When you think of retirement do you think of relaxing by the pool, having the time to do gardening, or spend weeks visiting vacation spots?  Most of us do.  What we don’t fantasize about is the lack of income coming in, relying on social security or pensions, or even getting a part-time job.  This is why having a plan for your retirement is necessary.  If you’re looking to retire comfortably, it is crucial that you plan early or at least know your options for benefiting from your “golden years” when you arrive there.  Here are the best retirement investments for seniors to help you retire easily and enjoy it.

The Top Five Retirement Plans

1. Roth Ira

The benefit of these little gems is that you can contribute or even withdraw your money tax- free.  Starting before retirement is ideal, but retirees can still benefit from this vehicle.  While this option is not open to everyone, it is great for those over 50 years of age, because monetary limitations are extended.

2. Annuities

This is the way to go if you want to grow some money for those you leave behind.  If you’re trying to provide for a spouse, children or others at your discretion, the annuity will take the amount you invest and accrue interest to be paid out to others. You just need to figure out if you need it right away or can defer it for future use.  If you’re looking for college savings for your teenage son or preparing for your daughter to marry, this is the way to go.

3. Mutual Funds

For a less aggressive approach than stocks, try mutual funds.  Most retirees are looking to make money and not risk losing any through risky investments or bad judgment.  As a senior, you’ll want to save money now, not later.  Mutual funds are a more conservative way to invest and gain funds to live in the present without much risk at all.  With this strategy, you can divide your assets between bonds and stocks, allowing for a balance between long-term growth and short-term gain.  

4. Real Estate

Real estate is an investment that can be started at almost any stage of life.  As a retired senior, it is especially beneficial due to the ease of time and work put in compared with the high rewards.  With time to spare since you no longer have your day job, you can reap unlimited benefits by investing in real estate, flipping homes yourself, or even just scouting homes for agents. Remember that investing real estate won’t necessarily get you rich right away, but it can provide good steady income when done correctly.

5. Penny Stocks                                                                                                                                               

True to their name, penny stocks are an investment that requires very little capital.  Most are less than five dollars to buy and offer substantial returns when done wisely.  These do require closer scrutiny as they fluctuate rapidly. On the bright side, if you do not have an excess of funds to play around with when it comes to stocks, they are a great option for a quick gain as long as you do not keep your money in one place for too long.  Just remember to find companies that are established and profitable. That way you can avoid any scams and enjoy the added money to your retirement fund.  
If you follow these tips to retire comfortably, you won’t have to worry about spending your golden years as a cashier at some grocery store.  

There is no need to waste the time you’ve worked so hard for buried in debt or living paycheck to paycheck. These strategies can put you and your family at ease about financial woes and how to deal with them.  To learn more about how to come out on top after you retire, click here.