Author: Moneywise

We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

As sage billionaires go, BlackRock chairman and CEO Larry Fink belongs in the same rarefied air as Warren Buffett.

And while he probably stopped worrying about his own nest egg a long time ago, as Fink’s firm hit a record $11.6 trillion in assets under management in Q4 of 2024, he has a warning for his peers without substantial retirement savings in the bank.

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• I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 5 of the easiest ways you can catch up (and fast)
• You’re probably already overpaying for this 1 ‘must-have’ expense — and thanks to Trump’s tariffs, your monthly bill could soar even higher. Here’s how 2 minutes can protect your wallet right now
• Gain potential quarterly income through this $1B private real estate fund — even if you’re not a millionaire. Here’s how to get started with as little as $10

"Record government deficits and tighter bank lending means people, companies, and countries will increasingly turn to markets to finance their retirements, their business, and their economies," he said in the Q3 earnings call.

While Fink recently told a crowd assembled for the conference hosted by the Securities Industry and Financial Markets Association that it “doesn’t matter” who won the election and that he remains bullish on the market, less optimistic investors may be worried about their funds in retirement and the future of Social Security with Donald Trump beginning his second term.

Here’s what you need to know now to build a strong nest egg for whatever the future may bring.

Building on the ‘fantastic foundation’ of Social Security

"Social Security is a fantastic foundation for retirement," Fink said in an interview with Bloomberg last March. "But if that’s all you have when you retire, you’re going to be living below the poverty line. It’s supplemental but it’s not meant to be the totality of what you have in retirement."

As of April 2025, the average monthly benefit for retirees is $1,976, or under $24,000 a year, according to the Social Security Administration. The maximum benefit for an individual retiring at age 70 in 2025 is $5,108 per month or $61,296 a year.

Planning for retirement isn’t easy, and it’s natural to have lots of questions about how much you should save per month, and how to ensure you have a healthy income after you leave your career behind. If you want expert advice on planning your retirement, seeking a financial advisor is a smart first step.

Advisor.com connects you with vetted fiduciary financial advisors near you. All you have to do is answer a few simple questions about your finances, and Adivsor.com matches you with a short list of certified experts to choose from.

You can then set up an introductory meeting with no obligation to hire.

Social Security likely won’t come close to covering your needs in retirement. In order to live the retirement you want, you’ll need to save up a separate nest egg to supplement your benefits. One of the ways you can do that is by consistently contributing to a retirement account like a 401K or IRA.

Diversify your IRA

With the inconsistent performance of the markets in the last few years, many of those close to retirement may be worried about putting their hard-earned dollars into stocks and bonds.

However, alternative assets can help you reduce your reliance on the stock market to grow your retirement fund.

Gold

A traditional hedge against inflation is gold. Unlike fiat currencies, the precious metal can’t be printed in unlimited quantities by central banks. And because its value isn’t tied to any one currency or economy, gold could provide protection during periods of economic uncertainty. This unique characteristic has earned it the reputation of being a “safe haven” asset.

In 2024, gold has lived up to its reputation, soaring by over 25% and surpassing $2,600 per ounce. It now sits around $3,200 per ounce.

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, thereby combining 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.

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

Real estate

Many Americans consider buying investment properties for income in retirement, but the current market — plus the work associated with finding and managing tenants — may make buying property less appealing.

Several real estate crowdfunding platforms are currently stripping out the management and admin that’s usually required when you invest in real estate.

If you are an accredited investor looking to make a larger allocation in this sector, commercial real estate investments might be worth looking into. U.S. commercial properties typically deliver 4%-6% returns annually, while residential returns generate 1.5%-3% returns per annum.

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.

Simply answer a few questions – including how much you would like to invest – to start browsing their full list of available properties.

New investing platforms are also making it easier than ever to tap into the residential 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 14% to 17%, 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 allow 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.

Invest as you spend to save for your future

"We need to really educate our citizens about the need for savings," said Fink — though not via vanilla bank accounts. Investing, he stressed, allows people to take advantage of capital markets and compounding.

Thankfully, there are ways to invest for retirement no matter the size of your income or portfolio, so you don’t need to be reliant on Social Security benefits alone.

If you want to boost your nest egg over time without having to think about it, you can use Acorns to start saving and investing for retirement with just your spare change.

When you make a purchase on your credit or debit card, Acorns automatically rounds up the price to the nearest dollar and places the excess into a smart investment portfolio. This way, even the most essential spending translates to money saved for the future.

For those looking to enhance their investing strategy as well, Acorns offers different tier memberships, including a gold tier that allows you to customize your portfolio by adding individual stocks and includes a retirement account with a 3% IRA match.

If you sign up for Acorns today, you can get a $20 bonus investment.

What to read next

• Don’t have the cash to pay Uncle Sam in 2025? You may already be eligible for a ‘streamlined’ handshake with the IRS — here’s how it works and how it can potentially save you thousands
• Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US — with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in ‘great wealth’. How to get in now
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

One metro area in Florida has attracted attention as the leader of a particular housing category in the U.S. — but it’s no cause for cheer.

The state’s Lakeland region had the nation’s highest foreclosure rate in 2024 among metro areas with at least 200,000 residents, according to real estate data firm ATTOM. One out of every 172 housing units had foreclosure filings.

