Planning for retirement means more than just cashing in your IRAs and 401K. With the right mix of investments in your portfolio, you can enjoy a happy, active retirement without worrying about a fixed income. If you are looking for unique ways to diversify, here are some options to consider.
Bitcoin Retirement Planning
As Bitcoin becomes more popular and accepted, new ways to invest in it continue to emerge. You can invest in bitcoin as part of your retirement strategy, but you may want to consider using a financial advisor experienced in this type of currency. He or she can help you invest in a retirement account based on Bitcoin, such as a Bitcoin-inspired IRA.
Your advisor can help you navigate the complexities of tax breaks surrounding this type of investment to help your money go farther. Remember, however, that cryptocurrency markets can be volatile, so you'll only want to use it as part of your retirement investment strategy.
Turnkey Real Estate Investment
You can offset some of the volatility of a cryptocurrency retirement account by going with a more solid investment option, such as turnkey real estate. investing in an apartment building that's ready for tenants to move in can provide you with a sustainable source of income every month. While the amount of money you make can vary depending on the number of tenants you have at any given time, you can be relatively sure of a steady paycheck every month.
If you invest before you retire, consider investing that income in cryptocurrency until you are ready to stop working. Upon your retirement, you can begin to take that monthly rental income check as your base pay. Of course, it's important to remember that real estate markets can change, and that can mean potentially less income if the area your investments are in becomes economically depressed. You'll still want to have additional backups in your retirement plan to account for this.
Purchase an Annuity
If you have a lump sum to invest but aren't willing to take bug risks after investing in cryptocurrency, consider purchasing an annuity. This option provides you with a monthly source of income based on the amount you invest upfront.
There are a variety of different types of annuities, all with different risk and reward levels. For example, you can choose a deferred-income annuity, which pays out more the longer you wait to begin payments. Having an annuity in place means you'll still get a source of monthly income outside of social security, so you won't have to worry if your other investments begin to falter.
If you already have traditional retirement accounts and stock or bond investments, these three options offer great ways to diversify. Learn more about your specific options by contacting companies such as Bridge Advisors, LLC.
Share1 July 2019
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