Category: Moneywise

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With 4.1 million Americans reaching the retirement age in 2024 alone, very few will find themselves financially prepared to retire by one financial expert’s count.

In 2024, Suze Orman wrote that “even big retirement savers are at risk” because of rising longevity.

“Plan for your money to last until at least age 95, or even 100 if you have a family history of longevity.” This means that your money may have to last for 35 years after you retire, making even $2 million look like chump change.

A 2024 study from Northwestern Mutual shows that Americans believe they need $1.46 million to retire comfortably, but the current American’s average retirement savings sit at just $88,000. Nowhere near enough for a comfortable retirement by Orman’s standard.

If you’re one of many Americans feeling behind on saving for retirement, however, there are a few things you can do to catch up.

Are you behind on saving for retirement?

Catching up on savings gets harder as we age, and we also lose out on the power of compound interest.

Orman wrote that another solid retirement rule of thumb is to have 10x your current income saved by the time you are 67 years old. Following this, you should have 3x your income saved by age 40 and 6x by age 50.

American Hartford Gold can help you open a gold IRA to aid in securing your retirement fund.

Gold has long been touted as a safe haven asset during market uncertainty. Amid persistent inflation, gold prices have reached new heights, now standing at around $2,651 per ounce as of January 2025.

One of the country’s most trusted precious metals companies — with an A+ rating from the Better Business Bureau — American Hartford Gold has helped thousands of clients protect their retirement.

With live precious metals charts, the ability to compare gold prices with other markets, and an account representative who can answer your questions, you can feel confident that your retirement nest egg is growing the way it should.

Request their free investor guide to learn how this investment could help you secure your retirement. Plus, you can receive up to $15,000 in complimentary silver if you make a qualifying purchase.

Seek professional guidance for peace of mind

Retirees can also make the mistake of paying for withdrawals to access money during retirement, losing savings to costly tax deductions.

To keep more of your money in your investments, Orman has long touted the advantages of putting your money in Roth IRAs. Roth IRAs aren’t taxed when you make contributions, or when you withdraw, so they’re a popular retirement investment option.

If you think you are falling behind, you may want to seek expert guidance.

RothIRA.org provides personalized expert advice for anyone with a portfolio of $100K or more.

It’s a simple, straightforward process: Simply enter your information, and then you will be automatically matched with two or three advisors near you. From there, you can schedule screening calls for free with no obligation to hire and find the right fit for you.

Plus, all their advisors are pre-screened and licensed with SEC/FINRA, which can offer you peace of mind.

More ways to save during retirement

Suze Orman may not believe that a $2 million dollar retirement portfolio is enough to see you through your golden years, but there are still many methods to grow savings that can give retirees a comfortable cushion.

While Orman has faced significant backlash for her statements, with critics arguing that her figures are unattainable for most, the underlying principle she advocates is prudence.

In a recent LinkedIn post, Orman wrote, “I encourage you to keep returning to this thought exercise. What are the financial steps you might take today to be kindest to your future older self? The 88-year-old, the 90-year-old, the 95-year-old?”

For instance, she has always said you should try to pay off your home before you retire.

Whether that’s in the cards for you or not, striking while the real estate market is hot is another option for retirement-minded investors who are also looking for some passive income now and throughout their golden years.

Real estate for your retirement portfolio

For instance, companies like Arrived allow you to invest in shares of rental homes and vacation rentals without opening a new mortgage or taking on the responsibilities of property management.

With Arrived, you can browse a curated selection of homes, each 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 and start investing in real estate with as little as $100.

You can also use the power of the current real estate market to fund your retirement through your IRA. With First National Realty Partners (FNRP), accredited individual investors can allocate funds in their Roth IRA towards investments with FNRP, and receive tax-free payments and distributions that won’t be added to combined income calculations.

FNRP allows you to access institutional-quality commercial real estate investments — without the legwork of finding deals yourself. Their relationships with the nation’s largest essential-needs brands, including Kroger, Walmart and Whole Foods, means their commercial real estate investments are likely to remain stable and desirable properties.

When you sign up with FNRP, you can engage with experts, explore available deals, and easily make an allocation in an all-in-one personalized portal.

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

Drivers across Canada are legally required to carry auto insurance but that doesn’t mean getting or understanding auto insurance is easy. Unfortunately, there are many myths and misconceptions surrounding car insurance. What’s worse is that buying into popular misconceptions can be costly, especially for first-time drivers new to the auto insurance shopping experience.

To help, here are eight common car insurance myths that are completely debunked. Consider this a first step in building the confidence required to buy a car and get insurance that fits your goals and budget.

Myth #1: Red cars more expensive to insure

One of the most persistent myths about car insurance is that red vehicles cost more to insure. It’s just not true.

In fact, none of the information you give your insurer — such as your car’s make, model, year and vehicle identification number (VIN) — tells them the colour of your car.

However, your car’s make, model and year definitely impact your insurance rates, as does the price paid for the vehicle (or the Blue Book value), along with the vehicle’s overall safety record. Believe it or not, the cost to repair the car after an accident also impacts your rate, so it pays to learn a thing or two about a vehicle before you commit to driving it home.

Another factor that heavily influences your car insurance rate is your personal driving record, along with how you use your car and where you park it on a regular basis.

Myth #2: My credit score isn’t important when calculating my insurance rate

Most insurers use a credit-based insurance score to calculate your premiums, so your credit score can play a role in how much you’ll pay. This varies by province, but Newfoundland and Labrador, as well as Ontario have banned insurance companies from using an individual’s credit score as a factor in the calculation of an auto insurance policy. That said, if you have poor credit and live in any of the other provinces or territories, expect your premium to capture and reflect your credit score.

Myth #3: Insurance is cheaper on newer cars

Is it less expensive to insure new vehicles? It’s actually the opposite, since these cars cost more to repair and have higher replacement values than used cars. Since it will cost the auto insurance provider more money to buy a part for a new car or replace a damaged or stolen vehicle that is newer, the insurance tends to be cost more.

