When it comes to getting ready for retirement, it’s all about growing your nest egg. Your money stash. Your financial reserves. Your accumulated wealth.
And you don’t just want your nest egg to be “good” or “adequate.” You want it to be bulletproof.
You’ve heard the obvious advice before: Start investing as early as possible, and keep investing consistently over the years. And that’s all well and good.
But how about some strategies you haven’t tried before? Here are some tips that aren’t the same old financial advice you’ve heard over and over again. If you really want a robust retirement fund, it’s worth trying a few different things to get yourself there.
Not all these tips may work for you, but some will, so be sure to read them all.
1. Grow your nest egg with professional help
To build a bulletproof nest egg, you ought to work with a pro – 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.
Please carefully review the methodologies employed in the Vanguard white paper, “Putting a value on your value: Quantifying Vanguard Advisor’s Alpha.”
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. 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?
3. Take a few minutes to protect your family
If you have a family, here’s how to protect their nest egg. This is why life insurance is so important. If something happens to you, who’s going to pay the mortgage, or college bills?
Not everybody needs insurance. If your kids are grown, and you have a nice, fat bank account, there’s really no need. But if your family would have a hard time getting along without you, life insurance is definitely something you should look into. Just don’t pay too much for it by buying the wrong kind, or buying from a commissioned salesperson.
Shopping for life insurance used to be a long, complicated process. Now? Not so much. For example, Ethos is a company that lets you apply online in minutes without getting off the couch. There’s no medical exams, no blood tests. You can get term life insurance ranging from $20,000 to $2 million. And it may cost as little as $7 a month: less than you might be spending now on coffee.
Simply answer a few online health questions and get a personalized quote in less than five minutes. This could be the most important thing you ever do for the people you love.
And Ethos is rock solid: They’ve protected more than 100,000 families and provided over $46 billion in coverage. So, why not check it out? Click here right now for a quick, free quote from Ethos.
4. Plan ahead for healthcare costs
Nothing will burn through your nest egg faster than the cost of long-term care.
Here’s hoping that your retirement years are active, healthy and vibrant and that you’re able to function as you always have. 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.
Think you can’t get long-term care (LTC) insurance after age 40? Think again. GoldenCare writes LTC coverage for most people. (Unless they live in the four states where GoldenCare doesn’t operate: Alaska, Florida, Hawaii and Washington.)
“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 LTC 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.
It’s impossible to say whether your current health will stay good. That’s why investigating long-term care insurance is so important: It protects you and your family.
5. Pay 25% interest on a credit card? Seriously?
Here’s another thing that can eat into your nest egg: The average credit card interest rate these days is approaching 25%. Sounds like what a loan shark would charge, doesn’t it?
Never borrow recklessly, but when it’s time, do it right. Take advantage of much lower rates by borrowing against your home. Use that low-interest loan to fix up your house, pay off high-interest debt or for any other purpose (other than financing a lifestyle you can’t afford).
Qualify for a rate of 6%, and you’ll be able to borrow $25,000 for a monthly payment of only $150. That’s a fraction of what credit cards charge, and will literally save you thousands over the life of the loan.
How do you shop for the best deal? Simple: Head to a loan shopping site like Quicken Loans. 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.
6. Protect your home from unexpected costly repairs
Your nest egg can take a hit whenever home repairs are necessary, because they’re never 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 keep up.
But you don’t have to worry. Luckily, with a home warranty company called American Home Shield, you can safeguard yourself against giant repair bills. From home appliances to electrical, plumbing, heating and cooling systems, it can all be protected.
AHS protects your stuff no matter the age. Their plans cover up to 23 appliances and systems, and if they can’t repair it, they’ll replace it. That’s why American Home Shield is America’s top home warranty company with more than 17,000 contractors and two million members.
All over America, homeowners are choosing AHS for the savings, service and peace of mind that it delivers.
7. Shield yourself against costly auto repairs
The cost of car repairs is skyrocketing. One shop told Consumer Reports that a decade ago their average repair was $1,600. These days the average bill is $4,000.
Typically, a vehicle manufacturer warranty lasts three years. Yet the average driver will hang on to a car for about a dozen years. If you’re concerned about coming up with thousands of dollars for a repair bill, protect your investment with Endurance Warranty Services.
The company provides extended warranty plans of up to 36 months. Choose from among six different plans, to get only the coverage you actually need, for cars up to 20 years old.
All their warranties include 24/7 roadside assistance plus rental car benefits while your vehicle is being repaired. For the first year, you’ll get the Elite Benefits program for free; this includes complete tire coverage, key fob replacement, a collision discount and a $1,000 payment if your car is determined to be a total loss.
Endurance has a network of more than 350,000 ASE-certified repair shops. More important: Endurance pays the repair bill upfront. All you need to cover is the deductible.
The company has a 3.7-star rating with Trustpilot. ConsumerAffairs.com calls it “a solid choice” for drivers of any age, and “particularly appealing” for those with older vehicles.
8. Save up to $610 on car insurance
If you’re like most Americans, you’re probably 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.
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