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Unlocking the Power of Interest: Top 5 Strategies to Grow Your Wealth in 2024’s Economic

by Eric Seyboldt

In today's unpredictable economic climate, safeguarding and growing your money is more crucial than ever. With lingering, fluctuating interest rates, and widespread financial uncertainty, discovering effective ways to earn interest on your savings can be vital to securing your financial future. Here are five top strategies to maximize interest on your savings amidst the current economic changes.

High-Yield Savings Accounts: Combining Security and Growth

In 2024, high-yield savings accounts are delivering some of the most favorable interest rates in recent years. Banks are vying for customers by offering yields that surpass the inflation rate. For instance, Amanda from Ohio, a 45-year-old nurse, was dissatisfied with the low returns from her traditional savings account. After switching to a high-yield account with a 4.5% interest rate, she is set to earn an extra $1,500 in interest this year alone, without risking her principal.

Certificates of Deposit (CDs): Ensuring Stability

Although CDs might seem old-fashioned, they have become more appealing in 2024 due to the Federal Reserve’s rate increases. A fixed-rate CD provides certainty in uncertain times. Robert, a 60-year-old retiree from Florida, invested his $100,000 savings in a 3-year CD at 5.2%. By securing that rate, he guarantees steady growth and peace of mind during his retirement.

Treasury Bonds: A Conservative Investor’s Safe Haven

For those looking for government-backed investments, U.S. Treasury bonds remain a reliable choice. Despite fluctuating yields, they are considered one of the safest ways to grow wealth. During periods of geopolitical tension and market volatility, long-term Treasuries offer a dependable method for earning interest.

Money Market Accounts: Achieving Liquidity with Competitive Rates

Money market accounts, combining features of both checking and savings accounts, provide higher interest rates while maintaining easy access to funds. With current rates around 4%, they are a great option for those needing flexibility without compromising on returns. This approach is especially popular among small business owners, balancing growth and liquidity.

Fixed Annuities: Guaranteeing Income and Securing the Future

For those seeking long-term financial security, fixed annuities can be transformative in 2024. A fixed annuity offers a guaranteed interest rate over a set period, ensuring a steady income regardless of market conditions. Unlike other investments that might lose value, a fixed annuity safeguards both your principal and accumulated interest. Carol, a 58-year-old teacher nearing retirement, invested part of her savings in a 5-year fixed annuity with a 5.5% interest rate. She now feels secure with a reliable income stream as she approaches retirement.

Act Now to Safeguard Your Financial Future

Time is critical. With economic conditions constantly changing, delaying action could mean missing out on important opportunities to grow your savings and secure your financial future. As interest rates vary and inflation erodes purchasing power, the strategies you adopt today will shape your tomorrow’s stability. Amanda, Robert, and Carol didn’t hesitate—they made informed, proactive choices that will benefit them for years to come.

Your financial stability relies on your ability to adapt to the evolving landscape. Don’t leave your future to chance. By selecting the right interest-earning options, you can safeguard your wealth, create a dependable income stream, and ensure peace of mind. In such times, complacency isn’t an option—take control now to secure the future you deserve.

Reach out to us for a complimentary, 10-minute consultation call. Let's explore together how we can help you protect your assets, ensuring your golden years are as fulfilling and worry-free as you’ve always imagined. Email Eric at [email protected] or give us a call today to schedule your consultation. Let's make your retirement dreams a reality!

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Why Retirees Must Reevaluate Their Income Streams in 2024

Client: Eric, I’ve been relying on my pension for most of my retirement income. It’s always felt secure, but with everything going on in the economy, I’m beginning to wonder: is my pension really safe in the long term?

Eric: It’s an unsettling question, but one that every retiree relying on a pension needs to face. Pensions, once seen as the bedrock of retirement security, are no longer the untouchable guarantees they once appeared to be. In 2024, with economic uncertainty swirling, that sense of security may be more illusion than reality.

Pension funds, particularly those managed by public or corporate entities, are under immense pressure. Years of underfunding, rising liabilities, and lower-than-expected returns have left many pension plans teetering on the edge. Inflation exacerbates the problem, as the cost of fulfilling long-term pension obligations skyrockets. This doesn’t mean your pension will disappear tomorrow, but the cracks are beginning to show—and retirees need to pay attention.

Pension plans are heavily invested in bonds and other low-yielding assets. As interest rates rise and inflation takes hold, these fixed-income returns may not keep pace with rising costs, leaving pension funds with a growing shortfall. In response, some companies and municipalities have already moved to freeze benefits or reduce future payouts. It’s a wake-up call for those who have depended solely on pensions for financial stability.

