Congratulations! You’ve worked hard all your life, and your savings are finally starting to show. Now, your priority starts to shift from making money to making sure you don’t lose money.
There are a few things to consider here. What’s the best part? Most of these ideas you can see how long it takes to read them.
1. Get a second pair of eyes
Obviously, you are not stupid when it comes to making money. If you were, you wouldn’t be reading this.
But there are times in life when it makes sense to get a second opinion. Of course, you have successfully increased and managed your savings. But the more you have, the more attention your savings needs, and the bigger the consequences of screwing up.
A study by investment firm Vanguard found that an average 25-year investment of $500,000 grows to $1.7 million if you manage it yourself, but more than $3.4 million if you work with a professional.
Obviously, there is no guarantee that a professional will do better than you. But getting a second opinion from a professional certainly doesn’t hurt. Even if you don’t need help picking out investments, they can help you create a plan, maximize your social security, protect your assets, and give you peace of mind by making sure you’re on the right track.
They can be there too, in case you’re not there one day.
Today, there are free online services that make it easier than ever to find a trusted financial advisor in your area. For example, SmartAsset. You fill out a short questionnaire and are instantly matched with up to three local trust financial advisors, All are legally required to work in your best interests.
The process only takes a few minutes and in many cases you will get a free consultation.
There’s nothing to lose, there’s a lot of potential gain: take the time to check it out.
2. Hedge your bets
If most of your savings are in the stock market – as it should be – then you know very well that it can go up and down; sometimes a lot.
You cannot control the stock market or the world economy. But you can hedge against uncertainty by owning other forms of wealth.
The oldest and most common hedge is gold. It has been used for thousands of years to protect against everything from inflation to currency devaluation to political risk.
Don’t go overboard; most professionals recommend investing only 10% of your portfolio in King Midas Metals.
Remember, not everyone in the gold industry is up and down. Be careful who you deal with.
Goldco is one company worth considering. They offer just about everything from precious metal IRAs to direct purchases of precious metal coins and bullion.
Goldco has been around for over a decade and has been featured 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 and a AAA rating from the Business Consumer Alliance, and receive 4.8 to 5 stars on Trustpilot, Trustlink, Google Reviews, and Consumer Affairs. You can even get up to $10,000 in free silver with qualifying purchases.
Maybe gold is for you; maybe not. But if you’ve ever wondered, why not take a quick look? Click here to get your free information pack now.
3. Do not under (or over) insurance
The person in front of you suddenly stops and you hit him from behind. A friend of yours slips and falls on your front porch. It happens every day.
That’s why we have insurance.
When you have nothing, you have nothing to lose. you do now. That’s why you should make sure you have adequate insurance, especially when it comes to liability. Make sure your coverage is high enough to prevent catastrophic damage to your retirement.
When you use it, take the time to shop around to make sure you don’t pay more than necessary. Insurance companies know you hate shopping around, which gives them the freedom to raise your premiums each year. That’s exactly what they do. But you don’t have to let them get away with it.
Today, with comparison sites like QuoteWizard, comparing insurance companies is impossible. You answer a few questions, and in seconds you’ll find out if you’re getting the best deal.
If you have adequate insurance, see if you can find it for less. If you are underinsured, pay for increased liability coverage by finding a cheaper policy.
Take a few minutes to check it out. You might find the same coverage for a few hundred dollars less than what you pay today. Click here and you’ll see what I mean.
4. Don’t bet your life
You may have a friend who died unexpectedly and thought, “If it wasn’t for the grace of God, I would have gone.”
This is not just a tragedy. This is a wake-up call.
If something happens to the breadwinner in your family, will those who stay have enough savings to support their way of life? If the answer is no, then the solution is life insurance.
Not everyone needs insurance. If your kids are grown up and you have ample savings, you are basically self-insured. However, if the need arises, you may find it less expensive to satisfy than you thought.
A place for a quick quote? Safe Haven Life Insurance. Haven Life offers term life insurance issued by MassMutual, one of the oldest insurance companies in the United States.
Take a moment to check it out. Here’s an easy way to buy a reliable and affordable term life insurance policy digitally.
5. Protect yourself from unexpected expenses
Your house and car are full of complex systems that can (and will!) break down. Finding a reputable repair company on short notice can be challenging, and the cost can seriously affect your savings.
Don’t loot your savings to pay for repairs. Protect yourself from 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 problems arise due to normal wear and tear, all you need to do is call Select Home Warranty day or night. The company has an extensive network of reputable repairmen who will fix the problem.
If they can’t fix it? Selecting Home Warranty will replace it. All you pay is the service fee.
If nothing else, at least see how much it will cost. Get a free quote in 30 seconds.
The same thing applies to your wheels.
Like houses, car repairs are in the stratosphere. One store told Consumer Reports that their average repair cost a decade ago was $1,600. Today, the average bill is $4,000.
If you’re worried about paying thousands of dollars in repairs, protect your investment with Endurance.
Endurance offers an extended warranty program of up to 36 months. These are not automatic warranties, but they are adjacent automatic warranties. Choose from three types of plans to get only the coverage you actually need, for cars under 20.
All warranties include 24/7 roadside assistance and rental benefits during vehicle maintenance. For the first year, you’ll get the Elite Benefits Program for free; this includes full tire coverage, key fob replacement, crash discounts, and 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. What’s more, Endurance paid for the repairs up front. You only need to pay the deductible.
I know. Extended car warranties are a classic example of piracy. But endurance is the real deal. They have a 4.2 star rating on Trustpilot. ConsumerAffairs.com calls it a “reliable option” for drivers of any age and “especially attractive” for those with older cars.
Hey, if you’re handy and like to fix things yourself, or don’t mind the risk, these aren’t for you. But if you have the resources to remove more uncertainty from your life, at least see how much it sets you back and make an informed decision.
6. Don’t let the nursing home make you bleed
Hope your retirement years are positive, healthy, and energetic, and that you can function as usual until you get out of this deadly coil.
But don’t bet on it. According to the U.S. Department of Health and Human Services, seven in 10 people who turn 65 today are likely to need some kind of long-term care.
Think you can’t get long-term care (LTC) coverage after age 40? Think again. GoldenCare writes LTC coverage for most people. (Unless they live in four states where GoldenCare does not operate: Alaska, Florida, Hawaii and Washington.)
“But won’t Medicare handle all of that?” you ask.
No. Medicare does not cover long-term guardianship care—out-of-pocket costs can eat up a significant portion of your retirement savings. Adding inflation can mean that your savings are almost or completely depleted.
With LTC coverage through GoldenCare, you’ll be able to get help if you’re sick, incapacitated, or need a little help with bathing, dressing, cooking, chores, shopping, and more.
Without LTC coverage, your options are not very good: by saving, borrowing money, having a relative cover your care and possibly losing your independence because you can’t live alone.
You know you’ve thought about it, and you’re wondering if it’s affordable. Time to find out. Take your time and get at least one free quote.
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