24-year-old Business Insider reporter Noah Sheidlower shares wisdom from 200 retirees on saving for retirement. Starting early is key, even with small amounts. Consider platforms like Acorns to invest spare change effortlessly. Prioritize diversified investments like gold and consider alternative assets like fine art with Masterworks for a well-rounded portfolio. Investors in Masterworks have seen representative annualized net returns ranging from +17.6% to +21.5% from 23 exits. A cautionary tale highlights the importance of having a robust emergency fund and solid life insurance policy, especially in the face of unexpected health challenges. Consider optimizing health and long-term care insurance as well.
Retirees often regret not increasing contributions to their 401(k) earlier and overspending in retirement due to underestimating future living expenses. Lowering fixed costs like car and home insurance is crucial. Platforms like OfficialCarInsurance.com and OfficialHomeInsurance.com can help you find affordable rates.
Many retirees face regrets around either overspending or being too cautious with their savings in retirement. Books like Die With Zero and financial advisors can help you navigate spending decisions effectively. Advisor.com can match you with a vetted financial advisor to find the right retirement balance.
Join 200,000+ readers to get the best of Moneywise sent to your inbox every week for free. This article serves as information and not advice, provided without warranty. 1. The CDC announced that fully vaccinated individuals can now go without masks in most indoor and outdoor settings. This decision comes as a result of declining COVID-19 cases and increased vaccination rates across the United States.
2. The stock market saw a significant drop today, with the Dow Jones Industrial Average falling over 500 points. This decline is attributed to concerns over inflation and potential interest rate hikes by the Federal Reserve.
3. NASA’s Perseverance rover successfully converted carbon dioxide from the Martian atmosphere into oxygen for the first time. This groundbreaking achievement paves the way for future manned missions to Mars by providing a sustainable oxygen source for astronauts.
4. The European Union has reached a landmark agreement to cut greenhouse gas emissions by at least 55% by 2030. This ambitious target is part of the EU’s commitment to combat climate change and transition to a more sustainable economy.
5. Tesla CEO Elon Musk announced that the company will no longer accept Bitcoin as payment for its electric vehicles. Musk cited environmental concerns over the energy-intensive mining process of Bitcoin as the reason for this decision. 1. The stock market saw a significant increase today, with the Dow Jones Industrial Average rising by 300 points. This surge was driven by positive earnings reports from major tech companies like Apple and Amazon.
2. In international news, tensions are rising between the United States and China as the US government moves to ban TikTok and WeChat. This move could have significant implications for both countries’ tech industries and diplomatic relations.
3. Health officials are warning of a potential second wave of COVID-19 infections as cases continue to rise in several states. Experts are urging the public to remain vigilant and continue practicing social distancing to prevent further spread of the virus.
Read more at Yahoo Finance: A Gen Z writer talked to 200 American retirees to find their 6 biggest money regrets. Are you making the same mistakes?