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• I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 5 of the easiest ways you can catch up (and fast)
• You’re probably already overpaying for this 1 ‘must-have’ expense — and thanks to Trump’s tariffs, your monthly bill could soar even higher. Here’s how 2 minutes can protect your wallet right now
• Gain potential quarterly income through this $1B private real estate fund — even if you’re not a millionaire. Here’s how to get started with as little as $10

A number of factors may be contributing to this figure — including a population influx — but one common theme experts pointed to was the price of home insurance.

“When those insurance premiums start kicking in, they can’t make the payments, they just don’t know what to do,” Bob Miller, a real estate broker, told News Channel 8 on March 27.

“So a lot of them, for lack of a better term, they curl up in a little bit of a ball and they wait in a corner for someone to knock on the door. That’s not the best option.”

Here’s what’s behind the high insurance rates, and what you can do to protect your home wherever you might be.

Homeowners’ insurance prices

The U.S. home insurance market is experiencing a double whammy — increasing natural disasters and higher construction and repair costs.

For instance, Florida is prone to hurricanes, flooding and wildfires. As a result, insurance prices are among the highest in the nation. Floridians pay an average annual premium of $5,292 for a home worth $300,000, according to Bankrate. This is nearly two-and-a-half times the national average of $2,267.

Meanwhile, Trump’s tariff policies have made it more expensive to import key construction materials, such as lumber from Canada and lime and gypsum from Mexico.

As repairing and replacing a home has become more expensive, insurers are expected to charge higher nationwide premiums. The average annual homeowners’ insurance is projected to increase by 11%, or by $106, to $3,626 by the end of 2025, according to Insurify. In fact, homeowners’ insurance rates are expected to rise 38% faster this year compared to 2024.

If you’re concerned about rising premiums, consider shopping around for rates from top insurers near you before tariffs impacts are felt.

OfficialHomeInsurance lets you compare rates and features on home insurance policies from top providers near you.

Here’s how it works: Answer a few basic questions about yourself and your home, and OfficialHomeInsurance will comb through its database of over 200 insurers to display the lowest rates available. On average, you could save $482 per year by comparing rates.

The best part? This process is entirely free, and it takes just two minutes.

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

Protect your finances from foreclosure risks

But it’s critical for homeowners of all stripes to take preventative steps to protect your home — and bank account — in case of a serious incident.

One of the first steps toward financial security is ensuring you can afford your insurance premiums while having a cushion to soften unexpected increases or expenses.

You can build a comprehensive budget using Monarch Money. The easy-to-use platform allows you to see where your money is going by tracking your spending and investment accounts.

You can also see how your net worth has fluctuated over time, as well as track your progress towards your financial goals. Get personalized recommendations on how to reach your financial goals faster with the platform’s AI-powered Advice Wizard Tool.

If you sign up with Monarch Money you can get 30% off your subscription plan for the first year.

Setting a healthy budget and sticking to it can give you room to breathe, but it’s your emergency fund that protects you from sudden financial stress.

Your emergency fund should ideally cover three to six months worth of expenses. This way, you don’t have to panic or go into debt every time you’re in a tight spot.

Keeping your emergency fund in a high-yield savings account, ideally one with low charges and unlimited transfers, can help you grow your savings while keeping it accessible. You can check out Moneywise’s best high-yield savings accounts list of 2025 to find options that can earn you up to 10 times the national average interest rate of 0.41%.

To make more room in your budget, consider shopping around for a new insurance rate. A few hours online or on the phone may yield hundreds of dollars of savings per year that you can use to bolster your finances.

If you’re in need of serious budget relief, refinancing your mortgage or working with your lender to modify your terms can help you avoid defaulting and the foreclosure of your home.

You can compare refinancing rates offered by vetted lenders near you through Mortgage Research Center (MRC). You can customize searches to your needs, and get estimates on your new mortgage payments if you choose to refinance.

Once you make a selection, you can set up a free, no-obligation consultation to determine whether you want to proceed.

What to read next

• Don’t have the cash to pay Uncle Sam in 2025? You may already be eligible for a ‘streamlined’ handshake with the IRS — here’s how it works and how it can potentially save you thousands
• Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US — with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in ‘great wealth’. How to get in now
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

A new building safety law that was passed in the wake of the Surfside tragedy in Florida has resulted in a tremendous amount of financial pressure on condo owners. Now, one state lawmaker warns it could prompt the "next wave of homeless people," with elderly residents living on fixed incomes at the forefront.

The law requires associations for condos three stories or higher to fully fund their maintenance reserves. Previously, they could waive filling these reserves, which potentially allowed damage to build up over decades. It’s also mandatory for buildings at least 30 years old to undergo structural assessments and address any critical issues. Many owners have blamed these rules for adding upwards of tens of thousands of dollars in new fees.

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• I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 5 of the easiest ways you can catch up (and fast)
• You’re probably already overpaying for this 1 ‘must-have’ expense — and thanks to Trump’s tariffs, your monthly bill could soar even higher. Here’s how 2 minutes can protect your wallet right now
• Gain potential quarterly income through this $1B private real estate fund — even if you’re not a millionaire. Here’s how to get started with as little as $10

Rep. Mike Caruso rang the alarm after the issue was dropped from a special session in January.

