5 Things You Must Do When Planning For Retirement

Looking to retire comfortably? Take these steps now.

ADAM MCFADDEN | Updated November 18, 2022

5 Things You Must Do When Planning For Retirement

Looking to retire comfortably? Take these steps now.

ADAM MCFADDEN | Updated November 18, 2022

GOBankingRates maintains editorial independence. While we may receive compensation from actions taken after clicking on links within our content, no content has been supplied by any advertiser prior to publication.

It’s never too early, or too late, to start thinking about your retirement goals. No matter if you’re hoping to retire early or work until you can’t any longer, having a plan for how you can retire comfortably is essential.

Get started on these steps right now so you can reach your retirement goals.

1. Have A Professional Review Your Plan

If you’re fortunate enough to have plenty of retirement savings and investments, now is the time to futureproof your funds. But that takes time and skills that most don’t have, so the best option is to turn to a professional financial advisor. The hard part is finding the right one.

WiserAdvisor does all that work for you, matching you to the best financial advisor for your specific situation so you get in an expert in the areas you need.

There’s no cost to you and no obligation to hire the advisor, so there’s not much to lose.

Find the best expert for free.

2. Diversify To Mitigate Inflation

Many investors look to gold and silver to add stability to their portfolios. Precious metals have often historically performed well during volatile economic times, and their value tends to hold or rise with inflation, making them a popular hedge.

One way to add gold and silver to your retirement mix is by opening a gold IRA with a specialized gold IRA company. One that regularly receives top marks is Augusta Precious Metals. They make it easy to roll over funds from your traditional IRA, Roth IRA, 401(k) or 403(b) accounts into a gold IRA. You won’t pay any custodian or storage fees on your account for up to 10 years, and your gold and silver will be stored in a fortified depository facility. A minimum deposit of $50,000 is required to open an account.

A gold IRA allows you to make pre-tax contributions as with a traditional IRA, but it’s designed to hold physical assets such as gold and silver.

3. Become A Landlord

Rental real estate is popular as an additional, passive income for the long haul. Unlike investing in stocks, real estate is somewhat shielded from the constant ups and downs of the market and has offered a return of up to 6% over time, which makes it a smart way to diversify your portfolio.

Arrived is your gateway to the world of real estate investing that’s historically required lots of upfront capital. With a minimum investment of just $100, Arrived makes real estate investing truly accessible to everyone.

It’s simple to get started: Create an account, decide how much you want to invest and watch for property appreciation and quarterly rental income payments.

Investing in real estate is a great option for anyone looking to build long-term wealth that can stand up to risk and market volatility.

Click here to become a real estate investor for as little as $100.

4. Invest Creatively

Looking to smooth out the boom and bust cycles of stocks and bonds, the wealthy look to the best-kept secret in investing as a source of diversification: Wine. Recession-resistant and offering 10.6% average annual returns over the last 30 years, wine is a strong option, though traditionally you’ve had to be part of an exclusive club and have a great deal of knowledge to make it work.

Vinovest aims to change all that and make wine investing accessible to all types of investors. The Vinovest experts create globally diverse wine portfolios based on your investing preferences. You can step into the world of fine wine investing without the hassle of authenticating, storing or securing your wine.

See how easy it is to start a recession-resistant portfolio with wine investing today.

5. Generate Passive Income

Passive income plays a key role in many successful retirement strategies. Here’s one that’s about as effortless as it gets. You can rent out all types of extra space around your house – garage, shed, basement, driveway, closet and more – to people who need to store their stuff. And you can make hundreds of dollars a month doing it.

Neighbor is a website that lets you list your extra storage space for rent and connects you with potential renters. It’s free to post a listing, and you won’t need to write up a contract or collect payments – Neighbor handles all that stuff. However, you are in control of where you should be: You review renters’ requests so that you know exactly what they plan to store before you decide whether to approve the deal. Plus, you set the move-in date that’s convenient for you.

You’ll also be protected with up to $1 million in liability insurance, and Neighbor will cover the cost if a renter doesn’t pay.

Turn your empty space into passive income.

Do you have tips for retirement planning, or were you able to benefit from these services? Email us at Money@GOBankingRates.com and share your story. We may even choose to highlight it in a future article.

Nicole Spector and Greg Garrison contributed to the reporting for this article.