Anna Moneymaker\/Getty Images <\/p>\n
Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below.<\/p>\n
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.<\/p>\n<\/p>\n
Social Security, a cornerstone of American retirement ideals, was a central election issue for voters in the recent election, when Donald Trump proclaimed, \u201cSeniors should not pay taxes on Social Security\u201d on Truth Social.<\/p>\n
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<\/a> would lead to a 33% cut in benefits by 2035.<\/p>\n 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.<\/p>\n A recent analysis from the CRFB estimated that if Trump\u2019s proposal was implemented, Social Security\u2019s funds would run out by 2031.<\/p>\n 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\u2019ll want to look for other ways to secure your financial future.<\/p>\n But where to start?<\/p>\n With Advisor.com<\/a>, you can find the best financial advisor for your needs \u2014 both in terms of what they can offer your finances, and what they\u2019ll charge to work for you.<\/p>\n Advisor.com is a free service<\/a> that helps you find a financial advisor who can co-create a plan to reach your financial goals. By matching you with a curated list of the best options for you from their database of thousands, you get a pre-screened financial advisor you can trust.<\/p>\n You can then set up a free, no obligation consultation<\/a> to see if they\u2019re the right fit for you.<\/p>\n Consistent contributions are a cornerstone of effective retirement planning. By steadily investing, you\u2019re able to benefit from the power of compound returns, too.<\/p>\n Story Continues <\/p>\n You also may want to invest in steady asset classes, which can be more resilient during economic downturns.<\/p>\n By diversifying with both asset classes and account types, you can build a tax-efficient portfolio that accommodates both your current and future needs.<\/p>\n 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.<\/p>\n The reason is straightforward: these precious metals can\u2019t be printed in unlimited quantities by central banks like fiat money. And because their value isn\u2019t tied to any one currency or economy, these metals could provide protection during periods of economic uncertainty.<\/p>\n Opening a gold IRA with the help of Goldco<\/a> allows you to invest in gold and other precious metals in physical forms while also providing the significant tax advantages of an IRA.<\/p>\n With a minimum purchase of $10,000, Goldco offers free shipping and access to a library of retirement resources. Plus, the company will match up to 10% of qualified purchases in free silver<\/a>.<\/p>\n If you\u2019re curious whether this is the right investment to diversify your portfolio, you can download your free gold and silver information guide today<\/a>.<\/p>\n Read more: Warren Buffett says you can\u2019t buy time \u2014 but landlords are finding a way. Here\u2019s how savvy real estate investors are avoiding 12 hours a month in tedious admin (for free)<\/a><\/strong><\/p>\n Commercial real estate can also serve as a strong addition to your retirement portfolio.<\/p>\n While the office sector has taken a big hit post-pandemic, a recent report from Cushman & Wakefield commented that \u201cfor the first time in years, the retail market is at a point of being supply-constrained \u2014 at least for space in quality shopping centers.” Heightened demand plus insufficient supply could drive increased rents, and strong returns for those invested.<\/p>\n For those interested in further diversification through commercial properties, First National Realty Partners (FNRP)<\/a> provides accredited investors with access to institutional-grade commercial real estate investments.<\/p>\n The FNRP team has developed relationships with shopping centers across the U.S., as well as the nation\u2019s 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.<\/p>\n 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<\/a>.<\/p>\n Last, but definitely not least, it\u2019s essential to have an emergency fund in retirement. Those burdensome surprises are a reason Harris\u2019s website states she plans to cut taxes for 100 million working and middle class Americans, and Trump proclaimed he\u2019ll \u201cmake American lives affordable again\u201d at a North Carolina rally in August 2024.<\/p>\n When money is tight, it\u2019s extra important to have funds set aside for unexpected expenses like a trip to the hospital or a bout of car trouble.<\/p>\n