
However, it isn’t always easy to find spare change in your budget to invest with — until now.
With Acorns, you can turn spending into savings, thanks to their automated investment platform.
All you have to do is link your bank account and spend as you normally would. Acorns will round up your everyday purchases to the nearest dollar, and then invest that spare change in a diversified portfolio built by experts, and are managed by top investing firms.
Plus, Acorns lets you customize how you save. With an Acorns Silver plan, you get access to Acorns Later, a retirement investment account with a 1% IRA match on new contributions.
With Acorns Gold, you get a 3% IRA match on new contributions and the ability to customize your portfolio by selecting your own stocks.
Signing up for Acorns takes less than five minutes, and if you sign up now, you can get a $20 bonus investment.
Finally, consider diversifying your retirement savings outside of the stock market. As a baby boomer, you’ve seen your share of swings in share prices — but you’ve also seen massive growth in commodities like gold. Did you know you can tie your retirement savings to this more stable investment with a gold IRA?
American Hartford Gold offers IRAs and direct purchases of precious metals and coins. Gold has historically acted as a hedge against inflation, and many find it to be a more secure place to invest their retirement fund.
By opening a gold IRA with their help, you have the opportunity to both diversify your portfolio and grow your retirement savings with a commodity that’s a steady performer, so you can look forward to a little more gold for your golden years.
