Putting money into an account for the future isn’t everyone’s cup of tea. Many people want to have a more active role in their retirement savings, whether that means investing in stocks, starting their own business or buying a couple of properties, there are alternatives to the traditional tax-free account.
By the time they decide to retire, most of the generation of baby boomers will have bought a property. When they sell, most will have gotten some money thanks to the rise in equity over the years. However, if you want to be proactive about making as much as you can on your home, find out what Dorval and its condos can offer you. Investment opportunities like this, which combine great location and luxurious furnishings while still being at an approachable price due to its novelty, don’t come around often. Being the first in on such real estate opportunities means that you benefit most from the rise in equity. A bonus is that since the condo units are perfect for downsizing baby boomers, you can either rent them to others who have sold their homes and use the money to pay off your mortgage, or comfortably live there yourself!
Start or Invest in a Business
Businesses can be risky as many fail. But some also take off to become amazing money makers, something that you can definitely benefit from as you reach your retirement age. No one says you can’t continue owning a business while hiring a team to manage and deliver on your day-to-day operations. If you have extra cash but not that much time, you can also invest in someone else’s dream, whether it’s a new concept restaurant, a tech company, or a revolutionary product that will solve a problem.
Play the Market
Trading isn’t for everyone, and most might cringe thinking about potentially losing their retirement savings on the stock market. However, if you are already knowledgeable on the topic and keep a relatively conservative portfolio, this could be a more successful way to grow your money than have it sit in an account somewhere or having your bank play around with it. Full disclaimer: if you don’t know much about investing in stocks, then this is probably not the time to learn. In that case it’s probably smarter to just stick to the regular retirement savings plans and life insurance.
Consider Planning for a Cheaper Retirement
Why are you so intent on saving for your retirement in the first place? Are you worried that your lifestyle won’t be sustainable after you throw in the towel? Forget about saving and just change your lifestyle. Buy a home or rent in a cheaper place, whether it’s a more rural community or even somewhere abroad. You can also downsize within your own city or town, choosing a simpler life which costs less in utilities, taxes, and even groceries. Though considered counterculture in a society where everyone wants to move “up and out”, it can bring you some peace of mind and unclutter your life.
Though IRAs and 401 Ks are still considered the safest and more sure options for those looking to financially plan for their retirement, there are other alternatives out there for the risk seekers. From investing in real estate in steady markets to investing in stocks, the level of risk is yours to decide. For some who starts thinking about retirement early in their careers, perhaps there’s a time that each of these plays a role in their plan to make a comfortable lifestyle for themselves. Or of course, just change their perception of what “comfortable” and desirable is at that point in their lives.