Congratulations! You’ve worked hard all your life, and your savings are finally starting to show it. Now, ever so subtly, your priorities are beginning to shift from making money to making sure you’re not going to lose your money.
Here are a few things to think about. And the best part? Most of these ideas you can check out in about the time it takes to read them.
1. Get a second set of eyes
Obviously, you’re no fool when it comes to making money. If you were, you wouldn’t be reading this.
But there comes a time in life when it makes sense to get a second opinion. Sure, you’ve been successful at growing and managing your savings. But the more you have, the more attention your savings require and the greater the ramifications of screwing up.
A study by investment firm Vanguard found that, on average, a $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 professional.
Obviously, there are no guarantees a professional will do better than you. But getting a second opinion from a pro certainly can’t hurt. Even if you don’t need help picking investments, they can help you create a plan, maximize your Social Security, protect your assets and offer you peace of mind by ensuring you’re on the right track.
They can also be there in case one day you’re not.
These days, there are no-cost online services that make it easier than ever to find trustworthy financial advisers in your area. For example, SmartAsset. You fill out a short questionnaire and are instantly matched with up to three local fiduciary financial advisers, all legally bound to work in your best interests.
The process only takes a few minutes, and in many cases you’ll be offered a free consultation.
Nothing to lose, lots to potentially gain: Take a minute and check it out right now.
2. Hedge your bets
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; sometimes by a lot.
You can’t control the stock market or the world economy. But you can hedge against uncertainty by having other forms of wealth.
The oldest and most ubiquitous hedge is gold. It’s been used for thousands of years to protect against everything from inflation to currency devaluation to political risk.
Don’t go overboard; most pros advise putting only about 10% of your portfolio into the King Midas metal.
And keep in mind that not everyone in the gold business is on the up-and-up. Be careful whom you deal with.
Goldco is one company to consider. They offer just about everything, from precious metal IRAs to direct purchases of precious metal coins and bars.
Goldco has been around for more than a decade and has been recommended by celebrities like Fox News talk show host Sean Hannity, actor Chuck Norris and even former presidential candidate Ron Paul.
They have an A+ BBB Rating, AAA Rating from Business Consumers Alliance and 4.8 to 5 stars on Trustpilot, Trustlink, Google Reviews and Consumer Affairs. You’ll even receive up to $10,000 in free silver on qualified purchases.
Maybe gold is right for you; maybe it isn’t. But if you’ve ever wondered, why not take a quick look? Click here right now and get your free information kit.
3. Don’t be under (or over) insured
The guy in front of you stops short, and you hit him from behind. One of your friends slips and falls on your front porch. Happens every day.
That’s why we have insurance.
When you had nothing, you had nothing to lose. Now you do. This is why you should make sure you’re adequately insured, especially when it comes to liability. Make sure your coverage is high enough to prevent catastrophic damage to your retirement.
And while you’re at it, take a second to shop around to make sure you’re not paying more than necessary. Insurance companies know you hate shopping around, which leaves them free to jack up your premiums every year. And that’s exactly what they do. But you don’t have to let them get away with it.
These days, comparing insurance companies is a walk in the park, thanks to comparison sites like QuoteWizard. You answer a few questions, and seconds later you find out whether you’ve got the best deal.
If you’ve got adequate insurance, see if you can find it for less. If you’re underinsured, pay for that increased liability coverage by finding a less expensive policy.
Take a few minutes and check it out. You’ll likely find identical coverage for hundreds less than you’re paying now. Click here, and you’ll see what I mean.
4. Don’t bet your life
You’ve probably had a friend die unexpectedly and thought to yourself, “There but for the grace of God go I.”
It’s more than a tragedy; it’s a wake-up call.
If something should happen to the breadwinner(s) in your family, will those left behind have enough savings to maintain their lifestyle? If the answer is “no,” the solution is life insurance.
Not everybody needs insurance. If your kids are grown and your savings are adequate, you’re essentially self-insured. But if there’s a need, you might find it’s less expensive than you think to meet it.
One place to get a quick quote? Haven Life Insurance. Haven Life offers term life insurance coverage issued by MassMutual, one of the country’s oldest insurers.
Take a minute to check it out. It’s an easy way to digitally purchase a dependable and affordable term life insurance policy.
5. Shield yourself against unexpected expenses
Your house and car are full of complex systems that can (and will!) break. Finding a reputable repair company on short notice can be challenging, and the costs can put a serious dent in your savings.
Don’t raid your savings to pay for repairs. Protect yourself against them.
When it comes to your home, check out Select Home Warranty. The company offers three levels of coverage for your appliances and heating/cooling, plumbing and electrical systems.
When something goes wrong due to normal wear and tear, you just call Select Home Warranty, day or night. The company has a wide network of reputable repair folks who will fix what’s wrong.
And if they can’t fix it? Select Home Warranty will replace it. All you pay is a service fee.
If nothing else, at least see what it would cost. Get a free quote in 30 seconds.
The same thing applies when it comes to your wheels.
As with homes, car repairs are also in the stratosphere. One shop told Consumer Reports that a decade ago their average repair was $1,600. These days the average bill is $4,000.
If you’re concerned about coming up with thousands of dollars for a repair bill, protect your investment with Endurance.
Endurance provides extended warranty plans of up to 36 months. These aren’t auto warranties, but they’re auto-warranty adjacent. Choose from among three types of plans, to get only the coverage you actually need, for cars up to 20 years old.
All 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 payment of up to $1,000 if your car is determined to be a total loss.
Endurance has a network of more than 350,000 ASE-certified repair shops. More importantly, Endurance pays the repair bill upfront. All you need to cover is the deductible.
I know. Extended car warranties are the poster child of rip-offs. But Endurance is the real deal. They have a 4.2-star rating with Trustpilot. ConsumerAffairs.com calls it “a solid choice” for drivers of any age and “particularly appealing” for those with older vehicles.
Hey, if you’re handy and like to repair stuff yourself, or don’t mind the risk, these things aren’t for you. But if you’ve got the resources to remove a little more uncertainty from your life, at least see how much it would set you back, then make an informed decision.
6. Don’t let a nursing home bleed you dry
Here’s hoping that your retirement years are active, healthy and vibrant and that you’re able to function as you always have, right up to the time you shuffle off this mortal coil.
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?” you ask.
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.
With LTC insurance through GoldenCare, you’ll be able to get assistance if you’re sick, incapacitated or need a little help with things like bathing, dressing, cooking, light housework, shopping and the like.
Without LTC insurance, your options aren’t great: running through savings, borrowing money, burdening relatives with your care and possibly losing independence because you can’t live on your own.
You know you’ve thought about it, and you’ve wondered if it would be affordable. It’s time to find out. Take a minute and at least get a free quote.
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