Meet the Match
You’ve heard it before, so say it with us! Always, always, always max out your employers 401k contribution. This cannot be said enough, because there are so many people that don’t take full advantage of the 401k match, and they’re losing out on free money because of it. According to a recent survey, only 77% of employees who participate in an employer-sponsored retirement plan contribute enough to receive the full employer match.
Do Some Heavy Lifting
Don’t solely rely on the advice of others when it comes to investments. As they say, get your hands dirty, do some research for yourself on what you want to invest in, find a strategy that works for you, find that balance. While it most definitely is easier to allow someone else —or more accurately, an algorithm— to make those decisions for you, it’s not necessarily in your best interest.
Explore Alternative Options
For a majority of people, when retirement investing it brought up, they think about either of a 401k, or stocks and bonds, and investing with an IRA doesn’t have to be so cut and dry like that. If getting a little more involved is your thing, consider a self-directed IRA. It’s pretty self-explanatory. It’s an IRA, that is self-directed. By you. You now are taking the helm, so where do you want to go? Interested in real estate? Go for it. How about oil and energy? You can do that. Business? Precious metals? Livestock? You can invest in it all.
Unfortunately, there really isn’t a one size fits all when it comes to a financial strategy. But that’s also the good news. There are options out there for everyone, and there’s a lot of unexplored territory. It all just comes down to finding what best suits us.