"It’s sad, and we’re not going to address it here in the Florida House," Caruso told the Miami Herald. "I’m shocked by it."

Here’s what has Caruso concerned about elderly condo owners.

New building safety law

In 2021, 98 people died when Champlain Towers South, a 12-story condominium in the Miami suburb of Surfside, partially collapsed. Legislators rushed to pass safety reforms and a new bill was signed into law.

But there was a problem. Many condo associations were short on reserve funds. This means that the costs for now-mandatory inspections and repairs were passed on to unit owners. These extra fees, or special assessments under Chapter 718 of the Florida Statutes, are typically levied in addition to existing fees.

Seniors on a fixed income are especially vulnerable to sudden maintenance fee increases. This is even more true for seniors still paying off a mortgage on their condo. What’s more, Florida has one of the highest proportions of Americans over 65 in the country at 21.70% of the population, according to the U.S. Census Bureau.

Taken together, this can put seniors on a fixed income in dire straits.

Downsizing to a smaller place or refinancing the mortgage rate on your current home could be challenging in this economy — with 30-year fixed-rate mortgages hovering at 6.67% as of March, 2025.

Shopping around for mortgage rates can help you find the lowest rate possible or negotiate better terms with lenders. Those who received two or more quotes from lenders saved, on average, up to $76,410 over the lifetime of a 30-year fixed-rate mortgage, according to a 2024 study from LendingTree.

If you bought your home when mortgage rates were hovering around 23-year highs of 8% or have built up better credit, refinancing your loan could potentially result in lower payments.

You can find the lowest refinancing rates near you or shop around for a mortgagethrough Mortgage Research Center.

The process is simple: answer a few questions about yourself and the type of property you wish to refinance or buy, and Mortgage Research Center will match you with vetted lenders best suited to your needs.

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

Another source of financial stress

Florida, which is prone to natural disasters, is also facing an insurance crisis. Prominent home insurance providers like Farmers, AAA, and Progressive have been steadily reducing or permanently shutting down operations.

Home insurance prices in Florida are among the highest in the nation. The average annual premium for a $300,000 dwelling in the state was $5,340 as of March 24, nearly two-and-a-half times the national average of $2,242, according to Bankrate.

But this doesn’t mean you can’t get affordable insurance coverage for your home.

OfficialHomeInsurance.com is an online marketplace that lets you compare rates offered by leading aggregators near you for free. A side-by-side comparison of insurance premiums and other features can help you save up to $482 a year on average.

After entering basic details about yourself and your home, OfficialHomeInsurance will sort through its database of over 200 insurance companies and display the best deals for you.

From here, you can find the lowest home insurance rates available in only minutes.

What to read next

• Don’t have the cash to pay Uncle Sam in 2025? You may already be eligible for a ‘streamlined’ handshake with the IRS — here’s how it works and how it can potentially save you thousands
• Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US — with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in ‘great wealth’. How to get in now
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

Travis Kelce, along with the Kansas City Chiefs, suffered a crushing loss at Super Bowl LIX after being obliterated 40-22 by the Philadelphia Eagles. But his brother, Jason, also turned out to be a loser over the course of that eventful weekend.

The retired NFLer revealed that he lost "all my money" gambling while in New Orleans for the big game Feb. 9.

Don’t miss

• I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 5 of the easiest ways you can catch up (and fast)
• You’re probably already overpaying for this 1 ‘must-have’ expense — and thanks to Trump’s tariffs, your monthly bill could soar even higher. Here’s how 2 minutes can protect your wallet right now
• Gain potential quarterly income through this $1B private real estate fund — even if you’re not a millionaire. Here’s how to get started with as little as $10

"Casino’s right next door, and because I won so much money last year at Las Vegas [at the Super Bowl], I thought, ‘You know, hey, we’ll just keep this rolling, this will be great,”’ Jason Kelce recalled during an episode of the "New Heights" podcast he hosts along with Travis.

But the magic didn’t work this time. He described one point while playing craps as being "a bigger bloodbath than the game."

Jason failed to take his own advice before hitting the tables.

"I don’t normally go to the casino," he said. "It’s just like handing them money."

Fortunately for Jason, after earning $80-plus million over 13 years as a player and signing a $24-million contract with ESPN last May, he likely can absorb the loss.

Why people lose money gambling

Jason’s case isn’t surprising. With sports betting and other forms of gambling becoming increasingly popular, the problem has spread like wildfire.

About 85% of U.S. adults have gambled at least once in their lives, according to the National Council on Problem Gambling (NCPG), while 60% have gambled within the past year.

The problem, though, is that gambling can lead to serious financial losses. The NCPG estimates that problem gambling costs Americans $14 billion per year in the form of gambling-related criminal justice and health-care spending, job loss, bankruptcy and other consequences.

Build healthy money habits

One of the problems with gambling is that it can start as a social activity and turn dark quickly. It can be hard to say no when friends invite you to a casino to celebrate a birthday or bachelor party. But even a single night of gambling could have serious financial consequences.

One thing you may want to do is only bring cash with you to a casino. Leave your credit and debit cards at home to avoid the temptation to gamble more or "win back" your losses. Another option is to say no to gambling altogether if it’s something you’re uncomfortable with.

Once you feel like you’re in control, start practicing healthy money habits and set aside a portion of your paycheck for investments.

