Where, when, and how to retire
Remember that the longer you wait to claim your Social Security benefit, the better the benefit will be. This should be a crucial factor in determining your personal retirement plans.
In a LinkedIn post last year, Orman wrote, “Every month you wait will pay off. If waiting until 70 seems too daunting, why not reframe this as an annual choice? At 62, choose to wait. Then ask yourself at 63 if you want to wait until 64.”
It’s sound advice, but pushing out those payments is easier said than done if you don’t have a solid plan. Having a professional by your side can add confidence and clarity to your financial decisions.
With WiserAdvisor, you can connect with pre-screened fiduciary financial advisors near you.
The process is simple: just enter some basic information about yourself, your financial situation, and your retirement goals, and WiserAdvisor will match you with 2-3 advisors registered with the SEC or FINRA.
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Discover the secretChoosing your retirement account
What can you do to make sure you’re reducing your reliance on Social Security? Orman suggests using income from other sources, like a 401(k) or IRA, while you wait out your Social Security benefits.
Roth IRAs
Roth IRAs help you avoid a significant tax burden that can reduce your Social Security payouts once you choose to tap in.
Roth IRAs are not taxed when you make withdrawals, and you won’t pay taxes on capital gains or any income earned from your investments in these accounts. RothIRA.org connects you with pre-screened financial advisors who can guide you in choosing the best Roth IRA to meet your needs.
When you register, you’re custom-matched with profiles of two or three advisors who meet your specific needs. Your financial advisors will then call you to set up your free initial consultation — with no obligation.
Gold IRAs
Beyond the question of which accounts to use for your retirement savings, you’ll also need to consider what to invest in, too.
A gold IRA can help stabilize your finances, allowing you to invest directly in precious metals rather than stocks and bonds.
By opening a gold IRA with American Hartford Gold (AHG), you’re looking out for your future self and cushioning your retirement. That’s because gold has historically acted as a hedge against inflation, and many find it to be a more secure place to invest their retirement fund.
A gold IRA not only gives your portfolio diversification, it can also offer you financial stability for retirement.
Investing in residential real estate
Investing in real estate is another way to diversify your portfolio, as its returns do not closely correlate to that of the stock market. You also don’t need the price of a downpayment to get started.
Backed by world-class investors like Jeff Bezos, Arrived makes it easy to fit rental properties into your investment portfolio, regardless of your salary. Their easy-to-use platform offers SEC-qualified investments such as rental homes and vacation rentals.
The flexible investment amounts and simplified process allow both accredited and non-accredited investors to take advantage of this inflation-hedging asset class without any of the work of becoming a landlord.
You can get started today by browsing a curated selection of homes, each vetted for their appreciation and income potential. Once you find a property you like, choose the number of shares you want to buy and start investing.
Investing in commercial real estate
In December 2024, the Federal Reserve cut interest rates by a further 0.25%. Economists – including those of Goldman Sachs – believe they will continue to decrease rates throughout 2025, which could bring growth to the commercial real estate sector.
Commercial real estate typically appreciates in value when interest rates drop because buyers can afford to pay more for assets at lower borrowing costs. First National Realty Partners (FNRP) is ideally situated to help investors take advantage of the current rate environment.
FNRP offers accredited investors access to these types of promising commercial real estate investments, without the leg work of finding deals.
They specialize in grocery-anchored retail with historically strong return potential, and offer a turnkey investment solution for account holders. As a private equity firm, FNRP acts as the deal leader, providing expertise and doing the legwork so investors can passively collect distribution income.
With a minimum investment of $50,000, FNRP can help provide you a steady stream of income, without the hassle of becoming a landlord yourself.
You can engage with experts, explore available deals, and easily make an allocation, all in one personalized secure portal.
Investing in and for retirement
The key to your future financial freedom is investing as soon as you can. Orman gave a telling example of this during a Wall Street Journal interview last year, explaining, “A $10,000 investment made at age 45 will be worth around $32,000 at age 65, assuming a 6% annualized return. Invest the same $10,000 at age 55 and it will be worth less than $18,000.”
Investing sooner
The benefits of compound interest are obvious, but what’s not so obvious is finding room for investing in your budget. Acorns can help you find the dollars to invest by using your spare change.
When you make a purchase on your credit or debit card, Acorns automatically rounds up the price to the nearest dollar and places the excess into a smart investment portfolio. This way, even your pennies can grow into a solid nest egg for retirement.
Plus, when you sign up now, you’ll get a $20 bonus investment.
Saving for unexpected expenses in retirement
Finally, an emergency fund can help you keep your budget intact when unexpected expenses arise, ensuring you don’t feel tempted to tap into Social Security funds earlier than you planned.
Orman is a big advocate for emergency funds — not only for the safety they provide in the event of an emergency but also for the stress reduction benefits.
In an August 2024 blog post, she wrote, “women who have managed to save up enough money to cover three months of living expenses were far less likely to be carrying around high levels of stress.”
If you want to make the most of your accessible cash, make sure your everyday bank account is working for you.
For example, SoFi’s checking and savings account can help you make the most of your everyday cash flow. The two-in-one account offers up to 4.20% APY on savings balances and 0.50% on checking account balances.
You can enjoy no-fee overdraft protection, early paycheck deposits, and access to over 55,000 ATMs within the Allpoint network.
Sign up today and you can earn a bonus of up to $300 for setting up direct deposit.
If you’re still trying to decide where to park your emergency fund, don’t just let it sit in a low- or no-interest checking account.
Check out the Moneywise list of Best High-Yield Savings Accounts of 2025 so you can have a streamlined look at what high-yield savings account is best for your savings to grow over time.
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