How much will my insurance go up with a new car?

On average, insurance on a newer vehicle will cost you between $100 to $200 more, per year, than on a used counterpart. However, the exact insurance cost will vary with each insurance provider, so it is helpful to compare rates before making a decision.

One way to reduce the premium is by choosing a new car with a high safety rating. Another good strategy is to equip the vehicle with anti-theft devices, such as security systems.

Myth #4: Older drivers cost more to insure

It’s actually the opposite. Because drivers over the age of 55 tend to drive less and are generally safer drivers, many insurance companies will offer them discounted rates on auto insurance. They also tend to drive vehicles with better safety records such as sedans, minivans and SUVs.

Once you retire and are presumably using your car less, insurance providers often give discounts to retirees. If you’re a safe driver approaching your golden years, talk to your insurer about how they can help you stretch out your retirement income with a lower rate.

Myth #5: Couples are more expensive to insure

Premiums can be lower for those in committed relationships that are living under the same roof. Insurers tend to think that this cohort is less risky than a single person. Why? Because those in long-term relationships and part of family households typically participate in less risky behaviour, like speeding or driving drunk.

In theory, the more committed you are to other people — like caring for children — the less risk you take in all areas of your life, and this translates into lower car insurance premiums. Another reason why couples often find cheaper car insurance is because of their age. Statistically speaking, as we age we tend to reduce risky behaviour. Since the average age to get married in Canada is between the ages of 30 and 31, this means that couples are typically older and less prone to risky behaviour — the biggest factor in higher car insurance premiums.

It’s also why teen boys are slapped with some of the highest car insurance premiums. Statistically speaking, this age and gender cohort is most likely to pursue risky behaviour behind the wheel of a car.

Myth #6: Accidents and tickets affect my car insurance rate forever

You may be relieved to know that tickets only stay on your driving record for three years and accidents for six years. If you keep a clean record for the rest of that period, you should be back to more affordable premiums in no time. However, if you get a ticket or end up in an accident, your rates will probably rise until the third of sixth year anniversary of the event. For this reason, it’s a good idea to minimize any behaviour that could lead to a ticket, moving violation infraction or fine.

To minimize the impact of an unforseen accident, you can opt for accident forgiveness on your policy. This benefit means that your first at-fault accident won’t impact your premium in the short-term, as long as there are no injuries.

Myth #7: Two-door cars more expensive to insure

Two-door cars do not factor into how a premium is decided by insurance providers. What does factor into calculating insurance premiums is a vehicle’s:

• claims history
• likelihood of the vehicle being stolen
• the vehicle’s accident frequency
• as well as repair and replacement costs

Myth #8: All car insurance companies have similar rates

While most carriers may offer very similar types of coverage, the premiums they charge vary from company to company.

This is because insurers group similar risk characteristics with similar risk groups. Some risk group members may never file an actual claim, while others may make many claims.

If your risk group was responsible for multiple claims with a particular carrier, that company’s premiums may be higher than one with a different experience.

Experts recommend you review at least three different companies’ quotes before selecting an insurance policy. You’ll find there’s actually a whole range of different policies at varying price points, and can lead you to finding better rates on your car insurance.

The best way to save is to shop around before you settle on the right policy for your needs and budget. There are plenty of sites that provide price comparisons to understand what options are available from a variety of carriers, like YouSet, a online insurance brokerage that leverages smart technology to streamline insurance shopping without the need for agents. With YouSet, you can hunt for auto insurance quotes and quickly compare and purchase policies from multiple insurers. On average, YouSet customers save up to 29% on their insurance through the company’s tailored matching system, while bundling home and auto insurance can lead to further savings.

To start saving, check out the fast and simple comparison tools found at YouSet.

Bottom line

Insurance can be difficult to understand, especially for people seeking out a policy for the first time. However, it is important to know that insurance is not a one-size-fits-all solution. Customization is crucial to get the perfect coverage that suits your individual needs and will protect you when life throws unexpected hurdles. Lastly, make sure to weigh your available options to make sure you’re not overpaying on car insurance.

— with files from Sigrid Forberg and Romana King

This article 8 car insurance myths that are way off track: What will actually cost or save you money? originally appeared on Money.ca

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

Even if you already live frugally, there are always some additional measures you can take to further reduce monthly bills. You might be surprised by how a few small changes to your routine can pile up to significant savings over time.

1. Reduce electricity use

One of the best ways to save money on bills is to consciously cut down on your electricity consumption. Small changes like switching off all appliances entirely instead of leaving them on standby reduces their electricity use by 75%. An easy measure to take is to plug TVs, computers and stereos into a power strip that you turn off easily when you’re not using them.

Turning the temperature down by a degree or two on your hot water heater, replacing power-hungry light bulbs with LED bulbs and keeping your A/C filters clean will also bring you lower bills. In the summer, line drying your clothes instead of running the dryer can save a lot on electricity.

2. Use your car less

Walking or biking to work, if it’s close enough, will result in both lower bills and lower blood pressure. If public transportation is convenient, try taking it at least a few days a week to lower monthly bills for gas. If you do need to drive, try to carpool so that you can share gas costs, and always keep your tires properly inflated to improve your mileage.

3. Renegotiate your insurance

If it’s been a while since you last reviewed your insurance policies, you could get much lower monthly bills by renegotiating them. If your car is older (and worth less), you might want to downgrade the level of car insurance you currently have as the replacement value may not justify the premium you are paying.

Another good option is to bundle together your auto and homeowner or tenant insurance as this usually means a nice discount on your overall annual premiums (or monthly payment plan).

Alternatively, shopping around for new insurance deals could net you an introductory discount when you sign up somewhere as a new customer. If looking for new home or car insurance is a daunting process, consider using an online broker such as YouSet. As an online digital insurance broker, YouSet helps you compare insurance policies quickly and efficiently — and from the comfort of your home. YouSet operates entirely online, leveraging smart technology to streamline insurance shopping without the need for agents. Better yet, customers can save up to 29% on their insurance through the company’s tailored matching system, and bundling home and auto insurance can lead to further savings. Check out YouSet to see how much you can save on auto, condo, home and tenant insurance.