Start small but be consistent

You don’t have to invest significant sums of money or time the markets perfectly in order to build a nice portfolio. The trick, according to legendary investor Warren Buffett, lies in investing consistently and harnessing the benefits of compound interest.

You can turn everyday spending into an investment opportunity with Acorns. When you link your credit and debit cards, Acorns automatically rounds up your purchases to the nearest dollar and deposits the excess in low-cost diversified ETFs.

So, your $4.25 morning coffee becomes a 75-cent investment in your future. While spare change from everyday purchases might not seem like much, it adds up over time. Just $2.50 worth of daily round-ups amounts to over $900 in a year — and that’s before it compounds and earns money in the market.

Sign up with Acorns within minutes and get a $20 bonus investment.

Put your cash to work

You probably hold some amount of cash to cover your monthly expenses or in your emergency fund. Financial planners typically suggest keeping three to six months’ worth of monthly expenses in the fund.

Instead of hoarding the money in a traditional savings account, consider opening a high-yield account and let your cash work harder for you.

For example, Wealthfront’s high-yield cash account offers 4.00% APY on deposits — roughly 10 times the national average of 0.41% as of April 25.

The best part? You don’t have to pay any account fees and can enjoy 24/7 withdrawals. If you register for direct deposit, you can get your paycheck up to 2 days early and start earning interest. Assuming you get paid bi-weekly, that’s a 14% boost on interest you could earn from your paycheck.

Get started with just $1.

If you want to browse further or compare your options, check out Moneywise’s high-yield savings accounts of 2025 list.

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

Know where your money is going

Tracking your spending is key to building a healthy relationship with money. Once you know how much money is coming in and how much you’re spending, you can set up goals for yourself for financial freedom.

Monarch Money helps you track all your accounts in one place — helping you know where your money is going at all times. You can get custom reminders for upcoming bill payments, ensuring you never miss a payment.

You can also track how your net worth is growing over time by linking your investment accounts and real estate. What’s more, Monarch Money’s Advice Wizard Tool provides personalized recommendations on how to achieve your financial goals faster.

You can get a 7-day free trial as well as 30% off your subscription for the first year when you sign up with Monarch Money.

Invest in your future

Tariff-driven uncertainty has stoked inflation fears as well as increased the odds of a potential recession.

But opting for relatively safer assets like real estate can somewhat hedge your portfolio from market risks. Plus, you can generate a passive income source by investing in rental properties, helping you boost your income.

Even better, you don’t need to take out a new mortgage in order to be a landlord.

Backed by world-class investors like Jeff Bezos and Marc Benioff, Arrived lets you invest in single-family residential properties and vacation rentals across the country.

Arrived handles all the paperwork and management throughout the lifecycle of the investment, allowing you to sit back and become a landlord without having to deal with any hassles. Plus, Arrived distributes any rental income from properties as monthly dividend checks, helping you set up a passive income source from the comfort of your home.

Arrived’s total returns range from 6%-10% annually. In comparison, the S&P 500 index’s annualized returns of just over 10.13% since 1957. But, with Arrived, you also get the added benefit of diversification, real estate can act as a hedge against stock market volatility.

Get started and become a landlord with just $100 here.

What to read next

• Don’t have the cash to pay Uncle Sam in 2025? You may already be eligible for a ‘streamlined’ handshake with the IRS — here’s how it works and how it can potentially save you thousands
• Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US — with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in ‘great wealth’. How to get in now
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

Many Americans dream of becoming a millionaire, and most think they’ll need to be one to retire comfortably. According to the 2024 Planning & Progress Study published by Northwestern Mutual, Americans believe they need $1.46 million to retire comfortably.

But the average amount adults saved was just $88,400 last year — $1.37 million lower than their retirement goal.

Almost 50% of Americans are not saving for retirement at all, according to Rachel Cruz, personal finance expert and co-host of The Ramsey Show.

In a recent Fox Business interview, Cruz said that, based on her experience, many are struggling to even find the margin to save for retirement. That’s why she says the first step is to find the margin in your budget.

While it may seem daunting, you don’t need to be a top executive, famous athlete or popular musician to make big bucks. The secret is much simpler — and perhaps more boring — than that. And failing to take advantage of this one money rule could impact your retirement greatly.

Don’t miss

• I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 5 of the easiest ways you can catch up (and fast)
• You’re probably already overpaying for this 1 ‘must-have’ expense — and thanks to Trump’s tariffs, your monthly bill could soar even higher. Here’s how 2 minutes can protect your wallet right now
• Gain potential quarterly income through this $1B private real estate fund — even if you’re not a millionaire. Here’s how to get started with as little as $10

The No. 1 rule for becoming a millionaire

According to Fox Business host Maria Bartiromo, “The number one thing to do on your road to becoming a millionaire is very simple: join your company’s 401(k) plan. Put as much money in there as you can early on, and make sure you do not touch it.”

Cruz recommends contributing to your 401(k) up to the match your company offers if it offers one. Matching can add significant contributions to your retirement savings over time. After maximizing your employer’s match, Cruz recommends contributing to programs such as a Roth IRA or Roth 401(k), which have tax-free withdrawals in retirement.

But you might be one of many Americans who don’t have access to a 401(k) through your employer. According to a recent study from AARP, around 56 million Americans work for employers that don’t offer any type of traditional retirement or pension plan.

