The problem
Nearly 10,000 baby boomers in the U.S. are entering retirement each and every day. That’s an incredible wave of folks who will be collecting Social Security, to say nothing of the nearly 10 million Americans currently receiving some sort of disability payment.
With such an influx of new “customers” and staffing levels that haven’t changed in 27 years, customer service issues are projected to increase. But there are also inflation-related concerns plaguing many retirees, as the Cost of Living Adjustments (COLAs) aren’t matching the real pressures many Americans are experiencing.
What you can do about it
The good news is that not all hope is lost. While time is on the side of younger investors, it’s also true that it’s always “better late than never” to start saving for retirement.
Consulting a financial advisor to create a plan is a good first step, regardless of your age or financial status.
A qualified pro from Zoe Financial can help you understand your options and co-create a retirement plan that gives you confidence in the future. Booking an initial consultation with one of your advisor matches is free and simple to do. Just fill in your information and browse profiles to find your fit.
Among the asset classes you may want to look at for retirement savings is gold.
Gold is a durable asset that many investors see as a hedge against inflation. So, for those worried about inflationary pressures eating away at their savings (and an economic downturn hitting their retirement accounts), investing in a gold IRA from American Hartford Gold (AHG) is worth considering.
This retirement account can potentially help you 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 delivered more than $2 billion in gold and silver. If you think a gold IRA might be right for you, you can request a free information guide that details how you can receive up to $15,000 in free silver on qualifying purchases.
Whether you're close to retirement or you're currently retired, by saving three to six months of living expenses, you can avoid debt when unforeseen circumstances arise and you won't be as reliant on your benefits to try and make up the difference. Start by setting a realistic savings goal, then automate your savings by setting up a direct deposit from your paycheck into a high-yield savings account. Aim to save at least 10-15% of your income until you reach your target.
Another option to explore for better interest on both your savings and checking accounts is SoFi.
SoFi offers 4.60% APY on savings balances – which is up to 10x the national average — and 0.50% APY on checking balances.
With SoFi, you can also enjoy no-fee overdraft protection, early paycheck deposits and access to over 55,000 ATMs within the Allpoint network.
Speaking of deposits, sign up now and you can get a bonus up to $300 for setting up direct deposit.
Additionally, you can explore the Moneywise list of the Best High-Yield Savings Accounts of 2024 to find the account that best suits your retirement savings needs.
Finally, retirees (or those closing in on retirement) may want to consider if their life insurance policy is the best choice in terms of coverage and cost.
Ill health and accidents can create financial chaos for families without a good insurance plan that will cover the right costs. One type of insurance to consider is final expense insurance. This type of insurance can help provide coverage for the expenses your loved ones will face after you pass away.
Once you’re gone, life insurance can offer a versatile solution for your family, providing coverage to potentially replace lost income or settle outstanding debts.
By opting for term life insurance through a provider like Ethos, you are helping to ensure that your family will be taken care of after you’re gone. Term life insurance offers flexibility when you're seeking affordable coverage while balancing other financial responsibilities.
Ethos offers an easy online process that allows you to get up to $2 million in coverage with terms ranging from 10 to 30 years.
To get a free quote, all you have to do is answer a few questions about yourself. Then, you can compare coverage and choose the right policy that best suits your needs.