4. Get cash back for monthly bills

Be choosey with the credit card you use to pay monthly bills, as some credit cards allow you to earn extra cash back in this spending category. To pick the best credit card for your needs you’ll need to balance the rewards or loyalty points with the costs. For instance, if the card provides a great rewards program but requires you to pay an annual fee of a few hundred or more — and your budget really doesn’t have the room for this annual expense — than it might be time to find a no-annual fee credit card.

To help, you can find the best credit card for your needs using the Money.ca credit card guide.

5. Rethink your gym membership

Gyms make money because most of us buy a membership and then rarely use it. Consider cancelling your membership or letting it run out — particularly if it’s very pricey. Unless you manage to get to the gym several times a week, you’ll probably do better by getting out to walk or jog the streets for free and just paying per gym class when you do have time to attend.

6. Go generic instead of brand name

One of the best ways to keep grocery bills low is to choose generic brand foods and toiletries rather than the better-known brands that you’re accustomed to buying. Generic brands are typically indistinguishable from their brand-name cousins, but they cost significantly less. And it might seem old-fashioned, but buying in bulk using discount coupons is a great way to lower your monthly household expenses, too. You might only save a small amount each time, but those small amounts add up.

7. Make your own coffee

Invest in a nice, leak-proof insulated coffee mug and take your own coffee with you to work each morning. Making your own lunch the night before also saves you money on over-priced sandwiches, and will probably taste better too.

8. Slash your debt

If you have significant credit card debt, let go of some of your non-essential expenses for a few months in an effort to clear some or all of said debt out. Start by paying off the debt on cards with high monthly interest rates, and then move on to the cards with lower interest rates.  Another option is to move all your debt from multiple cards onto a single card that offers 0% interest.

9. Track your spending

Write down every purchase you make in a monthly budget planner, or track your purchases in a budgeting app. Once you know where the money goes you’ll be able to make sensible and practical decisions about whether each purchase is acceptable. Keeping a monthly budget planner also trains you to stop and think before buying something, because you’ll have to account for it later.

10. Change your habits, not your lifestyle

Many of these tips can be put into practice without having to make any major changes to the way you live your life. Just start by trying one or two, and then gradually implement one more each month.

This article 10 easy ways to reduce monthly bills originally appeared on Money.ca

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.

Investing in real estate may seem like an attractive prospect, but not everyone agrees on whether it’s a good investment for the average American.

Some see it as the pinnacle of wealth generation, while others believe real estate requires too much upfront capital to invest and too much ongoing capital for property management and maintenance.

“The brightest people in real estate will say if you really account for maintenance and upkeep, then real estate has not outperformed other asset classes,” New York University professor and finance expert Scott Galloway said on Steven Bartlett’s “The Diary of a CEO” podcast on July 11.

But that hasn’t stopped the renowned entrepreneur from making “good money” from real estate investing and enjoying the process.

Here’s why Galloway likes real estate as an asset class — and how you can get your piece of the pie.

Tax advantages

Galloway described real estate as “the most tax-advantaged” investment you can make in the U.S.

“There are very few asset classes you can lever up four-to-one,” he said. “A 20% downpayment? I can’t buy $100 of Apple stock for $20! It’s huge leverage [and] the interest on that is tax deductible.”

Mortgage interest, property taxes and certain maintenance expenses are often tax deductible, helping homeowners or investors to reduce their overall tax liability. Also, if you hold onto your primary home for at least two years, you may qualify for capital gains tax exemptions.

Even if the mortgage rates are somewhat high ahead of the holiday season, you can benefit from getting a mortgage now.

If you are thinking about buying a house, Mortgage Research Center can help you determine the best mortgage rates offered by vetted lenders near you. All you have to do is enter some basic information about your finances and desired property type, and Mortgage Research Center will automatically match you with a lender with the right mortgage offer for you.

Despite the potential tax breaks, a mortgage is a huge undertaking — you need to have a clear picture of your finances before you delve into it. A financial advisor can help you out.

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.

Build your own real estate portfolio

Anyone with the time and means can build a real estate portfolio. But you do have to be somewhat strategic about where you invest in property.

Steven Bartlett shared some advice he received from his brother during the podcast: “If everybody is playing the game, the returns probably aren’t great from it.”

Galloway agreed.

“It goes back to sex appeal — too much capital going in,” he said. “When everyone’s trying to buy homes in a certain area, that usually means it’s probably getting overvalued and, like any other asset class, it can lose money.”

But even up against tricky market dynamics, Galloway is still a fan of investing in real estate. “The reason I like it is because it is a form of forced savings,” he told Bartlett. Galloway noted much of the savings for baby boomers is tied to the equity in their homes.

Crowdfunding

Galloway’s insights into establishing a passive income stream through real estate might seem old school.

“Find a nice home or a rental unit that you can rent out or upgrade — maybe you’re handy,” he said. “Do that every few years and take advantage of the tax deduction and then roll into something bigger.”

But it’s easier said than done. Not only do you have to worry about downpayment and monthly mortgage payments, but you also have to remember the headaches that come with renting out your investment property.

Crowdfunding platforms like Arrived can help you avoid this. Backed by prominent investors, including Jeff Bezos, Arrived lets you passively invest in residential properties and vacation rentals for as little as $100.

Your money can grow in two ways with Arrived. First, you can potentially receive monthly distributions based on the rental income earned by the property you invested in. Second, as the value of the home appreciates, you are eligible for capital gains payouts as well.

If you want to take it one step further, you can try investing in commercial properties. While commercial real estate has definitely taken a hit post-pandemic, necessity-backed properties like grocery chains and health care properties have held strong.

Accredited investors can start investing in commercial real estate through First National Realty Partners (FNRP). You can own a share of institutional quality grocery-anchored properties leased to brands like Walmart, CVS, and Whole Foods — without having to worry about the paperwork.

