Secure your retirement fund
While many Americans worry about whether they'll have enough money to survive during retirement, Suze Ormanconsistently advocates for Roth IRAs as a top choice for retirement savings, though not necessarily the first bucket you should withdraw from.
Aside from a Roth, there are specialized IRAs that you could consider based on specific circumstances and preferences. For instance, billionaire hedge fund manager Ray Dalio favors gold in the current high-inflation environment, calling it a "timeless and universal" investment. Meanwhile, Orman has spoken at length about the importance of putting your money in a tax-advantaged retirement account.
If you want the best of both worlds, consider opening a self-directed gold IRA with the help of Thor Metals.
By opening a gold IRA, you can enjoy the tax advantages of an IRA and the inflation-hedging properties of gold. Investing in the precious metal can also help you diversify your portfolio, making you somewhat shielded from stock market fluctuations.
Thor Metals is an industry leader in precious metals and an authorized dealer for the U.S. Mint. The company can help you seamlessly manage the complexities of setting up and managing your gold IRA.
If you want to learn more, you can get a free information guide today.
Plan for your future
Before nearing retirement, seeking financial advice to tailor a retirement plan that aligns with your lifestyle is important. Regardless of the bucket you choose to withdraw from, there are various strategies, like the 4% rule, which suggests that retirees withdraw 4% of their retirement savings in the first year, adjusting annually for inflation to ensure funds last at least 30 years.
Suze has previously criticized the 4% rule as “very risky,” suggesting that retirees should extend their working years and withdraw no more than 3% to minimize risk.
How many retirement “buckets” do you need? And which one should you draw from first to maximize your total retirement savings? If you aren’t sure of the answer and want to find the optimal strategy to help you save for the future, it might be worth speaking to a professional who can help.
You can talk to a financial advisor to better understand you spending habits and create a retirement plan that allows you to live comfortably during your non-working years.
If you have a portfolio greater than $100,000, you can connect with a vetted financial advisor through WiserAdvisor. The process is simple: just answer quick questions about yourself and your finances, and WiserAdivsor automatically connects you with an expert best suited for your needs.
From there, WiserAdivsor will set you up with a free, no-obligation consultation to connect you with a professional who is best suited for your financial goals.
In addition to your retirement accounts, you should ideally place some cash in readily accessible accounts in case of emergencies. According to the LiveCareer survey, 39% of Americans fear they don't have enough money saved for medical emergencies or unexpected costs.
But opening a high-yield savings account can help you ease this burden.
If you want to grow your nest egg over time with a high-yield checking and savings account that offers 4.20% APY — that’s 9x the national average — consider opening an account with SoFi.
What’s more — you can also get up to a $300 bonus upon setting up a direct deposit on this account.
With SoFi’s two-in-one checking and savings account, you can potentially earn more interest in six weeks than you would in a year in a big bank’s savings account.
Another option is a high-yield cash account with social investing platform Public and earn up to 4.35% APY on your uninvested cash. The account has no fees whatsoever, and you aren’t required to maintain a minimum balance.
Public is a commission-free, self-directed investing platform that empowers users to manage diverse assets — including stocks, ETFs, crypto, treasuries, and alternatives — while having access to a community of fellow investors.
If you want to compare your saving options, check out the Moneywise best high-yield savings accounts of 2024 that can earn you more than the national average of 0.4% APY.
Grow your retirement income
You might not place a lot of importance on your stock investments during your sunset years, given your potentially limited disposable income. But investing a few dollars can round up over time to provide you with a sizable nest egg.
You can convert spare change into investments using the Acorns platform. When you make a purchase on your debit or credit card, Acorns rounds up the price to the nearest dollar and deposits the excess into a smart investment portfolio.
Thus, with Acorns, you can build your investment portfolio while spending on day-to-day purchases.
You can also 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. You can also opt for Acorns Gold plan, which offers a 3% IRA match on new contributions and the ability to customize your portfolio by selecting your own stocks.
Sign up today and receive a $20 bonus investment.
