5 Things You Need to Know Before Retiring with $500,000

INVESTING - SAVING FOR RETIREMENT
Last updated Feb. 14, 2024 | By FinanceBuzz Editors
$1,000 in Checking Account

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If you have $500,000+, an unstable economy can feel like a threat to your financial security and retirement. But it doesn’t have to be. With this guide, you’ll learn straightforward moves to help you survive and thrive in an uncertain market, so you can protect your wealth and achieve your financial goals.

Take this quiz to get matched with a financial advisor to help you thrive in a recession

If your investments and retirement accounts are more than $500,000, compare up to 3 fiduciary financial advisors who serve your area and hire the pro who fits your unique needs.

A study by legendary investment firm Vanguard found that, on average, a $500,000 investment over 25 years would grow to $1.7 million if you manage it yourself, but more than $3.4 million if you enlist professional help.

Here’s how to find a financial advisor in the next five minutes:

1. Take this 5-minute retirement quiz from SmartAsset. (Yes, there are a fair amount of questions but they are all easy.)
2. Make sure you enter your zip code towards the end so you get matched with up to three financial advisors1 who serve your area.
3. Once you’ve got your matches, get a free consultation with each!

Take this retirement quiz

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Unlock up to $1,070 value over the next year with this incredible card

There's a credit card that's making waves with its amazing bonus and benefits. The Discover it® Cash Back(Rates and fees) card has no annual fee, and Discover will match all the cash back you’ve earned at the end of your first year. This generous welcome offer and the top-notch cash back rewards provides an estimated $1,070 value in the first year!

The excellent $1,070 first-year value is estimated through the FinanceBuzz Credit Card Rewards Valuation Model based on spending, the welcome bonus, and the annual fee. The actual value will be determined by how much and in which categories you spend, but this card makes racking up valuable rewards easy! Earn 5% cash back at different places each quarter up to the quarterly maximum when you activate, including gas stations, grocery stores, and restaurants. Plus, you'll earn 1% cash back on all other purchases automatically. The welcome offer combined with the up to 5% cash back reward rate could be worth up to 10% cash back!

This card also offers an intro APR of 0% for 15 months on purchases and balance transfers, then APR 17.24% - 28.24% Variable. To top it all off, the Discover it® Cash Back is accepted by 99% of merchants, and there's no annual fee.

Click here to apply now for the Discover it® Cash Back.

Get $50 off and 1 month free with this home warranty

True: You do NOT have to buy a new home in order to get a powerful home warranty. Here’s why …

Choice Home Warranty allows nearly any eligible homeowner to purchase a warranty through them and start protecting their home systems and appliances right away. Home warranties can protect things like your AC, electrical system, dishwasher, fridge, and more when using insurance isn’t an option.

This could easily save you $1,000s of dollars every year … for not much money at all. If you’ve ever had some sort of issue pop up at home, getting this warranty is almost a no-brainer. (It’s crazy how many people aren’t taking advantage of this.)

Choice Home Warranty has serviced over 1 million homes, and operates 24/7/365 — if something covered breaks down, just go online or call to get the process started.2 Even better … for a limited time, get $50 off and 1 month free when you sign up through FinanceBuzz.

Get $50 off and 1 month free here

Pay no interest until 2025

Imagine getting an introductory 15 months with 0% interest on a big purchase or balance transfer (APR then 17.24% - 28.24% Variable). Sounds great — right? You could dramatically change your financial picture with one of the industry-leading no-interest cards — the Discover it® Cash Back(Rates and fees).

Cardholders get a generous intro APR of 0% for 15 months on purchases — that means you can cover bills, large purchases, or whatever you need to charge and not pay interest until 2025! 

If you want to kick high-interest credit card debt to the curb, this is one of the leading get-out-of-debt cards available. Transfer your high interest debt to this card with a 0% intro APR for 15 months on balance transfers. Your payments can go directly to paying down your balance without incurring a pile of additional charges. That could save you hundreds of dollars in interest!

The best part? The Discover it® Cash Back card is accepted by 99% of merchants, boasts an exceptional cash back rewards rate, and there's no annual fee.

Click here to Apply Now

Grow your money faster with a 5.26% APY with this online savings account

You’ve been with the same bank for years, and how do they reward your loyalty? With a laughably small interest rate on your savings.

And you’re not alone. The national average interest rate for savings accounts is just 0.47% (as of Feb. 8, 2024) APY (annual percentage yield)3, according to the FDIC. But there’s a way you could grow your wealth faster, and it doesn’t involve the volatility of the stock market.

Open a CloudBank 24/7 Savings Account and you can earn an impressive 5.26% APY4 on your account balance. That means you can sit back and watch your savings multiply without the stress of market fluctuations.

There are no fees, and you can withdraw your money whenever you need it. Plus, FDIC insurance through Third Coast Bank SSB and top-notch cybersecurity measures will help protect your data and keep your funds safe and secure.

Open an account in just a few minutes so you can start harnessing the power of this high-yield savings account right away.

Click here to open a CloudBank 24/7 online savings account

If your investments and retirement accounts are more than $500,000, hire a pro and compare up to 3 fiduciary financial advisors who serve your area based on your unique needs. Click your state to see if you're maximizing your retirement income.
— Select a state below —

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FinanceBuzz is not an investment advisor. This content is for informational purposes only, you should not construe any such information as legal, tax, investment, financial, or other advice.

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