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Senior Resources » Retirement Investing for Seniors and Retirees

Retirement Investing for Seniors and Retirees

coins in a jar with a plant growing out of it, as a retirement investing concept

What Are Your Retirement Goals?

Setting realistic goals is the first step to creating a sensible investment plan. Think about your current needs; cost of living; the lifestyle you’re accustomed to. Consider potential health changes. Do you want to travel? What type of legacy do you hope for?

No two retirement plans will be exactly alike, because everyone is different. Tailor your plan to fit you. But, here are some general objectives to get you started:

Necessities – You’ll always need clothes on your back and a roof over your head. How much do you currently spend per month on groceries? Also, think about things like utility payments, home maintenance, and out-of-pocket medical expenses. Your retirement goals should first and foremost account for the essentials of everyday living.

What-ifs – Plan for things that just come up. You know – new tires, a busted water heater – any of life’s little surprises.

Travel and hobbies – Do you want to travel the world? Maybe you plan to lovingly spoil grandchildren as often as possible. Would you like to have season tickets to your favorite sports team?

Legacy – What do you hope to leave your family when you pass someday?

Retirement Investment Options

401(k)s – A 401(k) is a retirement savings plan offered through your employer. From each paycheck, you dedicate a certain percentage of gross income to contribute (many employers will match contributions up to a particular dollar amount).

Traditional IRAs – An IRA is an individual retirement account where you contribute pre-tax dollars. The investments grow tax-deferred, until retirement.

Annuities – An annuity exchanges present contributions for future income. It’s basically a contract between a person and an insurance company, where the person gives a sum of money that the company then invests. In turn, the annuitant is guaranteed monthly payment. Learn more about annuities here.

When To Invest

Experts say that if you haven’t started already, now is a great time to start retirement investing!

Read More About Retirement Investing

Listen to Retirement for Real

Additional Resources

Bob Carlson’s Retirement Watch

Mark Skousen

Gilder Report

Generational Wealth

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