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Are you in your 40s or 50s and planning for an early retirement? Here are some of the investments you can make to boost your retirement savings.
by Sheen Moringa
Here’s your guide to boosting your retirement savings.
Because you were a wise, financial savvy twentysomething you started preparing for retirement at an early age. Hence, 20 or 30 years later, you already have a good sum for your emergency fund and retirement funds, and have even invested on mutual funds and life insurance. Being already financially prepared, you might have been thinking of retiring early. But before you finally leave your day job, here are some of the investments you should make in your 40s and 50s, to bulk up your fund for your early retirement.
If you have already invested in mutual funds in the past, you may already have an idea how stocks work. And if you had been a risk-taker, you may have already bought some low-cost stocks. It’s time to level up your investments and take more risks. Consult a professional stock broker to discuss the best strategy to do well in the stock market.
Looking for something huge and secure? Look into investments regulated by the government, like the Retail Treasury Bonds (RTBs). Facilitated by the Bureau of the Treasury (BTr), RTBs are government securities shared with individual investors to gain more state income. Because RTBs are bonds, investments made here have a set maturity date, which guarantees your earnings and provides financial security like no other.
If you have already tried mutual funds, you might want to step up the game by investing in other kinds of financial funds. Different companies offer a variety of investment funds to suit your financial goals. FWD Life Philippines, for example, not only has good fund terms but it even offers a US dollar fund (See: Fund Valuation.)
Now that you are in your 40s or 50s, it may also be the right time to start your own business. Because of the wide array of businesses to choose from, be sure to invest in something that you are really passionate about. Some businesses start simply as a profitable hobbies, but become legitimate sources of income—especially for people who opt for early retirement.
Real estate is also a good investment. However, contrary to popular belief that investing in real estate gives you sure cash, remember that it is also accompanied by a lot of legwork, starting from the construction, renting out, repairs, and maintenance. If you are responsible enough to do all of these, then real estate may just be the right investment for you at this age.
Depending on your target retirement age, these investments can be key for you to retire early. If you are only a few years away from retirement, this may be your last hurrah to beef up your retirement savings. Utilize your remaining working years to consider these investments you should make on your 40s and 50s.