5 retirement money moves you can make right now to secure your nest egg

Victoria Vesovski
5 retirement money moves you can make right now to secure your nest egg
5 retirement money moves you can make right now to secure your nest egg

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Whether you are just starting your career or you’re planning your long-awaited office retirement party, it is never a bad time to start thinking about how you are going to live the lifestyle you’ve been dreaming about once you officially become a retiree.

Only 1 in 5 Americans feel very confident about saving enough money to live comfortably throughout their retirement years, according to the latest retirement confidence survey from the Employee Benefit Research Institute.

And that is causing many Americans to reconsider when they can retire. And that's even more understandable when you consider a whopping 63% of Americans more scared of running out of money than are scared of dying, according to a newl survey by life insurance giant Allianz Life.

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Factors including changes to Social Security benefits, longer life expectancies and rising costs of living, have pushed people to stay in the workforce for longer, according to Allianz as well as a recent Gallup survey. The Gallup research also shows that over the past three decades, the average retirement age has increased by six years, from 60 to 66.

Whether you are weeks or years away from your last day in the office, here are five savvy money moves you should make right now to make sure you can live life in retirement the way you want to — when you want to.

5. Explore alternative retirement accounts

With current economic fluctuations posing risks to retirement accounts that are tied to the stock market, such as 401(k)s or IRAs, there is another option that can help you safeguard your hard-earned money.

Unlike the U.S. dollar, which has lost 87% of its purchasing power since 1971, gold has remained stable over time — making [a gold IRA a solid investing alternative for your golden years.

American Hartford Gold provides the opportunity to combine the tax benefits of an IRA with the inflation-hedging qualities of gold.

As one of the nation’s most trusted precious metal IRA companies, American Hartford Gold holds a 5-star rating on Trustlink and maintains an A+ accreditation with the Better Business Bureau.

Get started with a free information guide on gold and silver to help you learn how to secure your assets and gain peace of mind going into retirement.

4. Invest with retirement in mind

Investing in real estate can provide a stable cash flow, making it an attractive option for investors looking for some passive income for — and during — retirement.

If residential properties are more your style, you can use Arrived — an online platform where you can invest in shares of vacation and rental homes- without taking on the responsibilities of property management.

With Arrived, you can browse through their curated selection of homes, vetted for their appreciation and income potential. Once you find the property you like, you can determine how many shares you want to buy and start investing with just $100.

3. Safeguard your legacy

Retirement planning is not just about making sure you’re financially set once you stop working, it is also about making sure your family and assets are secure further down the road. Opting for life insurance ensures a valuable safety net for dependents who rely on your financial support, and prevents your family from bearing the burden of end of life expenses.

With SBLI, you can select a term life insurance policy tailored to your needs and desired coverage duration. You'll enjoy a hassle-free claims process and skip medical exams allowing you to get the right protection with ease.

SBLI also provides access to LegacyShield, a dashboard for managing all your financial accounts and storing documents conveniently for both you and your loved one.

Read more: Jeff Bezos and Oprah Winfrey invest in this asset to keep their wealth safe — you may want to do the same in 2024

2. Just keep saving

The size of your retirement nest egg is important, but it also matters how easy it is to keep adding to it. Ensuring a sustainable living standard throughout retirement is crucial to prevent the risk of outliving your savings.

One way to keep your savings on the right track is through Empower. Empower is a digital suite of tools designed to give you a complete view of your net worth and stay in control of your finances.

With all of your accounts accessible through one easy-to-use dashboard, Empower can organize budgets, provide a retirement plan, and monitor your cash flow so you can make impactful financial decisions that increase your net worth.

Whether you’re looking to maximize your budget or plan for your next major purchase, Empower's powerful suite of tools and dedicated team of professionals can you meet your retirement goals.

1. When in doubt, call an expert

There’s no shame in admitting you are stuck and need a qualified professional to help you navigate the best road to a happy retirement.

WiserAdvisor is an online platform that can connect you with a qualified financial advisor that can help you develop a personalized retirement plan tailored to your individual needs.

To get started, just answer a few questions about your finances and goals and WiserAdvisor will match you with a few vetted advisers based on your information that easily compare online. Once you’ve found your match, you can schedule a free, no-obligation consultation to see which adviser might be right for you and your retirement plans.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

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