FNRP distributes any positive cash flows quarterly to its investors, meaning you can set up a passive income stream without having to stress about the hassles of direct property ownership.

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

Managing your monthly and annual bills is more important than ever in 2025. Subscriptions for popular services like Netflix, Disney Plus, and Spotify have seen steady price increases, while online gaming, gym memberships, and loyalty programs also demand a growing share of your budget.

These recurring costs add up quickly, especially during a time when inflation continues to squeeze Canadians’ wallets. Given that the consumer price index (CPI) rose by 4.8% in December 2024 compared to the previous year, it’s crucial to scrutinize your recurring expenses, cancel unused subscriptions, and renegotiate your bills to prevent overspending. Tackling these often-overlooked costs can help you regain control of your budget and ease the burden of inflation.

Here’s a guide to help you update your recurring expenses for 2025.

Subscription services: Hidden costs that add up

Subscription costs are a common source of financial leakage. To reduce cost creep, review your annual and monthly subscriptions regularly — at least, once per year. To help, here’s a list of common subscription services and a breakdown of their costs.

Streaming media subscriptions

Netflix:

• Standard with Ads: $5.99/month
• Standard: $16.49/month
• Premium: $20.99/month

Disney Plus:

• Standard with Ads: $7.99/month
• Standard: $11.99/month or $119.99/year
• Premium: $14.99/month or $149.99/year

Spotify:

• Individual: $12.69/month
• Student: $6.39/month
• Duo (two accounts): $17.89/month
• Family (up to six accounts): $20.99/month

Amazon Prime:

• $9.99/month or $99/year

Gaming subscriptions

For gamers, subscription fees are also increasing:

• PlayStation Plus: $11.99 to $21.99/month
• Xbox Game Pass: $11.99 to $16.99/month
• Nintendo Switch Online: $24.99 to $99.99/year

Digital news and apps

Staying informed and entertained also comes at a cost:

• Digital News: $26.99/month (e.g., The Globe and Mail)
• Peloton App: $16.99/month
• Headspace: $89.99/year
• Calm: $79.99/year

Cutting unnecessary apps or switching to free alternatives like Khan Academy Kids for children can save you hundreds annually, particularly if the apps are not used regularly. If you don’t want to cancel, switch from the monthly fee to the annual, if that’s an option. Monthly fees are made to look affordable, but the annual fee is often cheaper than paying month by month.

An average family spends hundreds of dollars annually on subscriptions. To curb costs:

• Cancel unused subscriptions
• Opt for annual billing to save on monthly fees

Pro Tip: Look for bundles that combine services (e.g., phone, internet, and streaming platforms). Use family or group plans to share costs with others.

Strategies for other major bills

Wireless and internet bills

Believe it or not, bluffing sometimes works when it comes to reducing your home internet subscription service costs.

Since many people won’t want to go through the hassle of switching their services to save money, bluffing is a great alternative. To bluff, simply call your current provider and threaten to leave unless offered a better deal.

Oddly enough, many service providers won’t even attempt to retain your business as they’ll assume you’re bluffing and you won’t make the switch. However, if you set a firm cancellation date, your service provider might take you seriously.

They likely won’t offer you anything on the spot, but you might get a call a week before your cancellation date to see if they can win back your business. If the offer made is good, take it. If not, you could just cancel your cancellation date with no interruption to your service.

Pro Tip: Providers like TekSavvy or Koodo can offer competitive pricing. Call your provider to negotiate lower rates or switch to alternative providers to save up to 20%.

Don’t be afraid to switch banks

Bank fees are another thing that needs close monitoring as they can add up. Generally speaking, the major banks will charge $10 to $30 a month for chequing accounts. Although this fee can be reduced if you maintain a minimum balance or have multiple products, not everyone can meet those requirements.

Read More: Here’s a step-by-step guide on how to switch banks

Switching to a credit union can be advantageous because you’ll get the same services as a traditional bank, but your monthly fees will be around $5 to $15. Alternatively, you could switch to an online bank where you’ll pay no monthly fees at all. While digital banks may not have brick-and-mortar locations, they typically offer higher interest rates.

For many people, switching their banking information is a pain since they’ll likely need to change their direct deposit and automatic bill payment information. However, many banks give you a financial incentive, such as cash, an increased interest rate, or even gifts such as tablets to make the change. Some of these offers can make it worth it to make the switch.

Pro Tip: Switching to online banks or credit unions can save $5 to $30 per month. Look for sign-up bonuses and higher interest rates.

Check your insurance policies

Instead of automatically renewing your insurance policies every year, you’ll want to shop around to see if any better offers are available.

Online insurance brokers, such as YouSet, allow you to quickly compare dozens of home and auto insurance providers to help you determine which provider has the lowest price. Alternatively, you could enlist the services of an insurance broker to shop around for you.

Insurance providers are constantly adjusting their underwriting policies. So, even though you may have the cheapest rate from a provider one year, they may no longer have the best prices when it’s time for you to renew.

You’ll also want to double-check the policy details to ensure that you’re not paying for anything you don’t need.

As an example, when I first purchased liability insurance, I accepted all the terms that came with the policy without much thought. When it came time to renew, I read the details and realized I didn’t need commercial general liability insurance. By removing this policy, it saved me $300 a year.

Pro Tip: Use comparison tools like rates.ca to find cheaper home or auto insurance. Adjust your policy to remove unnecessary coverages.

Proactive management saves money

Accepting your regular payments without shopping around is never a good idea. Instead, get into a routine of checking your bills annually so you can renegotiate or cancel services as needed.

Monthly charges don’t seem like a lot, but when you add everything up, you may be shocked at how much you’re paying.

Regularly reviewing your bills, consolidating subscriptions, and negotiating with service providers can significantly cut costs. It’s time to take control of your financial future in 2025.

— with files from Romana King

This article Start the year off right by saving money: It’s time to renegotiate your bills in 2025 originally appeared on Money.ca

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.

