Looking ahead to the future, you may see a bright one with plenty of savings for your golden years, or you may find that you have a lot of work to do in order to save up sufficiently for the day you retire. Investing in your future doesn’t have to involve a complicated plan; it just has to work. Here are some solid ways to make money so you can sock it away for retirement.
- Develop a Side Business
While your regular salary may be enough to pay the bills and make ends meet each month, perhaps it doesn’t give you enough to save up for retirement. A side business, one that utilizes your talents and hobbies, can be a lucrative way to pull in additional income. From consulting to writing, there are many ways to get online and start selling your services. For $100 initial investment in a website and a low monthly fee, you can design and develop a site that will showcase your talents. Or, use a platform like Etsy to sell your homemade wares and make a profit. With low overhead and start-up costs, you can cultivate your side business slowly but surely, and even sell it off later if it does well. Put the profits directly into your retirement fund.
- Invest in Stocks and Bonds
This may sound easier said than done, but if you have a stock broker you can trust, this task can be made easier. Do your own research though, to determine which stocks and bonds would be best for your future. The amount you invest and which avenues you take to get there will largely depend on your comfort level; however, there are many financial investments that will ensure your money will work FOR you rather than the other way around. Be smart about your investment strategy and always keep the info of an investment fraud securities lawyer handy.
- Regular Savings
Like everyone else, you pay monthly bills to keep your car on the road and a roof over your head. From phone bills to utilities, these regular bills are just a part of life. Why wouldn’t you approach your savings contributions in the same way? Treat your savings deposits like any other regular bill, ideally through direct deposit so you’re not tempted to spend it elsewhere. When you look at your savings as a recurring expense, you get a guaranteed nest egg later.
- Tax-Deferred Account
Shelter your money and gain the benefits of interest rates without having to pay taxes on the amount when you add to pre-set amounts in a tax-deferred retirement account. This is unlike other types of accounts where you can leave yourself open to tax consequences and penalties. Don’t be tempted to cash out your retirement account before the age of 59 ½, or you’ll be penalized with a 10-percent early-distribution charge, not to mention the hit you’ll take on annual taxes. Max your employer-sponsored 401(k) plan contributions and open a Roth or traditional IRA.
Staying on top of your investment plans can help you avoid becoming the victim of fraud. Call Thomas Law Group today to learn how we help investors recover from loss.