And let’s not forget the political landscape. Government-backed pensions are under constant scrutiny, with calls for reform and budget cuts threatening their long-term viability. While the notion of a guaranteed income for life is appealing, the truth is that nothing in today’s economy is guaranteed.

Client: If my pension isn’t as safe as I thought, what can I do to safeguard my retirement income?

Eric: The first step is diversification. Relying too heavily on a single source of income—like a pension—leaves you exposed to risks beyond your control. It’s crucial to develop a more balanced retirement income strategy. This could include a mix of Social Security, personal savings, investments in dividend-paying stocks, or income-generating real estate.

For those with limited retirement savings it may make sense to delay taking Social Security for as long as possible. By waiting until age 70, retirees can maximize their monthly benefit, providing a larger, inflation-adjusted income stream that can serve as a buffer against potential pension shortfalls. Additionally, creating a flexible withdrawal strategy from retirement accounts can help fill in the gaps during times when pension payments fall short of covering rising expenses.

It’s also worth considering creating passive income streams or consulting on a part-time basis if you have valuable skills. These additional income sources can provide extra cushioning, allowing retirees to navigate the economic uncertainty of the current landscape.

Pensions, long seen as a cornerstone of retirement, are no longer the indestructible lifelines they once were. Retirees need to open their eyes to the changing economic winds and prepare for a future where relying solely on a pension could lead to financial instability. The world has changed, and with it, so too must the strategies for securing a comfortable retirement. In 2024, the smart retiree is the one who embraces diversification and takes control before it’s too late.

Contact us for a free, brief 10-minute consultation. Together, we can discuss ways to safeguard your wealth and ensure your retirement years are as enjoyable and stress-free as you've envisioned. To arrange your consultation, send an email to Eric at [email protected] or call us today. We're here to help turn your retirement aspirations into reality.

Fixed annuities can be an essential component of a well-rounded retirement strategy, offering security, predictability, and efficiency in financial planning.

Here are current fixed annuity rates and their durations from Top A-rated carriers (subject to change at any time, not FDIC insured):

The First Fed Decrease of .50% Is Here! Don’t Wait To Lock These Fixed Annuity Rates In Today!

3-year: 4.85% (under $100k Deposited)

3-year: 5.15% (over $100k Deposited)

5-year: 5.20% (under $100k Deposited)

5-year: 5.60% (over $100k Deposited)

Please feel free to email Eric at [email protected] if you’d like to ask any questions or request information on these fixed annuities or other retirement topics that are on your mind.

REAL ASSETS, Invest Like the Ultra-Wealthy 

Have You Considered Adding ‘Real Assets’ like Gold or Bourbon to Your Investment Portfolio?

Given the current economic uncertainties, many savvy investors are turning to physical assets to safeguard their retirement funds. Tangible investments like gold and even bourbon barrels becoming increasingly popular. These real assets act as strong defense against the of excessive money printing inflation. They also offer great opportunities diversification during stable economic periods.

Historically, assets have regularly outperformed other investment types during downturns and market instability. They provide dependable against potential financial disruptions. Adding tangible assets to investment strategy can be both sensible and rewardingGiven today's economic volatility investing in physical assets might a smart way to maintain the robustness your financial plans. Would you like to learn these tangible investments could enhance your portfolio?

Allocating funds into the asset class known as “Real Assets” may be a strategy that you should consider.

Ask us how to Rollover a portion of Your IRA or 401k To A BOURBON IRA (www.bourbon.fund/how-it-works/) or a GOLD IRA (see link below) and:

• Safeguard your assets from the collapsing dollar

• Incorporate the ‘REAL ASSET’ class into your portfolio like the ultra-wealthy

• Hedge against the current high-inflation conditions

• Protect your retirement assets against economic crises

Just get in touch. We make it easier than ever.

Feedback or Questions?

You’re invited to get in touch with us if you’d like to find out how the Novus Financial Group can help you on your journey to a happy, fulfilling life in Retirement. 

We have a lot of great information, as well as podcasts from our radio show ‘The Financial Insider’, and tools on our website - www.novusfg.com.

[email protected] www.novusfg.com [email protected]

Office: 614-943-2265

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Investment advisory services are offered by duly registered individuals on behalf of CreativeOne Wealth, LLC a Registered Investment Adviser. CreativeOne Wealth, LLC and Novus Financial Group are unaffiliated entities.

The content we provide here isn’t financial advice and cannot be taken as such. Please speak to your financial advisor before making any investment decision. Also, note that every investment comes with its risks and drawbacks. Lastly, we would like to remind you that past results cannot guarantee future returns.

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