Suze Orman’s not known to sugarcoat her advice — And her response to a listener’s question on a recent episode of her Women & Money podcast was no exception.

Jane, who called into the show, shared her plan to sell her IRA investments while the market was high, only to then buy back in once prices eventually drop. Orman’s reaction? “The worst idea I’ve ever heard.”

She warned against the pitfalls of trying to time the market, emphasizing that there’s a chance the market may never drop. Plus, in trying to predict if and when that happens, Jane could miss out on huge gains in the meantime.

However, Orman didn’t leave Jane hanging. She gave listeners some alternatives that could help buffer against market volatility — here are a few key takeaways that could apply to you.

What is dollar cost averaging?

Her first tip was that Jane should apply ‘dollar cost averaging’ (DCA) to her existing investments. In a nutshell, Jane should continue to invest a fixed amount at regular intervals. This strategy would allow her to buy investments at various price points, ultimately lowering her average cost over time.

Research supports this strategy: a 2023 Vanguard report found that while lump sum investing (or, investing in one big chunk) outperforms DCA 68% of the time, DCA outperforms holding cash 69% of the time. By sticking with DCA, Jane can avoid the pitfalls of exiting the market and missing potential growth.

If you like the DCA approach, you’ll be glad to know that with Acorns, you’re automatically using DCA every time you spend.

It’s simple: when you make a purchase on your credit or debit card, Acorns will automatically round up the price to the nearest dollar and place the excess in a smart investment portfolio for you. This way, even the most essential spending translates to money saved for the future.

You can also customize how you save and invest with Acorns plan tiers.

For example, with the Acorns Gold plan, you get access to Acorns Later, which is a retirement account designed to boost your savings for your sunset years. What’s more, you get a 3% IRA match on new contributions through Acorns Gold. You can also opt for the Acorns Silver plan, which provides a 1% IRA match on new contributions.

Plus, you can get a $20 bonus investment just for signing up.

Diversifying your IRA with alternative assets

While Orman didn’t say much more to Jane about how to approach her IRA, she has always been outspoken on the importance of portfolio diversification to mitigate investment risk.

If you want more personalized advice about your retirement, hiring a professional can help give you peace of mind that your retirement plans are on track.

The key? Find a reputable financial advisor you can trust.

WiserAdvisor connects you with vetted, FINRA/SEC registered financial advisors to help you understand your financial situation and plan accordingly for your retirement.

All you have to do is answer a few simple questions about your finances and goals, and WiserAdvisor will connect you with an advisor best suited to help you. After finding your match, you can set up a free no-obligation consultation to see if they’re the right fit.

Diversifying with precious metals

When the stock market is unstable, due to anything from geopolitical tensions or economic uncertainties, investors tend to flock to gold. Gold shattered record highs several times this year, with prices growing by more than 30% so far, in its best annual growth year since 1979.

You can invest in gold for your retirement with a gold IRA with the help of American Hartford Gold (AHG). This retirement account can help you stabilize your finances by allowing you to invest directly in physical precious metals rather than stocks and bonds.

By opening a gold IRA with the help of AHG, you’re building a more robust, diversified portfolio. You’re looking out for your future self while cushioning your retirement by diversifying your investments and stabilizing your finances at the same time.

You are eligible to get up to $15,000 in free silver and an investor guide when you sign with American Hartford Gold.

Diversifying with real estate

Both commercial and residential properties can offer consistent returns while acting as a hedge against inflation.

CBRE, the world’s biggest commercial real estate firm, is showing commercial real estate market recovery since the pandemic. For the first time in eight quarters, its global property sales revenue increased — with the US boasting a 20% growth rate. These could be promising signs for the market’s growth in the coming year.

Real estate for essential businesses, like grocery stores and health care facilities, is still popular because it has proven resilient to the broader e-commerce and remote work transition. Plus, you can invest with FNRP through your IRA.

One way to gain exposure to this asset is through First National Realty Partners (FNRP) provides accredited investors access to institutional-quality commercial real estate leased by major essential-needs retailers like Walmart and Whole Foods.

FNRP offers white-glove service and experts to investors, so you can engage with experts, explore available deals and easily make an allocation, all in one personalized secure portal.

Beyond commercial real estate, being a fractional investor in rental homes and vacation properties can also provide a solid stream of retirement income. With mortgage rates set to decline next year, demand may continue to rise across American housing markets.

You don’t need to secure a mortgage to take advantage of a market boom, though. Arrived is backed by world-class investors including Jeff Bezos, and its platform allows you to get your foot into the real estate market without any of the red tape and responsibilities of homeownership.

Arrived allows you to browse through their curated selection of homes, each vetted for their appreciation and income potential. Once you find a property you like, simply choose the number of shares you want to buy and start investing with as little as $100.

Diversifying with art

To further mitigate her risk, Jane could consider alternative assets that behave differently from traditional stock markets. One option is fine art, which has shown strong performance in recent years.

The problem is, buying art the traditional way can be complicated and costly. On a Women & Money episode in May, Orman cautioned, “you better know what you’re doing because chances are it might not be as great an investment as you think after all the costs.”

However, recent data shows it’s a potent diversifier with low correlation, and certain segments have even outpaced traditional investments. Take blue-chip contemporary art, which has outpaced the S&P 500 by 64% (1995-2023).

Platforms like Masterworks can simplify the process of art investing, allowing everyday investors to buy fractional shares of blue-chip artworks from iconic artists like Picasso, Basquiat, and Banksy. This makes it easier to diversify your portfolio without the complexity and cost of managing art investments on your own. Plus, Masterworks lets you invest your IRA earnings through its partnership with Alto IRA.

Masterworks even has a secondary market, too, where investors can buy and trade shares in blue-chip paintings. Through their 23 exits so far, investors have realized annualized net returns like 17.6%, 17.8%, and 21.5% (among assets held for longer than one year).

You can get VIP access and skip the waitlist here.

• See Important Disclosures at masterworks.com/cd.

