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What’s the secret to a wealthy retirement? It’s more than saving or investing earlier — though those help. The real game-changer, the move that separates the financially comfortable from the truly rich retirees, doesn’t involve a single trade or real estate deal.
It all starts with a plan.
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“The biggest piece of advice for retirees is to create a financial plan before retiring,” Patrick Marcinko, a certified financial planner, told Nasdaq. “A good financial plan should provide peace of mind that you are on track for a successful retirement, financially.”
Getting retirement right goes way past hoping for the best. It’s mapped out, and now we have evidence those plans can help retirees thrive while others are just getting by.
How a financial plan drives your retirement
Many retirees wonder if they’re saving enough or putting their money in the right places. A plan answers those questions with precision, showing you how to optimize your 401(k), IRA, or Health Savings Account (HSA) to take full advantage of tax benefits. It also ensures you’re not leaving money on the table when it comes to employer matches or overlooked savings opportunities.
Next, it addresses your lifestyle. No two retirements are the same: Whether you envision traveling the world, downsizing to simplify your expenses or picking up part-time work, a financial plan aligns your income with your personal goals.
It also prepares you for rising costs in critical areas like health care, which Fidelity estimates will cost the average 65-year-old retiring in 2024 around $165,000 over their lifetime. With medical expenses rivaling inflation — WTW’s Global Medical Trends Survey anticipates a 10.2% increase in U.S. medical costs in 2025 — planning ahead can mean the difference between staying afloat and struggling to cover basic needs.
To make a rock-solid financial plan, you need an advisor you can trust. Finding a match is easy with Advisor.com — a platform that can connect you with a vetted professional best suited to your income level and portfolio.
Just answer a few quick questions about yourself and your finances, then the online platform connects you with a vetted financial advisor in minutes. You can schedule an initial consultation for free and with no obligation to hire.
Diversify your portfolio
Risk management is another essential piece of the puzzle. A recent outlook from Morgan Stanley found that a diversified investment strategy is more likely to offer better risk-adjusted returns compared to familiar approaches like passive exposure to the S&P 500 Index. A financial advisor can also help you manage the right asset mix for your portfolio based on your risk profile, investing time horizon and financial goals.
Diversification acts as a hedge against market downturns, economic uncertainty, future inflation spikes and even your own longevity.
If you’re feeling shaky about the current state of the stock market, you can spread your risk by investing in commodities.
Opening a gold IRA with the help of Thor Metals allows investors to hold physical gold or gold-related assets within a retirement account.
You get the tax advantages of an IRA as well as 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, request a free information guide. It includes details on how to get up to $20,000 in free metals with qualifying purchases.
Read more: Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don’t have to deal with tenants or fix freezers. Here’s how
Real estate investing
Another investment that has a reputation for potential growth is real estate. It used to be cumbersome, costly and very admin-heavy, but no longer.
Crowdfunding platforms like Arrived are making it easy to enter the real estate market for as little as $100.
Their platform allows you to invest in shares of rental homes and vacation rentals without taking on the responsibilities of property management or homeownership.
Simply 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 today.
If you’re an accredited investor, you might consider investing in commercial real estate.
For years, direct access to this $22.5 trillion 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 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.
Fine art investing
In times of economic uncertainty, alternative investments can be an appealing way to hedge your investments. One of the most attractive options is investing in fine art.
Instead of buying a single painting for millions of dollars, you can now invest in fractional shares of blue-chip art — by renowned artists including Pablo Picasso, Basquiat and Banksy — through Masterworks.
Masterworks takes care of all the heavy lifting in art investment — from buying the paintings, to storing them, to selling them opportunistically for you — with no art experience required.
All you have to do is select how many shares you want to buy and Masterworks will take care of the rest. As soon as Masterworks sells a piece you invested in, you get a return from the net proceeds. While every artwork performs differently, from their 23 exits so far, Masterworks investors have realized representative annualized net returns like +17.6%, +17.8%, and +21.5%, among assets held for longer than one year.
What to read next
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
