3 Ways to Recession Proof Your Retirement
Stay the course. Don’t overreact. Think long-term.
Following this advice during times of economic uncertainty can do wonders for your retirement plan. But don’t mistake it as an invitation to sit back and do nothing!
There are moves you can make now while things are volatile that can pay off significantly down the road.
Let’s look at a few:
Have A Financial Pro Look Over Your Plan
You know those genius billionaires? They have financial advisors.
It's almost always a good idea to go over your long-term financial plan with an expert from time to time and you might be surprised by how much you can benefit from just one meeting.
Even if you previously developed a plan with the help of a professional, you may find that your plan needs adjusting, especially in an environment where economic factors are changing.
Choosing a financial advisor is easier than you may think. WiserAdvisor is a website that matches you to the best financial advisor for your situation. There's no cost to use WiserAdvisor, and you aren't obligated to hire an advisor.
Protect Your Portfolio With Precious Metals
Pandemic, supply chain, bear market. We've seen in recent years that market-changing events are not in short supply.
Is your money safe from any of these?
The answer may be "no" If you haven't hedged your bets against the stock market and world economy.
Precious metals often outperform other investments in a volatile market, and their value tends to rise with inflation, making them an effective hedge during uncertain economic times.
Goldco is a great place to begin if you're interested in investing in precious metals. Opening a gold or silver IRA is easy and funds can be rolled over from existing retirement accounts. Or you can buy gold and silver directly from Goldco's extensive collection.
Worried you may need to sell your precious metals in the future? Goldco offers a buy back program and will purchase your assets back from you at the highest price.
Generate Passive Income and Receive Regular Payments
One of the most common ways to generate passive income is to own rental property, but it usually requires a large upfront investment. Enter Arrived. Innovative and distinctive, Arrived is a unique investing opportunity that gives individuals access not to the stock market, but to the rental home market -- a whole other, booming ballgame.
For an initial investment of as little as $100, you can participate in Arrived's unique platform and purchase shares of pre-vetted rental properties, enabling you to become a bonafide real estate investor. All the work is done for you so that you can just sit back, relax and collect passive income. You'll also benefit from property appreciation as the value of the home appreciates over time.
You’ve likely been saving for retirement for a long time and now is not the time to alter that big-picture thinking. Keep up the safe and steady progress while also exploring ways to make the most of your savings.
Some of the best strategies along these lines are hedging your investments with something like gold or silver and building your passive income without taking on too much risk. Whether you take part in those strategies or not, an experienced financial advisor will be able to assess your situation and define the best path forward.
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