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

According to legendary investor Warren Buffett, there’s a very simple strategy with the potential to outperform even the most complex (and elite) hedge fund strategies — and it doesn’t cost an investor any extra time or money to use it.

Over the years, Buffett has repeatedly emphasized that any investor with little or no knowledge of the equity market can still grow a profitable portfolio using a passive investment strategy.

At one point Buffett — known as the Oracle of Omaha — was so confident in the use of index funds that he confidently wagered $1 million against a basket of hand-picked hedge fund equities chosen by Ted Seides from Protégé Partners. It was 2007 and Buffett chose the Vanguard 500 Index Fund Admiral Shares (VFIAX), a popular index fund among US investors. For the next 10 years, the earnings of the VFIAX and the basket of equities was closely monitored.

The outcome? Buffett triumphed — decisively.

Buffett shared the final scorecard of the bet in his 2017 shareholder letter. The index fund he selected delivered a total gain of 125.8% during the decade, while the five funds-of-funds as chosen by Seides delivered a total gain of 21.7%, 42.3%, 87.7%, 2.8% and 27.0%, respectively, during the same period.

What can investors learn from Warren Buffet’s $1 million wager?

What can investors and those saving for retirement take from Buffett’s wager? That it’s 100% achievable to build a winning investment portfolio as long as you focus on diversification and keeping fees low. Here are two strategies to put these simple investing techniques into practice.

Keep fees low

Fees should not be overlooked as this cost can eat into your returns. In an op-ed for Bloomberg titled “Why I Lost My Bet With Warren Buffett,” Seides agreed with Buffett on the subject of hedge funds’ management fees.

“He is correct that hedge-fund fees are high, and his reasoning is convincing. Fees matter in investing, no doubt about it,” he wrote.

Rather than focus on high-priced hedge funds or expensive mutual funds, investors can use an online brokerage account and select from dozens of low-cost exchange-traded funds (ETFs).

For instance, the Vanguard S&P 500 ETF (TSX:VOO), which follows the S&P 500, has a low expense ratio of 0.03%, which means for every $1,000 invested, you only pay $3 in fees. Similarly, the SPDR S&P 500 ETF Trust (TSX:SPY) tracks the same index and carries an expense ratio of 0.0945%.

Focus on diversification, not cherry-picking a winning stock

Passively managed funds, such as index funds, do not actively trade their basket of equities to try and beat the market. Instead, passive funds allow investors to hold a basket of funds — offering diversification — while allowing investors to capitalize on gains, when the market goes up (or suffer losses, if the market goes down).

These funds are good for investors for three reasons:

• Over time, the stock market consistently rises over time.
• It’s difficult (or nearly impossible) to predict which stocks will outperform and beat the market.
• Fees erode investor returns, so it’s best to keep them as low as possible.

Index funds to invest in as a Canadian investor

Online brokerage accounts offer access to an incredible selection of low-fee ETFs with low-fees and excellent track records. For instance, consider:

• Vanguard Canadian Short-Term Corp Bond IDX ETF (TSX:VSC)
• Vanguard Canada Inc S&P 500 Index EFT (TSX:VFV)
• Vanguard S&P 500 ETF (VOO)
• Vanguard FTSE All Cap Index ETF (TSX:VCN)
• iShares Core S&P 500 ETF (TSX:IVV)
• SPDR S&P 500 ETF Trust (TSX:SPY)
• Vanguard Total Stock Market ETF (TSX:VTI)

Where to buy index funds

To buy cost-effective ETFs, you’ll need an online brokerage account. Good options include:

• [CIBC Investor’s Edge]: Get 100 free trades when you open a CIBC Investor’s Edge account using promo code EDGE2425. Plus, get $200 or more cash back. Qualifying steps apply.
• Questrade: Move your existing accounts to Questrade, and get a rebate on the transfer fees charged for the switch.

Bottom line

To find out more about the best ETFs to buy in 2024, check out the Money.ca guide on Canadian ETFs. For investors who don’t want to go it alone, consider using a robo-advisor. To learn how robo-advisors work, read the Money.ca guide on the best Canadian robo-advisors.

As for earnings from that legendary $1 million bet? Buffett gave all proceeds to the Omaha, Nebraska-based charity, Girls Inc. Turns out that the biggest winner of Buffett’s bet were the girls.

Sources

1. Bloomberg: Why I lost my bet with Warren Buffett (May 3, 2017)

—with files from Romana King

This article Here’s why Warren Buffett favours simple investing techniques — and isn’t a fan of hedge funds and portfolio managers that promise outsized market gains originally appeared on Money.ca

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

The last few years have brought unexpected financial turbulence. Rising interest rates, fluctuating home prices, and persistent inflation have tested the resilience of households across the country. As we enter 2025, many Canadians seek ways to regain control of their finances and adapt to the evolving economic landscape.

The good news? Canadians can learn from the financial lessons of recent years to better prepare for what’s ahead.

Household debt to disposable income shows a slight improvement

According to Statistics Canada the household credit market debt to disposable income ratio improved slightly in 2024. As of the third quarter, Canadians owed $1.73 for every dollar of disposable income, down from $1.83 in 2022. This decline indicates progress, but debt levels remain high, reflecting the financial strain on many households.

To illustrate the change, consider a household with $50,000 in disposable income. In 2022, that family would have carried $91,500 in debt. Today, their debt would be closer to $86,500 — a step in the right direction but still a significant burden.

Bank of Canada rate ease: Interest rate cuts offer some relief to borrowers

For those with mortgages or variable-rate debt, 2024 brought some relief. The Bank of Canada lowered its overnight rate to 3.25% on December 11, 2024, down from 4.25% a year earlier. This change translates to reduced borrowing costs for many Canadians.

For example, a homeowner with a $300,000 variable-rate mortgage saw their monthly payments decrease by approximately $200, thanks to this rate cut. While this is welcome news, interest rates remain elevated compared to the pre-pandemic years, requiring continued prudence.

