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Have you prepared enough for retirement? It’s a question on the minds of many Americans as they approach 65.
The biggest fear among retirement savers is the possibility they will outlive their assets, according to a survey by research firm Cerulli Associates. Around 58% of retirement savers (including retirees) reported this as their top fear. The figure was even higher among Gen X and baby boomers.
According to Vanguard, the average retirement balance for those who are 65 and older is $232,710.
The best way to determine whether you have enough savings to last through your retirement is to work with a financial adviser; they can run simulation tests based on your assets and spending.
In the meantime, you can look at how much other Americans have saved depending on their age group. Just remember that national figures are just that — a general snapshot — so take them with a grain of salt as you weigh them against your own finances.
If you think you might be behind on your financial goals for retirement, there are always a few ways you can catch up.
In 2022, Vanguard published the following average balances of retirement savings by age group.
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25 to 34 years: $30,017
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35 to 44 years: $76,354
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45 to 54 years: $142,069
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55 to 64 years: $207,874
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65 years and over: $232,710
If you are in one of the younger age categories or still working, you might want to consider opening an individual retirement account (IRA) now so your retirement nest egg can grow over time.
One way to invest in gold that also provides significant tax advantages is to open a gold IRA with the help of Thor Metals.
Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account, which combines the tax advantages of an IRA with the protective benefits of investing in gold, making it an attractive option for those looking to potentially hedge their retirement funds against economic uncertainties.
To learn more, you can get a free information guide that includes details on how to get up to $20,000 in free metals on qualifying purchases.
For those getting closer to retirement age — say between 45 to 65 — you might want to boost your nest egg with passive income to further solidify your retirement fund as you approach those golden years. And there are options that can continue to provide you with some income when you stop working.
Commercial real estate is recognized by many as a way to add stability to your investment portfolio. With First National Realty Partners (FNRP) — a private equity firm—investors have access to institutional-quality, grocery-anchored commercial real estate investments without the legwork of finding deals.
With FNRP, you own a share of properties leased by national brands. And since the investments are necessity-based, they have been proven to perform well amidst economic uncertainty.
You can also test the waters of real estate by investing in shares of properties with Arrived’s online platform.
Start by browsing a curated selection of homes, vetted for their appreciation and income potential. Once you find a property you like, you can choose the number of shares you want to buy. With Arrived, you can start investing in real estate with just $100.
Even if you’re already retired, there are still ways to cut monthly costs so you have more cash on hand. For instance, you can make sure you’re getting you a better car insurance rate with OfficialCarInsurance.com.
Car insurance rates rose an average of 16.5% in 2024 according to ValuePenguin. Shopping around and bundling your auto and homeowners’ insurance can lead to substantial savings.
OfficialCarInsurance.com lets you compare quotes from trusted brands, including Progressive, Allstate and GEICO, to make sure you’re getting the best deal. The matching system takes into account your location, vehicle details, and driving history to find you the lowest rate possible.
You can find deals starting at just $29 per month and switch over your policy in just a few minutes.
That’s just one example, but not every expense can be shaved down like this, and there are things you have to spend on.
You can make the most of your spending by using Acorns— an automated saving and investing app.
With Acorns, all you have to do is sign up and link your banking info to their app and spend as you normally would. From there, any purchases you make will be automatically rounded up to the nearest dollar and the spare change will be invested in a diversified portfolio so you can save while you spend.
If you’re at a loss for how to up your retirement savings — no matter your age — don’t hesitate to reach out to a pro.
Finding a financial advisor that suits your specific needs and financial goals is simple with Vanguard.
Vanguard’s hybrid advisory system combines advice from professional advisers and automated portfolio management to make sure your investments are working to achieve your financial goals.
With a minimum portfolio size of $50,000, this service is best for clients who already have a nest egg built and would like to try to grow their wealth with a variety of different investments. All you have to do is set up a consultation with a Vanguard advisor, and they will help you set a tailored plan and stick to it.
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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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