Opening a self-directed retirement account like an individual retirement account (IRA) can help you in this case. The main benefit? You can grow your assets tax-free or defer paying tax until you retire.

Opting for a gold IRA gives you the opportunity to hedge against market volatility by allowing you to invest directly in physical precious metals rather than stocks and bonds.

Gold prices rose by over 26% in 2024, outperforming the S&P 500 index’s 23% returns. You can invest in this asset through Priority Gold, an industry leader in precious metals, offering physical delivery of gold and silver. Plus, they have an A+ rating from the Better Business Bureau and a 5-star rating from Trust Link.

If you’d like to convert an existing IRA into a gold IRA, Priority Gold offers 100% free rollover, as well as free shipping, and free storage for up to five years. Qualifying purchases will also receive up to $10,000 in free silver.

To learn more about how Priority Gold can help you reduce inflation’s impact on your nest egg, download their free 2025 gold investor bundle.

Build a financial footing and think long-term

For many younger people, retirement seems a long way off — especially when they have more immediate needs for their money. But Cruz says you need to adopt a “long-term mindset.”

You can start putting 15% of your income into retirement, starting with a 401(k) if it’s available to you. She says it’s important to contribute to the plan consistently and avoid pulling any money out, even if the market is down.

After maxing out your 401(k) contributions, you can look for other ways to boost your wealth. A great place to start is by investing spare change from everyday purchases through a micro-investing app like Acorns.

You can link your bank account or credit card, and Acorns will round up your everyday purchase to the nearest dollar and invest the excess into a smart investment portfolio.

For instance, if you make a $23.45 purchase at a restaurant, Acorns will round up the expense to $24 and automatically invest the 55-cent difference into a diversified portfolio of seven ETFs.

If you sign up now, you can get a $20 bonus investment from Acorns.

Another key step to building a sound financial footing is to take inventory of your goals. For instance, if you want to retire by the time you’re 50, you need to plan your finances and investments accordingly.

Consulting a financial advisor can help you there.

FinancialAdvisor.net is a free online service that helps you find a financial advisor who can help you create a plan to reach your financial goals. Just answer a few questions and their extensive online database will match you with a few vetted advisors based on your answers.

You can view advisor profiles, read past client reviews, and schedule an initial consultation for free with no obligation to hire.

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

Invest now and stay invested

Waiting for the perfect entry point will likely cost you, according to research from Charles Schwab, and time out of the market could hurt your returns. To put this into perspective, research by Fidelity shows that if you invested $10,000 in the S&P 500 Index on Jan. 1, 1980, but missed the best five days in the following years, you’d miss out on $411,258 of potential returns by Dec. 31, 2022.

It’s a not-so-secret rule that starting early and regularly contributing to your 401(k) — and not touching the money until you retire — can start you on the journey to becoming a millionaire. And, like any journey, it all starts with taking the first step.

The S&P 500 index is often a good place to start. But if you want to beat the market, identifying key investment opportunities is critical.

Run by a team of hedge fund managers, Moby can help you discover stocks before they deliver multi-bagger returns. The investment research platform’s stock picks have outperformed the S&P 500 index by an average of 11.95% over the last four years. And that’s on top of the S&P’s 10.13% annualized returns since its 1957 inception.

With Moby Premium, you can get access to the top three picks from the team of analysts every week. Sign up today and become a wiser investor within minutes.

What to read next

• Don’t have the cash to pay Uncle Sam in 2025? You may already be eligible for a ‘streamlined’ handshake with the IRS — here’s how it works and how it can potentially save you thousands
• Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US — with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in ‘great wealth’. How to get in now
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

With elevated home prices these days, buying a house can be a significant challenge. But for “Rich Dad Poor Dad" author Robert Kiyosaki, it’s a breeze.

During an interview with personal finance YouTuber Sharan Hegde, Kiyosaki stated, “I own 15,000 houses.”

The median house price in the U.S. was $416,900 in Q1 of 2025, according to the Federal Reserve Bank of St. Louis.

Hegde asked if Kiyosaki rents out these houses to collect income, to which Kiyosaki simply responded, "Yeah."

The famed author elaborated on the topic of purchasing a house, explaining,

“Nothing wrong with buying a house. The difference is, I use debt to buy it, and I pay no taxes. It’s not the house, it’s not the stock, it’s not the bond, it’s not the ETF. It’s your brains.”

Don’t miss

• I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 5 of the easiest ways you can catch up (and fast)
• You’re probably already overpaying for this 1 ‘must-have’ expense — and thanks to Trump’s tariffs, your monthly bill could soar even higher. Here’s how 2 minutes can protect your wallet right now
• Gain potential quarterly income through this $1B private real estate fund — even if you’re not a millionaire. Here’s how to get started with as little as $10

Use debt and pay no taxes?

Kiyosaki is referring to a strategy often employed by real estate investors. They often use borrowed money (debt) to finance their purchases. This allows them to acquire more assets than they could with their own money alone. Mortgage interest from these loans can be deducted from taxable income, lowering their overall tax burden.

In addition, investors can claim expense deductions for property taxes, property insurance, and costs associated with managing and maintaining the property, such as repairs, maintenance, and property management fees.

