Following the advice of staying the course, not overreacting, and thinking long-term during economic uncertainty can do wonders for your retirement plan. But don’t misinterpret it as an invitation to sit back and not do anything. While things are still uncertain, there are steps you can take that will pay off big down the road.
Have A Professional Look Over Your Plan
It’s always a good idea to go over your long-term financial plan with an expert, and you might be surprised by how much you can benefit from a single meeting.
Even if you’ve previously developed a plan with the help of a professional, you may discover that your plan needs adjusting, especially when economic factors are constantly changing.
WiserAdvisor makes choosing a financial advisor easy; the website matches you to the best financial advisor. Using WiserAdvisor is free, and you’re not obligated to hire an advisor.
Protect Your Portfolio With Precious Metals
As we’ve seen in recent years, there has been no shortage of market-changing events, such as the pandemic, supply chains, and bear markets.
If your money isn’t safe from these, you haven’t taken precautions against the global economy and stock market.
Precious metals often outshine other investments in a volatile market, and their worth often increases with inflation, making them a good investment in times of economic uncertainty.
Generate Passive Income
The most common way to generate passive income is by owning rental property, which usually requires a considerable investment upfront. Enter Arrived, a unique investing opportunity that gives individuals access to the rental home market.
Joining Arrived’s platform for an initial investment as low as $100 enables you to become a real estate investor and acquire shares in pre-vetted rental properties. You’ll even benefit from property appreciation as the home’s value appreciates over time.
The Bottom Line
You’ve likely been saving a long time for retirement, and now is not the time to change up that big-picture thinking. It’s best to maintain steady progress while exploring ways to maximize your savings.
Some of the best strategies are hedging your investments with gold or silver and building your passive income without taking too much risk. A professional financial advisor can assess your situation and define the best path forward, whether or not you participate in those strategies.