Preparing for Social Security’s uncertain future
A recent analysis from the CRFB estimated that if Trump’s proposal was implemented, Social Security’s funds would run out by 2031.
Preparing for any changes to Social Security is a smart move. And with the average monthly SSA payout standing at just $1,862 and the possibility of a further cut, you’ll want to look for other ways to secure your financial future.
But where to start?
With the help of a qualified professional, like those found through WiserAdvisor, you can easily plan when, where, and how you want to retire — and look at your Social Security benefits as an added bonus.
WiserAdvisor has a free online service that helps you find a financial advisor who can co-create a plan to reach your financial goals. Just answer a few questions, and the extensive online database will match you a few vetted advisors based on your answers.
You can view the advisors’ profiles, read past client reviews, and schedule an initial consultation for free with no obligation to hire.
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Read MoreStrategies for a secure retirement
Consistent contributions are a cornerstone of effective retirement planning. By steadily investing, you’re able to benefit from the power of compound returns, too.
You also may want to invest in steady asset classes, which can be more resilient during economic downturns.
Diversify your IRA
For example, gold and other precious metals can help stabilize your retirement portfolio. With inflation and market volatility in mind, gold has become a popular option for those looking to protect their assets over time.
The reason is straightforward: these precious metals can’t be printed in unlimited quantities by central banks like fiat money. And because their value isn’t tied to any one currency or economy, these metals could provide protection during periods of economic uncertainty.
One way to invest in precious metals that also provides significant tax advantages is with a gold IRA with help of American Hartford Gold. This retirement account can help stabilize your finances by allowing you to invest directly in physical precious metals, rather than stocks and bonds.
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.
Right now when you sign up with American Hartford Gold, you’re eligible to get up to $15,000 in complimentary silver and a free investor guide. A rock solid retirement plan may also include multiple types of IRAs, based on the best fit at different points in your career.
While traditional IRAs provide tax-deductible contributions, Roth IRAs offer tax-free withdrawals in retirement, helping to manage taxes strategically.
By diversifying with both asset classes and account types, you can build a tax-efficient portfolio that accommodates both your current and future needs.
Tap into real estate
Real estate can also serve as a strong addition to your retirement portfolio.
However, high home prices, mortgage rates as well as a lack of new inventory can make buying property less appealing to many buyers and investors right now. But thankfully there are ways to invest in real estate without the hurdles of purchasing and managing property yourself.
Data from the CEIC reports that the U.S. residential real estate market boasts an average growth rate of 5.5%.
For example, Cityfunds, you can own a share of that type of growth.
In booming housing markets spanning Los Angeles to Dallas, Cityfunds secures an interest in a homeowner’s future property value, and as the home value appreciates, so does the value of Cityfunds’ investment alongside the owner.
The platform also covers all setup and transfer fees for qualifying investments of $10,000 or more into your traditional IRA or 401K. Both of those accounts offer tax-deductible contributions, meaning you’ll reduce taxable income in the year you contribute, and your withdrawals won’t be taxed until minimum distributions (RMDs) begin at age 73.
As an investor, your opportunities aren’t limited to residential real estate.
For those interested in further diversification through commercial properties, First National Realty Partners (FNRP) provides accredited investors with access to institutional-grade commercial real estate investments.
As a private equity firm, FNRP acts as the deal leader and offers white-glove service to investors. The team handles all the legwork for you, from the vetting and buying of properties to the leasing and management details. The firm then distributes its positive cash flows quarterly to investors.
You can even invest through a Roth IRA — meaning, you’ll receive tax-free payments and distributions.
Accessing private market investments
It could be worth considering private market investments for your retirement strategy, too. That’s largely because the private market behaves differently from the stock market — which typically means you can have a less volatile portfolio.
There are many different asset classes to choose from. If you want to easily diversify your portfolio, Fundrise can help you do that.
Fundrise gives you access to an expansive portfolio of private investment opportunities spanning real estate, private debt and venture capital.
With over two million investors and managing over $7 billion in real estate assets alone, Fundrise is an accessible way to diversify your portfolio with the potential of yielding dividends every quarter.
Al you have to do is share a few details about your personal and financial background, along with your investment preferences, and Fundrise will build you a portfolio that is aligned with your goals.
Save for — and in — your retirement
Last, but definitely not least, it’s essential to have an emergency fund in retirement. Those burdensome surprises are a reason Harris’s website states she plans to cut taxes for 100 million working and middle class Americans, and Trump proclaimed he’ll “make American lives affordable again” at a North Carolina rally in August.
When money is tight, it’s extra important to have funds set aside for unexpected expenses like a trip to the hospital or a bout of car trouble.
If you’re hunting for more ways to save, the Moneywise list of the Best High-Yield Savings Accounts of 2024 offers a one-stop look at the top accounts to grow your retirement wealth in the long run.
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