By leveraging debt and taking advantage of tax deductions, real estate investors can boost their returns while minimizing taxes.

If this is an approach you want to take, it should be done with caution — and hiring a financial advisor is a smart approach.

With Advisor.com, you can find the right financial professional to help you fulfill your wealth goals. It’s a free service that helps you find the right financial advisor for you, by matching you with a small list of the best options for you to choose from.

Set up a free, no-obligation consultation with one of their pre-screened financial advisors today.

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

Asset vs. liability

Kiyosaki distinguishes between income-generating properties and a primary residence, emphasizing they serve different financial purposes.

“Your house is not an asset,” Kiyosaki said.

According to Kiyosaki, there’s an easy way to determine if something is an asset.

“What is the definition of the word? If it puts money in my pocket, it’s an asset. If my house is taking money from my pocket, it’s a liability,” he explained.

By this definition, a primary residence is not an asset. Most homeowners face mortgage payments, property taxes, insurance and maintenance costs, which take money out of their pockets.

If you want to use real estate to generate income, you can still benefit from home ownership without buying a house. 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.

Becoming a real estate mogul

Of course, you can invest in income-producing real estate assets. After all, in an era where passive income has become a big buzzword, one of the most popular ways to create a passive income stream is through real estate — at least in theory.

The good news? These days, you can invest in real estate without becoming a landlord. For instance, necessity-based commercial real estate are properties that serve an essential function – like health-care facilities or grocery stores – making these properties in demand because they are always in need regardless of economic conditions.

With First National Realty Partners (FNRP), you can enter the world of commercial real estate and enjoy the potential returns of deals anchored by necessity-based properties.

FNRP has developed relationships with the nation’s largest essential-needs brands, including Kroger, Walmart and Whole Foods, and provides insights into the best properties both on- and off-market

FNRP’s secure online platform makes investing in commercial real estate convenient and simple. You can engage with experts, explore available deals and easily make an allocation, all in one personalized portal.

What to read next

• Don’t have the cash to pay Uncle Sam in 2025? You may already be eligible for a ‘streamlined’ handshake with the IRS — here’s how it works and how it can potentially save you thousands
• Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US — with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in ‘great wealth’. How to get in now
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

You may be aware that President Donald Trump’s global tariff war will see Americans paying more for consumer goods, but have you considered the cost of services will also rise?

According to a February report from Insurify, the cost of full-coverage car insurance in the U.S. could increase by 8% on average this year with Trump’s 25% import tariffs on car parts made in Mexico and Canada. The only exemptions are USMCA-compliant parts that qualify for preferential treatment — meaning they meet certain place-of-origin manufacturing and labelling requirements, among other stipulations.

Plus, with Canadian steel and aluminum facing the same tariff, the price of manufacturing auto parts in America could also skyrocket.

Don’t miss

• I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 5 of the easiest ways you can catch up (and fast)
• You’re probably already overpaying for this 1 ‘must-have’ expense — and thanks to Trump’s tariffs, your monthly bill could soar even higher. Here’s how 2 minutes can protect your wallet right now
• Gain potential quarterly income through this $1B private real estate fund — even if you’re not a millionaire. Here’s how to get started with as little as $10

The cost of auto parts is a major factor in the final price of your auto insurance. The car industry in the U.S. is reliant on our neighbors to the north and south, as the U.S. imports roughly 32% of its total auto parts from Canada and Mexico, according to data cited in the Insurify report.

Imports of finished cars and trucks from Canada and Mexico also account for one-fifth of all vehicles sold.

Tariffs on your transportation

Increasing insurance costs may not be the only headache. Demand for cars produced domestically could see automakers expand their workforces and add to the final cost of their vehicles.

Manufacturers may also have to absorb the higher cost of steel and aluminum imports, which will likely be reflected in car prices.

Whether you’re buying a new car or repairing a used one, the cost of parts will make transportation more expensive for Americans. Demand for cars made domestically may also increase if imports become prohibitively expensive.

USA Today reports that tariffs could make the average cost of a new car rise by about $3,000, according to Wolfe Research.

Rising costs for insurance

In February, the American Property Casualty Insurance Association reported that about six in 10 auto replacement parts used in U.S. repair shops are from Canada, Mexico or China. Higher auto parts costs could lead to increased costs for insurers, with premiums rising accordingly.

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

What’s more, the national average cost for car repairs is $838, according to a report from the Kelley Blue Book. With tariffs, this could put the cost of repairs over $1,000.

In spite of these rising insurance costs, remember that repairing your vehicle is often cheaper than leasing or financing a new one. You can also save money in the long run through proactive maintenance. The upfront cost of a comprehensive plan could be worth it if you’re involved in a serious accident.

Speaking to USA Today, Insurify data journalist Matt Brannon projects that New York state will see the biggest increases in insurance rates this year, totalling $489 by end of year. Nearly a fifth — or $110 of that cost — is directly attributed to tariffs, he reported.

The good news? Brannon said that car owners probably won’t see increases in their insurance bill until the end of the year. Most insurers have to be approved by state regulators to increase the cost of premiums. This process can take months.

“We expect those price increases would show up when drivers renew their policies or switch to a new insurer, rather than in the middle of a six-month coverage period,” he said.

You can get ahead of these anticipated costs by setting aside more for your savings, and researching a more competitively-priced policy for your auto insurance, so when you renew you won’t feel it in your wallet.

