Aging & Planning

In The Retirement Risk Zone?

What clients should do ten years, five years and one year before retirement

Senior IRA analyst Edmund Moy, a collaborator with the U.S. Money Reserve,  considers the timeline of retirement planning as a way of anticipating the efficacy of investment portfolios. Read more from the U.S. Money Reserve’s recent article: What To Do Ten Years, Five Years And One Year Before Retirement

AUSTIN, Texas, July 7, 2022 /PRNewswire/ — For Americans nearing retirement, economic turbulence is worrying if they see their accounts drop, while those whose retirement is still decades away may assume there’s still plenty of time to readjust.

Edmund C. Moy (38th Director of the U.S. Mint and Senior IRA Strategist for U.S. Money Reserve) introduces a special report, “The Precious Metals IRA: Protection in the Risk Zone,” and explains how adding a precious metals IRA to your portfolio can help you diversify and protect your wealth in the form of physical precious metals even as you near retirement.

Weight Portfolio Risks

About 42 percent of Americans don’t actively review their portfolios to ensure that their holdings are diversified, reports a CNBC and Morning Consult survey.

Moy says, “Each time the calendar flips from one year to the next, you’re one step closer to retirement. If you’re several years or even decades away from retiring, you might not have given much thought to what your financial life will look like once you’re out of the workforce. But whether you’re one year, five years, or ten years from that point, you can still take steps to help make your retirement more comfortable.”

U.S Money Reserve offers essential tips for what you can do to get in better financial shape whether you’re ten years, five years, or one year away from finally letting go of work-related stress and relaxing on the beach.

Excerpts From What To Do Ten Years, Five Years And One Year Before Retirement

If you’re ten years away from retirement, here are some steps you can take to make your golden years more comfortable.

  • Plot your retirement goals
    Do you want to buy a second home? Would you like to downsize to a smaller living space? Do you dream of retiring overseas? Now is the time to map out what you want your ideal retirement to look like.
  • Review your savings
    At this point, you should have seven times your annual salary set aside for retirement, experts recommend.
  • Look for ways to save money
    If you’re nervous about having enough money for retirement, see whether you can boost contributions to your retirement plans, like your 401(k) or IRA. You might even consider taking on a part-time job or side gig to bring in more income.
  • Work on paying off your mortgage
    Starting to decrease the amount you owe on your mortgage can put you on the road toward paying it off and freeing up money for retirement expenses. Consider applying your tax refunds to the principal of your mortgage or adjusting the mortgage payments so that you make bigger payments throughout the year.
  • Check your Social Security statement
    This annual statement shows how much you’ve paid in Social Security and Medicare taxes during your career. It indicates how much your Social Security benefits should be when you reach full retirement age. Going over this statement can give you an idea of how much Social Security will contribute to your retirement income.
  • Remember that Social Security might not be enough to live on. The program was designed to supplement, not replace, your income during retirement.
  • Figure out whether you should move
    If you feel like you’re seriously behind on your retirement savings, you might determine whether it makes sense to move to a lower-cost locale so you can reduce your living expenses and put aside more money for retirement. Some of the best states to retire in financially include Alaska, Florida, Illinois, Mississippi, and Nevada.
whether you're one year, five years, or ten years from that point, you can still take steps to help make your retirement more comfortable...

 

 

EDMUND C. MOY Senior IRA Strategist
Edmund C. Moy collaborates with U.S. Money Reserve as Senior IRA Strategist. A recipient of the Alexander Hamilton Medal for public service, awarded to him by then–Treasury Secretary Henry M. Paulson, Jr., Moy served as the 38th Director of the United States Mint (2006–2011). Among many accomplishments during his tenure was one of the largest increases in the volume of precious metals output in Mint history, as Americans turned to safe-haven assets in the wake of the Great Recession. Prior to his time at the U.S. Mint, Moy served in both the George H. W. Bush and George W. Bush administrations, joining the latter in the White House as Special Assistant to the President for Presidential Personnel. A published author in the realm of precious metals, Moy offers decades of strategist experience and market knowledge.