5 surefire signs you’re ready to retire in the US — how many milestones have you hit so far?
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Many people nearing retirement age agonize over whether they have the financial resources to make their post-work years happy ones.
Figures from the latest Nationwide Peak Retirement Survey Insights Report shed light on that anxious feeling among their retired peers.
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Almost a third (32%) report not being financially comfortable; they also carry an average of more than $70,000 in debt, with more than half of that (53%) on credit cards.
That doesn’t mean, though, that upcoming members of the Retirees Club aren’t ready to take the next step: In fact, they might be in fine shape without realizing it.
Here are five signs that you’re set for retirement, with enough saved and invested to make things work.
5. You've adjusted your expectations for inflation
While it's nice to daydream about a return to near-zero inflation rates, that amounts to an unsafe bet — emphasis on a bet. As it turns out, the current rate of roughly 3% is a wise number to use.
Why? According to Trading Economics, 3% also happens to be the average annual rise in prices when factored all the way back to 1914.
A Gold IRA is one option for building up your retirement fund with an inflation-hedging asset. Choosing to invest in a Gold IRA with help from Goldco, an industry leader, gives you the opportunity to purchase precious metals and coins directly.
With a Gold IRA, you can benefit from gold's inflation-hedging properties combined with the tax advantages of a traditional IRA. If you're curious whether this is the right alternative investment for you, you can order a free gold IRA kit today to learn more.
Investing in real estate is an opportunity to generate a cushion for your retirement nest egg and hedge your portfolio against hard economic times, with avenues available that allow you to enter the market without the need to purchase the property outright.
Arrived allows you to invest in fractional shares of rental and vacation properties, sparing you the burden of property management.
To get started, you can search through their selection of properties vetted for their potential appreciation and income generation. Then, you can choose the number of shares in the property you want to invest in, and you can start investing with as little as $100.
If you want to make a bigger investment into real estate and have accreditation status, investing in commercial real estate with First National Realty Partners (FNRP) could be the solution for you.
FNRP, a private equity firm, allows accredited investors to access institutional-quality grocery-anchored commercial real estate investments, having developed relationships with the nation’s largest essential-needs brands, including Kroger, Walmart and Whole Foods. FNRP acts as the deal leader, providing insights into the best properties both on and off-market and doing the legwork while investors can easily track and manage the progress of their investments through their personalized account.
To get started, just fill in some information about yourself, your finances, and your investment goals.
4. You're no longer paying for kids or family
Higher-ed tuition years, in particular, can be tough for parents nearing retirement; the average cost of a four-year college is currently $36,436, figures from the Education Data Initiative show.
If that obligation is no longer part of the picture, or care for elderly parents has moderated, you may have more money at hand than you realize.
Consider looking at a life insurance policy to ensure you're leaving your family with some security when you're gone.
Term life insurance offers flexibility when you're seeking affordable coverage while balancing other financial responsibilities.
By opting for term life insurance through an online provider like Ethos, you are giving your family the gift of financial protection — helping to ensure that they will be taken care of if the worst happens.
To get a free cost and coverage estimate, just answer a few quick questions about yourself. Then, with just a few more clicks, you can compare coverage and choose the right policy one for you and your family.
Ethos’ simple online process doesn’t require any medical exams so to get a free cost and coverage estimate, you’ll just need to answer a few health questions. And with terms ranging from 10 to 30 years, you have plenty of options based on your needs and budget.
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
3. You've conquered your debt
Digging yourself out of debt can feel like a never-ending task.
But if you're not laboring under $70,000 credit card balances at 20% interest or more, and that mortgage is a distant memory, you're saving thousands of dollars a month. Just the minimum payment on a $20,000 credit card balance at 20% runs more than $500 a month.
Think of all the fancy coconut umbrella drinks you could buy with that much money. Yet, consolidating your debt can be a strategic move to tackle your debt at a manageable interest rate.
With Credible's online platform, you can streamline your debt repayment journey by easily comparing various loan offers from multiple lenders.
Credible enables you can take control of your debt through a single, fixed-rate loan, eliminating the headache of juggling multiple payments and interest rates.
2. Your portfolio is in tip-top shape
Here's another big advantage of visiting a financial professional: They can quickly tune up your portfolio.
Did some of those risky investments from a decade ago pay off? If not, it may be time to convert some or all of that profit into more conservative vehicles, such as bonds.
Compound Real Estate Bonds, a real estate company that offers an opportunity to earn 8.5% APY through their SEC-qualified Real Estate Savings Bonds.
Compound has a strong focus on income producing real estate and real estate private credit, which can help you diversify your portfolio while helping to hedge it against inflation.
By choosing to invest with Compound, you can boost your retirement savings over time and also enjoy the freedom of no fees or lock-in periods, with the flexibility to withdraw your funds whenever you need to.
Are you still tempted to time the market or invest in that sexy-looking, overhyped IPO? An experienced adviser can keep you on track by showing you real numbers that reflect your true preparedness.
If you're looking for professional guidance, Zoe Financial is a great option to help you get advice on navigating your finances. Zoe Financial is a modern wealth platform that can help match you with a network of vetted fiduciary advisors.
It’s free to get started and you can easily browse through your advisor matches and use Zoe Financials' comparison tool to find the advisor who can help you build your future.
1. You've budgeted your retirement
On a basic level, calculate your expenses for food, utilities, travel, rent, or mortgage on the outflow side (along with other essentials) versus savings, retirement accounts, and the money you anticipate collecting from Social Security on the inflow side. When planning for retirement, there are still ways to trim expenses and make the most of the money you can't avoid spending.
With Acorns — an automated savings and investing app — you can effortlessly save the spare change from your essential purchases. When you link your bank account, Acorns automatically rounds up each purchase you make to the nearest dollar and puts it into a smart investment portfolio.
To kickstart your journey toward building wealth, you can get a $20 bonus investment when you sign up with Acorns.
Budgeting is also another efficient way you can plan for retirement. Empower, a unique digital suite of finance tools, is designed to streamline your financial management.
When you sign up with Empower, you gain access to a free financial dashboard where you can conveniently monitor all your accounts. From money management to goal tracking and budget navigation, Empower offers a comprehensive look at your overall finances.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
