From Birch Gold Group
When you’ve worked all your life to save for retirement, the idea is you get to enjoy that retirement stress-free.
But that idea could soon get tossed out the window.
But now, thanks to the pandemic and ensuing lockdowns, it appears that even affluent retirement savers may be taking a hit. A recent survey of Americans with at least $100,000 in assets reveals that, thanks to COVID-19, a staggering 70% are pessimistic about their retirement outlook:
Additionally, the survey found, “An estimated 3.2 million people have now decided to retire later than originally planned, represented by the one in five pre-retirees (20%) in the Alliance study who indicated they had made this decision.”
If people with the financial resources to do pretty much anything they want in retirement are developing a “sour” outlook and changing their plans, that isn’t good.
And that doesn’t bode well for those who haven’t saved enough to make their retirement dreams last.
So with all of this pessimism floating around, there is one question any sensible affluent retirement saver would ask…
What Can Be Done to Ensure a “Low-Stress” Retirement?
An article from Record and Landmark offers three ideas that can help to make sure you are in a good position to retire safely:
- Save enough. While there isn’t a magic number, the article highlights “as a general rule, it’s wise to end your career with about 10 times your ending salary” in your portfolio. Shouldn’t be too much of a problem for affluent savers.
- Make sure to take your age into consideration. Here the article shares a note about preparedness in relation to age: “If your assets are allocated appropriately, you should feel better about sticking to your original retirement plans.”
- Have a backup plan. The article also notes you shouldn’t solely rely on any one source of retirement income, and that includes Social Security. Examining other assets and income streams (e.g. “renting out your home”) is essential.
But even with these ideas in mind, an affluent retirement saver can (and should) keep all of their options open to minimize any future uncertainty and reduce pessimism.
And whatever you decide to do, keep the “top tip” in mind
Diversification of assets into different classes and risk levels is always a good idea to consider for a low-stress retirement.
That way, if bad things happen, they can’t hit as hard as they would if you “had all your eggs in one basket.”
Precious metals like gold and silver continue to hold value and have for thousands of years. And because they are physical assets, if things really go south, you can take delivery of them, too. As the old saying goes, “Whoever has the gold makes the rules.”