5 Tips for Investors in Their 50s and 60s
Posted on: 29 October 2018 by Amy Smith Brown
With people living for longer and in better health, it is understandable that many people in their 50s and 60s want to invest their money in the hope of a sensible return. Here are 5 tips for investors in their 50s and 60s.
A Stocks and Shares ISA
There is a range of ISAs to choose from and there are many reasons why these options are so appealing. With the ability to pay a lump sum when you start your account, you can fund your investment stringy, and it provides you with the chance to put money each month.
Many ISAs allow for a quick withdrawal of your money, so if circumstances change and you need money at short notice, you can do so without facing penalties.
Engage with the opportunity provided by cryptocurrency
If you have paid attention to investment opportunities, you will be aware of cryptocurrency like Bitcoin. In 2017 and 2018, Bitcoin was a raved about with respect to the returns for early investors. While the current and expected returns associated with Bitcoin are now more modest, it is important to be aware that Bitcoin, and cryptocurrency, is emerging into a mainstream currency.
Therefore, a smart investment in this area will include ways that assist everyday people to connect and engage with this form of currency. A fantastic example of this would be a BTC ATM where people can obtain Bitcoin in a quick and convenient manner. There are reputable companies offering BTC ATMs and it is worth considering Satoshipoint and their range of cryptocurrency ATMs if you want to invest in this growing sector.
Invest in property
Depending on the amount of money you must invest, property could be an interesting prospect. There is a high demand for rental accommodation in the UK and owning bricks and mortar asset is rarely a bad idea.
With many property management providers offering services that ensure you don’t have to provide a hands-on landlord service, this may be the sort of investment opportunity that provides you with short and long-term benefits that help you achieve financial security while creating a stronger amount to pass on to loved ones.
If you are risk averse or you feel as though you want to do something with your money, investment accounts are always worth considering. Some people will consider this style of investment to be boring and not offering the bets sort of return, but if you are looking for a steady and consistent return on your money, don’t rule this style of investment out.
Remove your debt
Although this may not be the best advice for investing, it is often a step that is overlooked when it comes to making the most of your money. If you have notable debt, pay it off rather than focusing on investing your money.
Paying off your debts provides you clearer peace of mind, but it also ensures that once you have cleared off your debts, you can fully focus on making the most of your money.
Whether you want to ease your financial concerns once you reach retiral age or you want to have funds to leave to others, these investment tips for people in their 50s and 60s should be of benefit.