Setting the Stage for a Comfortable Financial Future
Posted: Jun 28, 2016
It’s never too late – or too early – to start planning for retirement. For many people, leaving the workforce seems like a ridiculously far-off prospect, but failing to put away while you’re still in your prime is guaranteed to have undesirable consequences down the line. Going into your sunset years without a sizable nest egg is liable to diminish your quality of life and turn a comfortable retirement into impossibility. In addition, if you’d like to leave money to children, friends or relatives, a lack of savings can make this very difficult.
It’s easy to shrug off saving for the future, particularly if you’re very young. However, a lack of financial foresight is hardly exclusive to young adults. Many middle-aged individuals and seniors are equally notorious for making poor fiduciary decisions. Fortunately, bolstering your retirement savings – regardless of how far off your retirement happens to be – isn’t quite as arduous an undertaking as many would have you believe. Some smart investments and a little bit of self-discipline can go a long way in ensuring your financial security. If you’re on the lookout for ways to grow your long-term savings, the following avenues are worth exploring.
Opening an individual retirement account, or "IRA," is an effective way to accumulate savings for your golden years. These accounts are set up with financial institutions and enable people to put away retirement money on a tax-free or tax-deferred basis. Since a fair number of retirees enter a lower tax bracket after leaving the workforce, having tax-deferred retirement funds will help ensure that you’re taxed at a reasonable rate. There are three types of IRAs for you to consider: traditional, Roth and rollover. Although they share a lot in common, there are a number of stark differences between the various types of IRAs, so before opening one, sit down with a financial advisor to discuss your options.
Oil and Gas Investments
There’s never a bad time to look into oil and gas investments. Even in a trouble economy, the oil and gas industries continue to turn handsome profits for shrewd investors. When searching for the right company to invest with, make sure to consider Cannon Operating. Offering industry-level opportunities to individual investors, Cannon is a name fiscally-sound individual’s associate with trustworthiness and healthy returns. The company’s cutting-edge modern technology and scientific methods ensure that investors see a significant ROI in a relatively short span of time.
Take Advantage of Any 401(k) Plans Offered by Your Employer
If your employer offers a comprehensive 401(k), it’s in your best interest to take advantage of this. While it’s true that this will lead to a slight-to-moderate reduction in your take-home pay, making regular contributions to a 401(k) will pay off in a big way when it comes time to retire. Certain companies offer employees Roth 401(k) plans, which use post-tax income instead of pre-tax funds. Determining which type of 401(k) is best-suited to your individual retirement plans will require a meeting with a seasoned financial advisor. Furthermore, if your employer offers to match a certain percentage of your contributions, it’s recommended that you take them up on it.
Your financial future is not something to be taken lightly. Failing to put away money during your most productive years will lead to far-reaching financial complications and possible prevent you from being able to retire. If fiduciary security is what you seek, IRAs, 401(k)s and oil and gas investments can help bring this goal to fruition.
About the Author: Sarah Jones is an investment banker with a career that spans several decades. Always eager to grow her retirement savings, Sarah recently made some fortuitous oil and gas investments with Cannon Operating.
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