Written by Veselina Dzhingarova
As you get older, you may want to establish some financial security for you and your family, and you may start to consider the different investment options that are available to you. Entering your retirement period means you will no longer be earning a wage each month and instead you will be on a fixed income.
Many retirees aim to supplement their pensions as well as providing some financial security for their loved ones. This is where investments come in. By investing some money, retirees can create a form of income while also offering a sense of security and peace of mind. However, it can be difficult to know where to invest your money, so here are some of the most popular investment options for retirees and some of the positives and negatives of each.
Investing in the housing market is a very popular investment for people of all ages. Renting out properties is a safe investment as people always need a place to live, so injecting some money into a decent house to rent out is a logical choice. If you have the money or credit to buy a house, then having tenants to rent it out to will help you pay for it. Not only could investing your money in rental properties give your monthly income a boost, it can also be a great long-term investment as you will one day own the house outright for you or your family to enjoy.
However, there are some negatives about investing money into rental accommodation. It may not be an option available to you if you don’t have the initial funds to buy into a property. Additionally, being a landlord can sometimes be a difficult job if you get non-paying or troublesome tenants. If you are looking for an easy investment option that will require little involvement, then rental properties may not be the best option for you.
Trading on the stock market is one of the more popular investment options amongst retirees as you can get involved from the comfort of your own home. Platforms such as easyMarkets are offering easy to navigate and accessible platforms that are equipped with the instruments needed to make a success of trading investments.
Traditionally investment trading was considered to only be an option for those with considerable amounts of money to invest, but easyMarkets helps you to invest no matter what your financial circumstance.
This may seem like a less obvious form of investment, but by taking out an insurance plan, you are making long term plans for your loved ones. Most insurance policies have different payment options so that it is affordable no matter what your current income, and there will be a considerable payout at the end of the insurance plan.
Interest Bank Accounts
A simpler investment option could be to open an interest-bearing account. This is a more popular option among retirees with savings as you could make money from the interest collected as your money sits in the account.
With these types of bank accounts, you are not risking any of your money and will gain any interest that it creates. However, for this option to be financially worthwhile, it would require a considerable deposit for much interest to be made.
If you do think this investment option would be good for you, then be sure to research some of the best offers at your local bank and shop around for the best interest rates. Deciding where to invest your money is a big decision, but if you research your options carefully and don’t make any impulsive choices, then you can make profitable investments during your retirement.