The old social narrative of falling in love, buying a house, raising a family and retiring are long gone. From increased lifespans to increased costs, the old ways are no longer feasible for many. How do you save for a retirement when you are looking at thirty or more years of life after retirement? How do you put money away when costs increase, and your wages are stagnant? The answer is not easy, and, indeed, there is no one right answer.

Americans already find it difficult to scrape together emergency savings, let alone a retirement fund, and yet you need to do both. Any unexpected cost, from a broken water tank to even a medical emergency can set you back, and if you don’t have the emergency savings to cover that emergency, you could be in debt faster than you know it.

Over 57 million Americans have no emergency savings. There are over twenty million Americans out there without any health insurance at all. Of those with savings, over 60% of those surveyed by GoBankingRates had less than $1000 in savings. To put that into perspective, it is suggested that you have $1000 in savings to cover emergency costs, and by the age of 50 to have five times your annual salary saved towards your retirement. You can’t rely on pensions either, as only 13% of Americans even have them.

Putting money into a savings account can exponentially increase your savings, yes, but relying on a fixed sum is dangerous. You could easily outlive your savings and then require to live off of social care just when your health is most vulnerable.

The best way to prepare for retirement is to have many strategies ongoing. Not only should you start saving for your retirement as soon as possible (as soon as you start working, in fact) but you should also work on finding solid investments and passive-income opportunities.

New Strategies to Save for Retirement

  1. Cut Out Debt as Early as Possible

Having a great credit score makes things easier, but it can also help you save for retirement. When you aren’t wasting money by paying back interest rates, you can instead put that money towards your future. That being said, you don’t want to wait until you are debt free to start saving for retirement. Instead, create a debt repayment plan that allows you to pay back your debts and save for your retirement every month, no matter how little it is when you first start.

2. The More Your Contribute Early On, The Better

The best way to save for retirement using a traditional savings plan is, of course, to save as much as you can as early as you can. Savings plan work by increasing your savings through interest, and the longer you have your savings, the more this money can increase. That is why when it comes to saving money, putting as much as you can away at the start can actually leave you with more money in your retirement fund than if you were to deposit large monthly sums after you are 40 years old.

New Ways to Invest

  1. Into the Property Market

The property market is notoriously known as the most stable market out there, which can make it an excellent investment for anyone. The only downside is, of course, the increasing cost and maintenance of these properties. Essentially, you will need to invest a large sum to purchase the property, after which you can either “flip??? and sell for a higher value or rent out. Renting your properties can give you a steady and significant passive income once you retire, but they require constant maintenance and managing in order to be successful.

2. Into Cryptocurrencies

Cryptocurrencies are all the rage right now, but it is also a race to see which cryptocurrency will come out on top. Bitcoin had a great run earlier this year when it hit a record high of $19,783.06 USD before plummeting. There are also a number of alternative (alt) coins to choose from. The future seems set on Cryptocurrencies, it just isn’t set on which one. That is why, when you are looking to invest into Cryptocurrencies, you should choose one that is tied to a physical object of value, like SilverToken, which is built on Ethereum’s blockchain technology. Unlike the Ethereum coin, however each silvertoken represents One Troy Ounce of pure silver. This currency won’t skyrocket like the others, yes, but it is also stable, meaning you can be rest assured your money (in silver) is safe.

Setting Up a Passive Income

Passive incomes are the way to go, and they are entirely possible due to the omnipresence of the Internet. You can make a passive income from being a landlord, yes, but unless you hire someone to both manage the property and the accounting associated with it, your properties will require time and effort. Truly passive incomes allow you to do the work ones, and continue to get paid for it each and every month.

For creatives, this is your time to shine. That’s because photographers, videographers, musicians, and writers, in particular, can make use of stock photography sites and publishing opportunities to upload their work. Whenever someone purchases the rights to use their work, they get paid. If you have enough content, you can get monthly checks of thousands of dollars. There is no expiration date, meaning you can continue to make money every month years after you retire. The only problem with this option, of course, is that it requires a lot of content (or an extremely popular product) to achieve.

The last thing you want is to outlive your retirement savings. You have no guarantee on what the economic climate will be once you retire, how expensive living costs will be, or medical costs. The more money you have saved, and the more you can make on a monthly basis through investments, the better. Have a multi-tiered strategy with the goal of your retirement in mind, and you’ll be more financially secure. You’ll be able to live out your golden years as you want to, not as you have to.

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