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If you’re planning on putting your feet up by the coast and sipping margaritas in your golden years, make sure you’ve got the funds for it. These days, even a seven-figure net worth may not be enough to pay for the retirement of your dreams.
More than a third of millionaires say it “will take a miracle” to retire securely, according to a survey from Natixis Investment Managers.
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About 58% expect they’ll have to keep working longer, while 36% worry that retirement may not even be an option.
But it’s never too late to get your retirement savings in fighting form with these three steps to catch up on saving and help secure your retirement.
Start by paying down your debt
Before you bolster your retirement savings you’ll want to get any debt cleared.
Paying down your debt can open the door to the lifelong contributions needed to achieve your financial goals and secure your retirement. However, this can take up a lot of time, which can cut into your ceiling of life-time savings.
With home values higher than ever, you can make your home work harder for you by making the most of your equity. The average homeowner sits on roughly $311,000 in equity as of the third quarter of 2024, according to CoreLogic.
Rates on HELOCs and home equity loans are typically lower than APRs on credit cards and personal loans, making it an appealing option for homeowners with substantial equity.
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Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it
Find an advisor to get expert financial advice
When it comes to retirement it’s important to remember that you don’t have to do it all on your own. Setting yourself up for your golden years is already nerve-racking enough — especially with rising market uncertainty and recession fears.
One option to help you sleep better is to work with an advisor to maximize your contributions to tax-advantaged accounts such as IRAs and 401(k)s.
For example, a Roth IRA can help you reduce your tax burden during retirement, as withdrawals are tax-free. It can also help you avoid panic selling — especially under volatile economic conditions — as you can only withdraw from a Roth IRA if it has been open for at least five years.
If you’re unsure about where to begin, it might be time to find a financial advisor who can help you make the most of your money.
RothIRA.org is an online platform that connects you with vetted financial advisors suited to your unique needs and eliminates the legwork of shopping around for a suitable adviser.
Most advisor matching services pair you purely based on your net worth and location. But RothIRA.org takes a personalized approach where you also describe your unique needs.
All you have to do is provide some information about yourself and your finances, and you’ll be matched with 2 to 3 FINRA/SEC-registered advisors near you. Once you select one you like you can set you up a free, no-obligation call.
Ramp up and earn passive income
Creating a diversified portfolio with assets that traditionally fare well over economic cycles is a great way to boost your retirement fund.
Real estate is known to yield steady returns while diversifying your portfolio. However, investing in real estate as an asset class has been out of reach for the average investor.
New investing platforms are making it easier than ever to tap into the real estate market.
For accredited investors, Homeshares gives access to the $36 trillion U.S. home equity market, which has historically been the exclusive playground of institutional investors.
With a minimum investment of $25,000, investors can gain direct exposure to hundreds of owner-occupied homes in top U.S. cities through their U.S. Home Equity Fund — without the headaches of buying, owning or managing property.
With risk-adjusted internal returns ranging from 12% to 18%, this approach provides an effective, hands-off way to invest in owner-occupied residential properties across regional markets.
If you’re not an accredited investor, crowdfunding platforms like Arrived allows you to enter the real estate market for as little as $100.
Arrived offers you access to shares of SEC-qualified investments in rental homes and vacation rentals, curated and vetted for their appreciation and income potential.
Backed by world-class investors like Jeff Bezos, Arrived makes it easy to fit these properties into your investment portfolio regardless of your income level. Their flexible investment amounts and simplified process allows accredited and non-accredited investors to take advantage of this inflation-hedging asset class without any extra work on your part.
And then there’s commercial real estate. For years, direct access to the $22.5 trillion commercial real estate sector has been limited to a select group of elite investors — until now.
First National Realty Partners (FNRP) allows accredited investors to diversify their portfolio through grocery-anchored commercial properties, without taking on the responsibilities of being a landlord.
With a minimum investment of $50,000, investors can own a share of properties leased by national brands like Whole Foods, Kroger and Walmart, which provide essential goods to their communities. Thanks to Triple Net (NNN) leases, accredited investors are able to invest in these properties without worrying about tenant costs cutting into their potential returns.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
