There is no one “best investment plan for retirement” since every individual has different jobs, different goals, different financial situations, and so on. You need to work on coming up with the best plan for you and your family specifically. You can never be too young to begin saving for retirement. Even if it’s just a few dollars here and there, start saving money whenever you can.
Also, keep in mind that it is a multistep process that will evolve and change some overtime. For some people, it might change drastically, as you never know what the future holds. Only around half of the current employees in this country have a good grasp of their employer’s opportunities and benefits. You don’t want to be one of these workers. Learn as much as you can about your benefits. Carefully compare the different types of IRA accounts.
If you’re self-employed, there are options for you as well, including Roth, traditional IRAs (although subject to certain income limits), SEP IRA, solo 401(k), SIMPLE IRA, etc. Each type has its pros and cons. There are self-directed IRA options if you want more of a say in investing your IRA money.
You don’t have to do all of the planning yourself. There is retirement planning software out there to do the calculations and estimates for you. Some are sophisticated enough to present the best investment plan for retirement for every possible scenario and every turn your life might take, including ones you might not have thought about yourself.
Best Investment Plan for Retirement Will Save You from Depleted IRAs
Another thing you don’t have to do is rely on your IRA for investments. You can make personal investments right now with your income or through your savings. You could even earn a bit of money back through your savings if you put it in a money market account, savings account or purchase a certificate of deposit at an FDIC-backed online bank that offers a high APY%.
There should be nothing stopping you from opening up a trading account through an online broker if you haven’t already done so. There are so many investing apps and web-based trading services to make it easier for beginners and casual investors.
Whatever your investment plan is for retirement, you should never rely on just one type of investment. There should be a variety of short-term and long-term investments. Make sure you understand your risk level and never take any risk beyond what you won’t be able to handle should you lose out.
To get a good picture of what your future might be like, use a platform like MaxiFi Planner. It’s very sophisticated yet still reasonably easy to use. Allow it to help you come up with the best investment plan for retirement.