Want to know something scary? 35% of Americans don’t have any money saved up for retirement.
Do you know what that means? It means those millions of people will be working in their 60s and 70s, while those who were smart are relaxing at home, golfing, and playing with their grandchildren.
Which sounds better to you? If you want to ensure you get the opportunity to stop working someday, you need to take action now. Get started with a few different types of investment options and start putting in as much as possible.
Here are four types of investments you can make to move you closer to retirement.
1. Traditional Retirement Accounts
The foundation of your retirement savings should be a retirement account (or two). These are tax-advantaged accounts that help you save money either upfront or when you retire and start withdrawing your funds.
You can invest in a 401(k), an IRA, or in multiple variations of the two. There are even options for the self-employed as well.
2. Brokerage Account
Brokerage accounts are traditional investment accounts that aren’t exclusively used for retirement. So there aren’t any tax advantages to using them. But once you max out your retirement contributions for the year, you should invest as much as you can into a brokerage account to invest in stocks, mutual funds, or index funds.
3. Education Account
You want your kids to have a better life than you did, right? Then you need to ensure they can go to the best possible college, to ensure they have as much opportunity in the workforce as an adult.
By saving up for your children’s education today, you can hopefully pay for their tuition upfront, without having to take out any loans that could cripple you, or them, for decades.
The good news is that anyone can contribute to an education plan. So if you have parents, aunts, or uncles that want to contribute to your children’s future tuition, they can help fund it.
4. Cryptocurrency Wallets
Cryptocurrency is one of the top-performing asset classes of the last decade. And it’s now gone mainstream, as billions around the world have already invested in crypto.
This new, decentralized technology isn’t going anywhere. It’s just getting started and will revolutionize not just the financial industry, but many other industries over the coming years.
Set up a free cryptocurrency wallet, and buy some crypto to start your cryptocurrency investments.
Wondering where to invest in crypto? You can buy your first cryptocurrency at a Byte Federal bitcoin ATM, which is simple and fast. You can then transfer it to your crypto wallet of choice. Check them out here to how it works.
Open These Different Types of Investment Accounts
There are many other different types of investment accounts available. This is a good starting point and will help you start working your way towards wealth and retirement.
The sooner you start investing, the sooner you’ll be able to stop working later on. Start today.
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