One way to search for the best auto insurance rates and a new plan is with OfficialCarInsurance. This free platform helps you instantly sort through the best policies from car insurance providers in your area, including trusted names like Progressive, GEICO and Allstate. With rates as low as $29 per month, you can find coverage that suits your needs — potentially saving you hundreds of dollars per year.

To get started, fill in your information and OfficialCarInsurance will provide a list of the top insurers in your area.

More ways to save

In early April, J.P. Morgan Research estimated that the probability of a recession in 2025 was 60%. With the odds stacked against the economy, Americans are looking for ways to cut back on monthly expenses.

While you’re searching for better car insurance rates with OfficialCarInsurance, don’t miss the opportunity to check out OfficialHomeInsurance. Their platform makes it easy to find the coverage you need — without the hassle of calling multiple providers for quotes.

Simply fill out a few details and you could save an average of $482 a year.

Another easy way to cut down on costs is to look at your bank fees. Most banks charge between $5 and $35 a month in account fees alone, but many online banks can offer you zero fees and higher interest rates due to lower overhead.

For example, a high-yield cash account with Wealthfront earns 4.00% APY on deposits — almost 10 times the national average. Plus, Wealthfront charges no account, monthly or overdraft fees.

Even better, you can fund your account with as little as $1, and enjoy 24/7 instant withdrawals. There are no transfer fees either if you want to move your money into a Wealthfront investment account.

Squirrelling away small amounts may be a better place to begin for those just starting out on their path to financial freedom. One way to do this is with Acorns, an automated investment platform that simplifies setting aside extra funds.

By signing up and linking your bank account, Acorns will automatically round up the price to the nearest dollar and deposit the difference into a smart investment portfolio for you, allowing you to grow your wealth without even thinking about it.  In other words, that $4.25 coffee is now a 75 cent investment in your future.

The best part? Acorns is offering a $20 bonus for new members.

What to read next

• Don’t have the cash to pay Uncle Sam in 2025? You may already be eligible for a ‘streamlined’ handshake with the IRS — here’s how it works and how it can potentially save you thousands
• Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US — with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in ‘great wealth’. How to get in now
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

There’s passionate debate about how to solve America’s ongoing housing crisis, much of which revolves around mortgage rates, zoning issues, immigration and construction. However, billionaire entrepreneur and investor Mark Cuban believes the biggest issue of all is being overlooked by the public.

Don’t miss

• I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 5 of the easiest ways you can catch up (and fast)
• You’re probably already overpaying for this 1 ‘must-have’ expense — and thanks to Trump’s tariffs, your monthly bill could soar even higher. Here’s how 2 minutes can protect your wallet right now
• Gain potential quarterly income through this $1B private real estate fund — even if you’re not a millionaire. Here’s how to get started with as little as $10

“Home insurance in areas hit by repetitive disasters is going to be the number one housing affordability issue over the next 4 years. And possibly going into the midterms. More so than interest rates,” he said in a post on Bluesky. “Florida, in particular, is going to have huge problems.”

Home insurance crisis

Home insurance rates have surged, driven primarily by two key factors: inflation and climate change.

The cost of labor and building materials for homes has risen rapidly since the pandemic. Although the price of lumber has recovered, the National Association of Home Builders says things like drywall, concrete and steel mill products are still selling at elevated prices.

For those with a replacement cost insurance policy, it can cost the insurer more to cover the cost of replacing your home without taking depreciation into account. The risk this presents will be reflected in your premium.

While homes are more expensive to replace, they’re also more prone to damage because of climate change.

Severe floods, wildfires and hurricanes have become more frequent, which must be factored into the underwriting of property insurance. According to the Insurance Information Institute, “cumulative replacement costs related to homeowners insurance soared 55% between 2020 and 2022.”

In fact, major insurers like Farmers and Progressive have either left states like Florida or limited their exposure to these disaster-prone regions. Mark Friedlander of the Insurance Information Institute said, “We have estimated up to 15% of Florida homeowners may not have property insurance, based on input from insurance agents across the state.”

Homeowners and potential homebuyers should be aware of how risky it is to go without coverage and prepare for the cost of adequate protection.

Lowering the cost of home insurance may seem difficult with these facts at hand, but it is still possible to shop around for a better deal on your home insurance with MediaAlpha. Moreover, their easy-to-use platform makes finding a better deal possible in just minutes.

Find the best home insurance rates in your area when you answer a few quick questions about yourself and your home. You’ll see a list of offers tailored to your needs so you can easily comparison shop for a new rate on your mortgage.

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

Ways to protect yourself

If you haven’t purchased a property yet, considering the climate risk of any location you seek to move to is worth your while. The Federal Emergency Management Agency offers flood maps to help you assess risk.

If you already own a high-risk property, consider investing in resilience measures such as securing shutters and roofs, elevating structures in flood-prone areas and using fire-resistant materials in wildfire zones. Doing so can get you a discount on your premium in Florida.

Don’t forget that shopping around is the best way to find an affordable rate. Borrowers who received two rate quotes saved up to $600 annually, according to 2023 research from Freddie Mac. That number rose to $1,200 annually for borrowers who searched for at least four rate quotes from different lenders.

