Are you behind on saving for retirement?
Catching up on savings gets harder as we age, and we also lose out on the power of compound interest. Retirees can also make the mistake of paying for withdrawals to access money during retirement, losing savings to costly tax deductions.
In a blog post from late last year, Orman wrote that another solid retirement rule of thumb is to have 10x your current income saved by the time you are 67 years old.
Following Orman’s rule of thumb, you should have 3x your income saved by age 40 and 6x by age 50. To keep more of your money in your investments, Orman has long touted the advantages of putting your money in IRAs . IRAs aren’t taxed when you make contributions, or when you withdraw, so they’re a popular retirement investment option.
American Hartford Gold can help you open a gold IRA to aid in securing your retirement fund.
Gold has long been touted as a safe haven asset during market uncertainty. Amid persistent inflation, gold prices have reached new heights, now standing at around $2,652 per ounce.
One of the country’s most trusted precious metals companies — with an A+ rating from the Better Business Bureau — American Hartford Gold has helped thousands of clients protect their retirement.
With live precious metals charts, the ability to compare gold prices with other markets, and an account representative who can answer your questions, you can feel confident that your retirement nest egg is growing the way it should.
When you sign up with American Hartford Gold, you can receive up to $15,000 in complimentary silver, along with a free investor guide to help you determine if this investment is right for you.
Seek professional guidance for peace of mind
Suze Orman may not believe that a $2 million dollar retirement portfolio is enough to see you through your golden years, but there are still many methods to grow savings that can give retirees a comfortable cushion.
Every person’s retirement plan is going to look a little different according to how much they’re hoping to save before retirement and when they’re hoping to retire.
It can be difficult to know what’s right for you without expert advice. That’s where Advisor.com comes in.
Advisor.com is an online platform that connects you with vetted financial advisors to make the process of finding the right advice easier.
Just answer a few quick questions about yourself and your finances, and the platform will match you with experienced financial professionals best suited to help you develop a plan to achieve your retirement goals.
You can view the advisors’ profiles, read past client reviews, and schedule an initial consultation for free with no obligation to hire.
Real estate investing in retirement
While Orman has faced significant backlash for her statements, with critics arguing that her figures are unattainable for most, the underlying principle she advocates is prudence. For instance, she has always said you should try to pay off your home before you retire.
Whether that’s in the cards for you or not, striking while the real estate market is hot is another option for retirement-minded investors who are also looking for some passive income now and throughout their golden years.
For instance, companies like Arrived allow you to invest in shares of rental homes and vacation rentals without taking on the responsibilities of property management.
With Arrived, you can browse a curated selection of homes, each vetted for their appreciation and income potential. Once you find a property you like, you can choose the number of shares you want to buy and start investing in real estate with just $100.