Household debt service ratio shows gradual progress

Another sign of financial improvement is the household debt service ratio, which fell to 14.72% in the third quarter of 2024, compared to 14.97% in 2022. This metric measures the proportion of disposable income required to cover debt payments.

Although the decline is modest, it reflects incremental progress in Canadians’ ability to manage their debts. For instance, a household with $50,000 in disposable income would now allocate $7,360 annually to debt payments, down from $7,485 two years ago.

Housing affordability remains an ongoing challenge

Despite falling interest rates, housing affordability remains elusive for many. Rising borrowing costs over the past few years have outpaced declines in home prices. For prospective buyers, this means that owning a home is still a significant financial commitment.

If you’re planning to buy, avoid trying to “time the market.” Instead, focus on finding a home that fits your budget and long-term goals. Remember, a home should be a place to live, not merely an investment vehicle.

Practical tips for managing grocery costs amid inflation

Grocery prices have been a persistent pain point, with inflation pushing up the cost of essentials. While the price of a head of lettuce reaching $9 may have been an extreme case, food costs remain high. To combat rising expenses, consider strategies such as meal planning, buying in bulk, and reducing meat consumption.

For example, switching from canned beans to dried ones can cut costs while offering the same nutritional benefits. Price matching and loyalty programs can also help stretch your grocery budget. Other suggestions include:

• Buy in bulk whenever you can to reduce your overall costs
• Meal plan for the week based on what’s on sale
• Switch to less expensive protein options, such as beans
• Purchase dried beans instead of canned
• Reduce your meat intake
• Price match if your grocery store allows it
• Join the store loyalty program so you can earn points that can be redeemed for free groceries later.

Building financial confidence for the year ahead

If all of these financial headlines have left you shaken, you’re not alone. According to the fifth annual edition of the IG Wealth Management Financial Confidence Index the “financial confidence” of Canadians dropped by 11% in 2023, compared to 2022 and over the last few years it only got worse.

If you’re feeling uncertain, consulting a financial advisor could help you set clear priorities and develop a plan tailored to your situation. Remember, improving your financial outlook begins with small, deliberate steps — whether it’s building an emergency fund, paying down debt, or investing for the future.

Bottom line

Even though many Canadians are still confident about their individual situations, there’s no denying that what’s happened in the last year has had some impact on their budgets. Looking back at what’s happened can help, but don’t let it leave you in a shock. It’s always best to plan for the future. How you do that will depend entirely on your personal situation.

The financial landscape in Canada has shifted significantly in recent years. While challenges remain, there are clear signs of progress, such as declining debt ratios and interest rates. By reflecting on the lessons of the past and planning strategically, Canadians can take control of their finances and face 2025 with greater confidence.

— with files from Romana King

Sources

1. Statistics Canada: Household credit market debt to household disposable income, seasonally adjusted (2024)

2. Statistics Canada: Household sector credit market summary table, seasonally adjusted estimates (Dec 12, 2024)

3. Statistics Canada: HNational balance sheet and financial flow accounts, third quarter 2024 (Dec 12, 2024)

4. IG Wealth Management: Financial Confidence Index (2023)

This article A new year won’t solve all of your financial problems: Tips for a better 2025 originally appeared on Money.ca

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

Imagine waking up and realizing that in your pocket you hold the key to a massive windfall — a winning lottery ticket. This is exactly what happened when Reddit user, OpulentWords, and her partner realized that they’d won more than USD$20 million. As U/OpulentWords explained it: “It was a life-changing amount of money.”

Rather than blow their windfall lottery winnings on big cars and fancy trips, the couple chose to be responsible. They invested money in cash-positive rental properties, set up a high-interest savings account — for living expenses — and set up accounts that would preserve the principal sum for future generations.

But that wasn’t it. In a show of generosity, the couple generously gave USD$2 million to the sister and mother (of one spouse) and set aside USD$1 million for friends.

Despite this generosity, the lucky couple was critiicizsed, particularly by their sister and mother. Their family’s argument was that they weren’t generous enough and that they should’ve been less stingy, particularly when it came to paying for a family beach house.

What’s worse is that extended family began to overwhelm the couple with financial requests and, as a result, put massive strain on the overall family dynamic.

“My sister and mom think we’re being selfish for not giving them more money," explained U/OpulentWords. "My family is neither poor or rich [sic] and for the most part, [they] have good to great jobs. My sister is a VP in her deparment for a well known tech company. My mom has a retirement savings beyond the money I’ve given her." U/OpulentWords continued by saying that money is set aside so she and her partner can provide for a future family, but currently, she wants to stop feeling like a bank machine for her family.

"I don’t want to keep feeling like I’m the family’s ATM machine," explained U/OpulentWords, "I’ve heard them say I am stingy and this is extremely hurtful."

Tactics to help you handle an inheritance or financial windfall

The question, of course, is whether or not a person should disclose a major inheritance or financial windfall, like a lottery win. And people had opinions.

In general, Reddit posters had four key takeaways:

• Generosity doesn’t obligate continued giving — boundaries are essential.
• Transparency laws around lottery winners can exacerbate personal challenges.
• Financial planning and diversification are critical for safeguarding winnings.
• Building boundaries and maintaining relationships require effort and emotional resilience.

While your win may be public, your wealthy lifestyle doesn’t need to be

While the win may require you to complete some publicity requirements — such as taking a picture with a large cheque — that doesn’t mean you need to be public with how you plan to use your windfall.

According to Experian, a US-based consumer credit reporting company, stealth wealth is “the practice of keeping your accumulated assets private.”

There are several ways to achieve stealth wealth:

• Avoid conversations with friends and family about income, assets or debt as this may reveal too much about your windfall gain
• Avoid lifestyle creep — like suddenly upgrading your old Toyota Camry to a fully kitted-out Dodge Challenger — because, again, this is a dead giveaway that you may have access to a lot of cash

By practising stealth wealth, you’ll have an easier time of untangling your finances from personal relationships. This makes it easier to dodge awkward situations, like friends and family hitting you up for a loan or “to invest in their startup.”

