SOCIAL SECURITY IS RUNNING OUT Do You Have a Retirement Backup Plan?
In this scenario, Vanguard recommends keeping most of your savings in stocks, bonds, and mutual funds, and pulling out a “cash reserve” every two years or so. You can move that money into a low- risk money market fund or checking account to pay your daily expenses while the larger amount earns returns. Option 2: Purchase an annuity. Pensions used to be a reliable alternative to Social Security, but most companies don’t offer them these days. An alternative that will provide you monthly payments for life is an immediate annuity. You can buy an annuity through your insurance company for a lump sum, and they’ll pay that money back to you over time. This is a good option if you’re worried about going through your retirement savings too fast, or if you come into a large sum of money (e.g., selling your business) and want to ensure it goes to your retirement.
As we write this, Social Security is projected to run out by 2033 — leaving retirees in the lurch without payments. This isn’t the first time Social Security’s balance has been an urgent issue, but COVID-19 relief hit the fund hard. Of course, it’s still possible that the government will find a way to top up Social Security in time. They’ve done it before! But you can’t count on them to secure your retirement. To make sure you can have the lifestyle you want, consider these three alternatives. Option 1: Rely on a cash reserve. Most people go into retirement with some savings in the form of an IRA or 401(k). These are usually supplementary to Social Security, but they don’t have to be! If you have enough income and/or a savvy investment strategy, you may be able to survive on the fund alone.
Option 3: Leverage real estate. If you’re in the financial position to purchase an income property and rent it out, those monthly rent payments can support you in retirement just like Social Security would. If not, you can still leverage your real estate by taking out a reverse mortgage on your own home, which will convert your equity into monthly payments.
Note: For retirement advice tailored specifically for you, consult a financial advisor.
Root Vegetable Buddha Bowls Inspired by SheLikesFood.com
Root vegetables are the cream of the crop during winter, and this recipe makes the most out of them by pairing them with other protein-packed ingredients. To level it up, add grilled chicken or fish!
Ingredients •
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4 handfuls baby kale 2 small avocados, sliced
8 cups root vegetables of your choice, chopped
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2 tsp olive oil
Balsamic glaze
1/2 tsp salt
Optional: Garnishes of your choice (lemon juice, fresh herbs, etc.)
1/4 tsp black pepper 2 cups quinoa, cooked
1/2 cup hummus
Directions 1. Preheat oven to 400 F. 2. On a large sheet pan, toss root vegetables in olive oil, salt, and pepper. Spread them evenly and roast until fork tender, about 40 minutes, stirring and flipping halfway through. 3. In a serving bowl, layer 1/2 cup warm quinoa with 2 cups root vegetables, 2 tbsp hummus, 1 handful of baby kale, and 1/2 an avocado. Repeat for the 3 remaining bowls, drizzle with balsamic glaze and any other desired toppings, then serve and enjoy! (If you don’t want individual bowls, you can mix everything together into a salad!)
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