Setting the Stage for a Comfortable Financial Future
Posted by Amitava Sarkar on June 28th, 2016
No matter how old – or young – you happen to be, it’s never too late – or too soon – to start planning for retirement. For many people, retirement seems like an impossibly far-off prospect, but failing to put money away while you’re still able to work is guaranteed to have undesirable consequences down the line. Entering your sunset years without a robust nest egg stands to significantly diminish your quality of life and make a comfortable retirement all but impossible. Furthermore, if you have children to whom you wish to leave money, a lack of savings will compromise your ability to give them a proper inheritance.
It’s easy for people to shrug off saving for the future, especially if they’re just starting out. Although a lack of financial foresight is often attributed to young adults, even middle-aged and elderly individuals are notorious for making misguided fiduciary decisions. Fortunately, putting away money for retirement – regardless of how far-off it happens to be – isn’t nearly as daunting as many people think. With some sound investments and a little bit of self-discipline, financial security can be well within your reach. Anyone searching for ways to bolster their long-term savings would do well to explore the following avenues.
Open IRAs
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: Allison Olsten 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.