There are no obligations

While stealth wealth and tying your money up in trusts and investments are all good ways to keep money seekers at bay, it could be quite mentally draining to hide your good fortune from those closest to you.

Several Reddit users alluded to this when replying to the original post. One said it is “perfectly ok to say no” to people asking you for cash favours and that you shouldn’t have to live a lie in order to avoid awkward discussions about your windfall gain.

“People need to be ok with being genuine and honest to the people around them,” explained Reddit users. “By saying no because they want that money invested in other means provides a more accurate example of building and maintaining wealth to others than lying about it.”

Another person wrote: “I never understand this problem. What’s the issue with saying no and cutting contact with those who don’t take no for an answer and don’t respect your boundaries? If having too much (or too little) money would ruin my relationship with someone, I’d consider that a bullet dodged, since they never cared about me in the first place.”

If you’re lucky enough to land a windfall gain and you’re not sure how to structure your finances, consider talking to a professional who can help you come up with a plan and a strategy for how to breach that topic with your friends and family.

Avoid spending if debt is still an issue

While an unexpected inheritance or windfall gain can prompt a desire to go on a shopping spree, you need to heed the advice of others about focusing on your current and future financial health.

For instance, rather than setting up an investment fund, consider paying off all debt, first, and building an emergency fund. Then turn your attention to creating a secure future, such as establishing a safe and secure place to live and developing a retirement fund.

Bottom line

By following these strategies, anyone with an unexpected inheritance or windfall gain can secure their financial future, achieve their goals, and enjoy their windfall responsibly — and, hopefully, maintain their relationships with family and friends.

Sources

1. Reddit: R/OffMyChest

2. Experian: What is Stealth Wealth?

— with files from Romana King

This article Lucky lottery winner generously gave family millions — but it wasn’t enough! Now, they’re sick and tired of being used as the family ATM machine originally appeared on Money.ca

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.

Being able to retire comfortably is a top concern for many older Americans. A recent AARP survey found that 61% of Americans aged 50+ are worried that they will not have enough savings when they retire.

Social Security, a cornerstone of American retirement ideals, was a central election issue for voters in the recent election, when Donald Trump proclaimed, “Seniors should not pay taxes on Social Security” on Truth Social.

That promise could become reality once Trump takes over the White House in January.

However, those taxes currently help fund the program’s revenue and are crucial for retiree payouts. Removing them would create a significant shortfall, potentially affecting the program’s long-term sustainability. The U.S. Committee for a Responsible Federal Budget (CRFB) estimates Trump’s plans would lead to a 33% cut in benefits by 2035.

Whatever happens during the second Trump administration, Americans will be looking to strengthen their retirement savings to ensure they can comfortably bounce back if the country’s retiree safety net starts to unravel.

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.

WiserAdvisor has a free online service that helps you find a financial advisor who can co-create a plan to reach your financial goals. Just answer a few questions, and the extensive online database will match you a few vetted advisors based on your answers.

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

Strategies 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.

One way to invest in precious metals that also provides significant tax advantages is with a gold IRA with help of American Hartford Gold. This retirement account can help stabilize your finances by allowing you to invest directly in physical precious metals, rather than stocks and bonds.

One of the country’s most trusted precious metals companies – with an A+ rating from the Better Business Bureau – American Hartford Gold has helped thousands of clients protect their retirement.

Right now when you sign up with American Hartford Gold, you’re eligible to get up to $15,000 in complimentary silver and a free investor guide.

A rock solid retirement plan may also include multiple types of IRAs, based on the best fit at different points in your career.

While traditional IRAs provide tax-deductible contributions, Roth IRAs offer tax-free withdrawals in retirement, helping to manage taxes strategically.

There are a lot of options out there when it comes to IRA investing, so consulting a financial advisor specializing in retirement planning and accounts can help you open a new account or make the most of your current Roth IRA account.

Thankfully, RothIRA.org can help you can find a vetted financial advisor best suited to guide you.

The process is simple: just provide some basic information about yourself, and RothIRA.org will match you with two to three FINRA/SEC registered financial advisors near you. You can then set up a free initial consultation with your preferred advisor to further assess if it’s the right fit for you — with no obligation to hire.

Tap into real estate

Real estate can also serve as a strong addition to your retirement portfolio.

However, high home prices, mortgage rates as well as a lack of new inventory can make buying property less appealing to many buyers and investors right now. But thankfully there are ways to invest in real estate without the hurdles of purchasing and managing property yourself.

Data from the CEIC reports that the U.S. residential real estate market boasts an average growth rate of 5.5%.

And you don’t need to be an accredited investor to add income-producing real estate to your portfolio, thanks to the rise of real estate crowdfunding platforms.

These platforms allow you to invest in shares of properties, like residential and vacation rentals, without ever even setting foot in the city or taking on property maintenance, taxes or other housing costs.

Arrived is one of these accessible platforms, backed by world-class investors including Jeff Bezos, where everyday investors can invest in shares of rental homes and vacation properties, allowing you to get your foot into the real estate market without taking on any of the expensive responsibilities of a landlord.

Arrived allows you to browse their curated selection of homes, each 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 and start investing with as little as $100.

As an investor, your opportunities aren’t limited to residential real estate.

Commercial real estate is a highly diverse market. It has plenty of challenges, and lots of opportunities, too.

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.

Accessing private market investments

It could be worth considering private market investments for your retirement strategy, too. That’s largely because the private market behaves differently from the stock market — which typically means you can have a less volatile portfolio.

There are many different asset classes to choose from. If you want to easily diversify your portfolio, Fundrise can help you do that.

Fundrise gives you access to an expansive portfolio of private investment opportunities spanning real estate, private debt and venture capital.

With over two million investors and managing over $7 billion in real estate assets alone, Fundrise is an accessible way to diversify your portfolio with the potential of yielding dividends every quarter.

Al you have to do is share a few details about your personal and financial background, along with your investment preferences, and Fundrise will build you a portfolio that is aligned with your goals.

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.

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