What about your golden years? Unless you’re planning to work up to the day of your final breath, then you’ll need a pension to support yourself. Unless you want to be a poor old chap who will just have barely enough money not to starve, then you’ll need to also think of alternatives to supplement your pension. And you should start implementing those alternatives well in advance!
Let’s face it, with the current state of social security you should not expect to retire on a decent pension; you should start planning ahead and looking into some alternatives. Here are some ideas to get you started!
Buy Property As Investment
If you have enough available investment money in the present, buying properties is likely the most attractive and reliable option available to right now to plan ahead for a better tomorrow. Provided you know your way around the estate market, you can easily find a property whose value be unlikely to decline over the years. Having an extra house that you can rent means you can start recovering your investment right now… and possibly start turning a profit before you actually retire. Even if for some reason the mathematics don’t work in your favour as a landlord, you will at least have a valuable asset that you can sell and capitalize on after you retire.
Private Investment Pensions
For those who want to start planning their retirement from a young age and who don’t have available funds to make huge investments at once, looking for a suitable private pension might be a leading alternative.
You will find many plans available to you that will allow you to add significant padding to your pension simply by putting aside a little money every month. Since there is a good diversity of private investment pension products available on the market, you should be able to find something that bridges the gap between your current income levels and your plans for a perfect retirement.
Buy Low Risk Stocks and Shares
The idea of investing in stocks may sound like a bit of a gamble, and when it comes to your retirement there’s a good chance you’re not interested in taking risks. In any case, you should keep in mind that doing regular investments in the stock market looking to turn a regular profit is a much more volatile position than making a one-time long-term purchase of stock from an extremely reliable company. There are also a wealth of robo advisors out there to choose from; don’t limit yourself!
Consider this: were you to buy stocks from a giant such as Google or Apple, what would you say the odds are that would prove a bad investment, twenty or thirty years down the road? It is relatively reasonable to assume such stocks would amount to a better investment than buying gold (which is another viable investment option you may consider, by the way).
If you are pondering the idea of buying stocks and shares as a potential retirement plan, remember you can drastically mitigate risks by buying shares of firms too big to fail and essentially forgetting about your shares until the day you retire.