Innovative Ways to Diversify and Add Value to Your Retirement Portfolio
You may regard your career as an endeavor centered on pursuing your passion or hobby. However, it is also intended to be a way for you to prepare for your eventual retirement. As you work, you may put money into an employer-sponsored 401(k) or a private Roth IRA account for this upcoming time in your life. When you want to diversify your portfolio even more, consider investing in additional financial opportunities, such as a promissory note investment, that can pay off bigger dividends later in your life.
Beyond the 401(k) and IRA
When you first start investing for retirement, you may think your 401(k) or IRA is the only account you need for building wealth. After all, these accounts consist of numerous mutual funds, stocks and bonds. They all ideally will pay off to earn you a lump sum dividend that you can transfer into a savings account or put back into the same fund.
These accounts are critical to helping you build money on which to live during your retirement. However, they are not your only options. If you are more inclined to invest in less certain funds, you may add a promissory note investment to your portfolio. This investment may not have the same security found with mutual funds or bonds, but if or when it does pay out, you could receive larger dividends than what you could earn through safer stocks.
Real estate in Boise is another investment you might add to your portfolio. You can lease or sell the property after it has appraised in value. If you rent it, you gain a steady source of income on which to live when you retire.
You can find out more about your options for investing for retirement by contacting our experts or checking out our website.