If you want a quick and efficient way to do this, the Mortgage Research Center (MRC) can help you quickly compare rates and estimated monthly payments from multiple vetted lenders. All you have to do is enter some basic information about yourself, such as your zip code, your desired property type and price range and annual income.

Based on the information you provide, MRC will show you mortgage offers tailored to your needs so you can shop for a mortgage with confidence.

After you match with a desired lender, you can set up a free, no-obligation consultation to see if you’ve found the right fit.

Finally, if you can’t afford insurance, look into your state-backed insurer of last resort. California’s FAIR Plan or Florida’s Citizens Property Insurance Corporation could be your ultimate safety net if you can’t find private insurance elsewhere.

Invest in property without owning it

Getting on the property ladder with the soaring price of mortgages and insurance may seem impossible, but you can still grow your wealth in real estate without the hassles of buying, maintaining and insuring a property.

The $36 trillion U.S. home equity market has historically been the exclusive playground of large institutions, but 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.

What to read next

• Don’t have the cash to pay Uncle Sam in 2025? You may already be eligible for a ‘streamlined’ handshake with the IRS — here’s how it works and how it can potentially save you thousands
• Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US — with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in ‘great wealth’. How to get in now
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

Since 1950, the US has weathered 11 recessions, proving time and again that downturns aren’t a question of if, but when.

After a strong performance from the S&P 500 in 2024 — which experts hailed as a “very good year” — storm clouds are forming. Trump’s aggressive tariff policies have rattled markets with the S&P 500 entering correction territory in April 2025.

Don’t miss

• I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 5 of the easiest ways you can catch up (and fast)
• You’re probably already overpaying for this 1 ‘must-have’ expense — and thanks to Trump’s tariffs, your monthly bill could soar even higher. Here’s how 2 minutes can protect your wallet right now
• Gain potential quarterly income through this $1B private real estate fund — even if you’re not a millionaire. Here’s how to get started with as little as $10

Times like these may have long-term investors wondering what they should do to protect their portfolios. The answer? Do nothing and stay the course.

“Generally, the advice boils down to staying invested. But I firmly believe that just saying ‘stay invested’ doesn’t work on days when stocks are in free-fall and the world feels terrible,” Callie Cox, chief market strategist for Ritholtz Wealth Management, said to The Washington Post.

“We’re not robots, we’re humans with emotions, and we need to honor that in times like these.”

Why you shouldn’t panic sell

Watching the portfolio you’ve built for retirement fluctuate can be unsettling, especially when market downturns threaten the very assets you plan to rely on.

However, selling and moving your money to the sidelines is typically not the best course of action.

“Seventy-eight percent of the stock market’s best days have occurred during a bear market or during the first two months of a bull market,” according to Hartford Funds, an asset management firm that includes Schroders and Wellington Management. “If you missed the market’s 10 best days over the past 30 years, your returns would have been cut in half. And missing the best 30 days would have reduced your returns by an astonishing 83%.”

The importance of a diversified portfolio

One way for investors to diversify a portfolio is by buying into international assets, with well-known asset management firm Vanguard suggesting at least 20% in international stocks and bonds as a benchmark.

However, diversification isn’t just about protecting your portfolio — it’s about building resilience. That’s why holding investments beyond the S&P 500 can act as a cushion when the economy hits a rough patch.

But stocks aren’t the only way to diversify your portfolio.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.

Another popular hedge against inflation with investors is gold, which historically performs well when the market is shaky, and hit an all-time high in early April.

When you open a gold IRA with the help of Priority Gold, you can roll over existing 401(k) or IRA accounts into a precious metals IRA without tax-related penalties. Qualifying purchases can also receive up to $10,000 in free silver.

Learn more about why Priority Gold has 5-star reviews on Trustpilot and the Better Business Bureau when you download their free 2024 guide on investing in precious metals.

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

Nearing retirement

As you near retirement, market volatility and ongoing inflation can make the road ahead feel precarious, but reacting to short-term turbulence with long-term portfolio changes can be a costly misstep. Instead it can pay to prepare your portfolio for retirement by slowly switching your investments to low-risk options.

Christine Benz, director of personal finance and retirement planning at Morningstar, told The Post that allocating 25% to 30% of your portfolio to short and intermediate-term bonds is a good approach for those approaching retirement.

But make sure you don’t give up on growth entirely.

“Remember that even though retirement is a few years away, that is just the start of retirement,” Corbin Blackwell, senior manager of financial planning at Betterment, told The Post. “For most people, their money needs to last decades, so don’t lose sight of your real-time horizon.”

If you’re unsure of the best approach for you, it might be worth speaking with a financial advisor who can help craft a retirement strategy that fits your goals — and gives you peace of mind as you step into your next chapter.

Advisor.com can help you find someone that’s right for you.

This online platform connects you with vetted financial advisors in minutes. How it works is easy: Just answer a few quick questions about yourself and your finances, and the platform will match you with a financial advisor best suited to helping you make your money last in retirement.

From here, you can view their profile, read past client reviews and schedule an initial consultation for free with no obligation to hire.

What to read next

• Don’t have the cash to pay Uncle Sam in 2025? You may already be eligible for a ‘streamlined’ handshake with the IRS — here’s how it works and how it can potentially save you thousands
• Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US — with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in ‘great wealth’. How to get in now
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.