To retire comfortably, the average American thinks they’ll need $1.26 million, but many are behind that goal. Suze Orman advises not relying solely on 401(k) or IRA investments due to market volatility. She suggests having 3-5 years of living expenses in a low-risk account to avoid losses and ensure financial stability.
Orman recommends building an emergency fund separate from market investments to cover living expenses without selling at a loss. She predicts a strong U.S. market in 2026, advising to keep investments at home for maximum opportunity. Starting with a high-yield savings account can help grow your emergency fund with better interest rates and FDIC protection.
Having a cash cushion for emergencies and unexpected opportunities is crucial for financial stability. Advisors suggest saving 3-6 months’ worth of expenses in easily accessible funds. High-yield savings accounts offer better returns than traditional savings accounts and are FDIC-insured, providing security and liquidity for your money. Summary: Wealthfront Cash Account insures balances up to $8 million through the FDIC. Managing debt before retirement is crucial. Two common methods are the avalanche, focusing on high-interest debts first, and the snowball, starting with smaller debts. Diversifying investments beyond stocks and bonds can mitigate market fluctuations.
Summary: Delaying retirement by a year or two can significantly impact savings. Northwestern Mutual suggests Americans aim for $1.26M in retirement funds. Starting young and saving consistently is key. Automatic investment services like Acorns help build a nest egg effortlessly through round-ups and recurring deposits.
Summary: Working with Priority Gold can help diversify investments with precious metals. Priority Gold offers free insured shipping and storage for up to five years. They also facilitate free rollovers from an IRA into a gold IRA. Acorns offers a $20 sign-up bonus for those looking to start saving consistently for the future. 1. Taylor Swift’s re-recorded version of her hit song “Love Story” has topped the iTunes chart, following the announcement of her upcoming re-recorded album “Fearless (Taylor’s Version)”.
2. The COVID-19 vaccine developed by Johnson & Johnson has been found to be 66% effective in preventing moderate to severe cases of the virus, with an 85% efficacy rate in preventing severe illness.
3. The United States has surpassed 500,000 deaths from COVID-19, with over 28 million confirmed cases since the start of the pandemic.
4. The Biden administration has announced plans to distribute 25 million masks to community health centers and food banks as part of efforts to combat the spread of COVID-19.
5. NASA’s Perseverance rover successfully landed on Mars, beginning its mission to search for signs of ancient life on the red planet and collect samples for future return to Earth.
Read more at Yahoo Finance: Suze Orman says you need this much cash to retire, and it’s more than you’d expect