Preparing for Social Security’s uncertain future
A recent analysis from the CRFB estimated that if Trump’s proposal was implemented, Social Security’s funds would run out by 2031.
Preparing for any changes to Social Security is a smart move. And with the average monthly SSA payout standing at just $1,862 and the possibility of a further cut, you’ll want to look for other ways to secure your financial future.
But where to start?
With the help of a qualified professional, like those found through WiserAdvisor, you can easily plan when, where, and how you want to retire — and look at your Social Security benefits as an added bonus.
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Learn MoreStrategies for a secure retirement
Consistent contributions are a cornerstone of effective retirement planning. By steadily investing, you’re able to benefit from the power of compound returns, too.
You also may want to invest in steady asset classes, which can be more resilient during economic downturns.
Diversify your IRA
By diversifying with both asset classes and account types, you can build a tax-efficient portfolio that accommodates both your current and future needs.
For example, gold and other precious metals can help stabilize your retirement portfolio. With inflation and market volatility in mind, gold has become a popular option for those looking to protect their assets over time.
The reason is straightforward: these precious metals can’t be printed in unlimited quantities by central banks like fiat money. And because their value isn’t tied to any one currency or economy, these metals could provide protection during periods of economic uncertainty.
These days, you don’t even have to go to a bullion shop to buy precious metals. Plenty of online platforms offer a wide selection of gold and silver bars and coins and fair pricing.
Additionally, you can combine the recession-resistant nature of gold with the tax benefits of an IRA by opening a gold IRA.
You can check out our top picks for industry-leading companies offering gold IRAs.
Tap into real estate
Commercial real estate can also serve as a strong addition to your retirement portfolio.
While the office sector has taken a big hit post-pandemic, a recent report from Cushman & Wakefield commented that “for the first time in years, the retail market is at a point of being supply-constrained — at least for space in quality shopping centers." Heightened demand plus insufficient supply could drive increased rents, and strong returns for those invested.
For those interested in further diversification through commercial properties, First National Realty Partners (FNRP) provides accredited investors with access to institutional-grade commercial real estate investments.
The FNRP team has developed relationships with shopping centers across the U.S., as well as the nation’s largest essential-needs brands, including Kroger, Walmart and Whole Foods. Since these businesses are necessity-based, they tend to perform well during times of economic volatility and act as a hedge against inflation. And you can benefit from these same protections by investing in these commercial opportunities through FNRP.
FNRP offers white-glove service for investors, providing key market insights and finding the best properties both on and off-market, while investors can passively collect distribution income.
You can even invest through a Roth IRA — meaning, you’ll receive tax-free payments and distributions.
Save for — and in — your retirement
Last, but definitely not least, it’s essential to have an emergency fund in retirement. Those burdensome surprises are a reason Harris’s website states she plans to cut taxes for 100 million working and middle class Americans, and Trump proclaimed he’ll “make American lives affordable again” at a North Carolina rally in August.
When money is tight, it’s extra important to have funds set aside for unexpected expenses like a trip to the hospital or a bout of car trouble.
If you’re hunting for more ways to save, the Moneywise list of the Best High-Yield Savings Accounts of 2024 offers a one-stop look at the top accounts to grow your retirement wealth in the long run.
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