36% of wealthy individuals believe that achieving a secure retirement will require a miracle due to increasing costs and market instability. Even if you don’t have $1 million saved, there are steps you can take to improve your financial outlook.
Maintaining editorial integrity, we aim to provide you with unbiased information to aid in your decision-making process. Some links in this article are sponsored.
If your retirement dream includes relaxing by the coast and enjoying margaritas, it’s essential to ensure you have the necessary funds. In today’s economic climate, even a seven-figure net worth may not be sufficient to fund your ideal retirement.
According to a survey conducted by Natixis Investment Managers, over a third of millionaires express doubts about retiring securely. Many anticipate having to work longer, while others fear retirement may not be feasible.
It’s never too late to enhance your retirement savings and secure your financial future. Here are three steps to help you catch up on saving:
1. Start by paying off your debts: Clearing your debts is crucial before boosting your retirement savings. This step can pave the way for consistent contributions towards your financial objectives.
2. Utilize your home equity: With home values at record highs, leveraging your home equity can be a strategic move. Home equity loans and HELOCs typically offer lower interest rates compared to credit cards and personal loans, making them an appealing option for homeowners.
3. Seek guidance from a financial advisor: Planning for retirement can be overwhelming, especially amidst market uncertainties and economic downturns. Working with a financial advisor can help you maximize contributions to tax-advantaged accounts like IRAs and 401(k)s.
For instance, a Roth IRA can provide tax benefits during retirement and prevent hasty selling decisions during market volatility. If you’re unsure where to begin, consider consulting a financial advisor to optimize your financial strategy.
Discover a convenient platform that matches you with trusted financial advisors tailored to your specific needs, saving you the hassle of searching for the right advisor. While many services match you based solely on your wealth and location, RothIRA.org takes a personalized approach by considering your individual requirements. Simply provide some information about yourself and your financial situation to be connected with 2 to 3 advisors registered with FINRA/SEC in your area. Once you find an advisor you like, you can arrange a complimentary, no-obligation call to get started.
Elevate your income with minimal effort by constructing a diversified portfolio with assets that historically perform well across economic cycles, enhancing your retirement savings. Real estate is recognized for its stable returns and diversification benefits, yet investing in this asset class has traditionally been challenging for average investors. Innovative investment platforms now offer easier access to the real estate market.
For accredited investors, Homeshares grants entry to the $36 trillion U.S. home equity market, previously accessible only to institutional investors. By investing a minimum of $25,000, you can gain exposure to numerous owner-occupied homes in major U.S. cities through their U.S. Home Equity Fund, without the complexities of property ownership. With risk-adjusted returns ranging from 12% to 18%, this hands-off strategy enables you to invest in owner-occupied residential properties across various regional markets effectively.
If you’re not an accredited investor, crowdfunding platforms like Arrived allow you to participate in real estate investment with as little as $100. Arrived provides access to shares of SEC-qualified investments in rental and vacation properties chosen for their growth and income potential. Backed by renowned investors such as Jeff Bezos, Arrived streamlines the process of integrating these properties into your investment portfolio, regardless of your income level. Its flexible investment options cater to both accredited and non-accredited investors, offering an opportunity to invest in this inflation-resistant asset class with minimal effort.
Moreover, commercial real estate is now within reach for accredited investors through First National Realty Partners (FNRP), enabling diversification through grocery-anchored commercial properties without the obligations of property management. With a minimum investment of $50,000, investors can own a stake in properties leased by national retailers like Whole Foods, Kroger, and Walmart, which provide essential goods to their communities. Through Triple Net (NNN) leases, accredited investors can invest in these properties without concerns about tenant expenses affecting potential returns.
Stay informed with these recommended reads: Learn about the ‘streamlined’ handshake option with the IRS for those unable to pay in 2025, discover five items Americans often overpay for and regret, and explore Robert Kiyosaki’s insights on preparing for a possible ‘Greater Depression’ in the U.S.
Please enter now. This article is for informational purposes only and should not be taken as advice. It is provided without any warranties.
