Warren Buffett said 90% of his wife's inheritance will go into this one investment, and it's not Berkshire Hathaway

Read More: Approaching retirement with no savings? Don’t panic, you're not alone. Here are 6 easy ways you can catch up (and fast)

The last 10%?

Remember, Buffett didn’t advise going all-in on the S&P 500. He also recommended allocating 10% of the cash to short-term government bonds.

Investing in short-term government bonds can be appealing for those seeking lower-risk investments or a stable, relatively predictable source of income. Furthermore, these bonds are more liquid than long-term bonds, making it easier for investors to access their funds without significant penalties or loss in value.

The optimal allocation hinges on one's personal financial situation and the current stage of their investment journey.

If you want to capitalize on this consistency, you could work with SoFi to invest in ETFs or index funds that tap into the bond market. You can also pick out individual stocks yourself if you feel more confident in making market moves.

The platform is designed to help you learn investing as you go, with real-time investing news, curated content and the data you need to make smart decisions about the stocks that matter most to you. SoFi can even help create a personal watch list based on your interests.

This DIY approach allows you to invest with no commission fees in the stocks, index funds or ETFs you believe in. Plus, for a limited time, you can get up to $1,000 in stock when you fund a new account.

Always have a plan

Ultimately, everyone’s financial situation is unique, characterized by different obligations, goals and risk tolerance.

While the dream of growing our savings alongside the S&P 500 is common, many Americans also face other financial responsibilities such as mortgages and student loans.

Ensuring you have enough money to meet current financial obligations and invest for the future can be a difficult task to tackle on your own.

If you want to ensure you’re maximizing your money, it could pay to speak to a qualified financial advisor.

Research from Vanguard shows that working with a financial advisor can add about 3% to net returns over time. That difference can become substantial. For example, if you started with a $50,000 portfolio, professional guidance could mean more than $1.3 million in additional growth over 30 years, depending on market conditions and your investment strategy.

Finding the right advisor is simple with Advisor.com. Their platform connects you with licensed financial professionals in your area who can provide personalized guidance.

A professional advisor can also help you determine how many years you have left to invest before retirement and assess your comfort level with market fluctuations—two key factors in building the right asset mix for your portfolio.

Through Advisor.com, you can schedule a free, no-obligation consultation to discuss your retirement goals and long-term financial plan.