Everyone tells you how to be prepared for that final day on the job.
But no one says anything about how to keep making money after you finally retire!
You don’t want to spend your golden years with a part-time job. You just worked the majority of your life to not have to anymore.
Don’t worry. I have 5 simple investments to keep you in the green once your years turn to gold.
You may never feel ready to retire, but the truth of the matter is that day will come regardless.
There are countless resources on the web, in the news, and through word of mouth to answer your pre-retirement questions in the torrential way they come.
But what can you expect once you finish out your last day?
Depending on your age, you will have already received or will about to be receiving required minimum distributions (RMDs) from your retirement investment accounts.
After you’ve paid your bills, no one tells you what to do with your investments now.
Not to worry. There are a handful of investment strategies suited to post-retirement contributions.
I’ve compiled 5 of the best ones for you here, so listen up. They’re the keys to keeping the ball rolling once your paychecks have stopped.
While bonds don’t boast high returns, they are a relatively safe place to store your money for long-term accumulation.
Patience is key with these ones, so you’re in for the long haul if you want to see the bond to its maturity.
Or, if you’re more on the immediate side of things, collect interest payments as you see fit and sell the bond.
Both are viable opportunities for turning a profit with relatively low risk.
Speaking of risk, you may think I’m crazy to recommend stocks as a safe way to build wealth.
They can be, if you invest in them correctly.
Don’t follow the whim and fantasy of talking heads on financial channels.
Be conservative with your investments but invest all the same.
Stocks should only make up a percentage of your total investment portfolio, but the potential for high returns even on more docile stocks is worth the effort.
3. Certificates of Deposit
Also known as CDs, these accounts are similar to a usual checking or savings account.
Usually run through a bank, you can deposit funds into a CD for a predetermined amount of time.
Then sit back and relax as those funds accrue interest.
Because interest is most profitable on large sums over long periods of time, don’t tie up so much money that you can’t function without it.
CDs carry high withdrawal fees outside of the stipulated transactions, so keep that in mind when choosing your amount.
4. Rental Properties
Real estate is the famous money-maker in the financial world, so it’s no surprise that rental properties would be on the list.
I will give a disclaimer: if you do not want to be a landlord, hire a property manager.Once you’ve established yourself with a property and a tenant, if that’s as far as you wish to go, find stable and reliable help to do the rest for you.
It will take a sliver from your profits, but if you’ve invested correctly, the amount of time you save will make up for the setback.
Don’t dismiss cash so quickly.
It’s still important to have liquid funds available to cover necessities and emergencies.
One way to make sure this money is still working for you is to deposit in a money market account (MMA).
Similar to a savings account, an MMA pays back interest rates based on the market.
That way you can still make money without lifting a finger.
As you can see, there are plenty of options to keep the money coming once conventional methods have come to a stop.
With these lucrative investment strategies in your back pocket, you can keep living the good life long after you clock out for the last time.