Investment Opportunities for Seniors

Most seniors are past their wealth accumulation phases of life. More so, they receive lump sums to offset their living expenses. Such huge payouts can be overwhelming to retirees. Especially, without much planning, this money may not last for long.

There are two investment goals seniors can pursue at any given time. These investments can help them generate income, protect their wealth, or grow it further. However, seniors lack the luxury of expanding their current wealth using risky instruments like equity. Here are the ideal investment opportunities for seniors that guarantee a comfortable life for anyone in their sunset years: -

1. Wealth Protection Investments

High Yield Savings Accounts

A typical high yield savings account is a highly liquid investment option. It gives you immediate access to your money and safeguards your wealth from erratic market fluctuations. Here, expect up to 25 times more interest when you save your money in these deposit accounts instead of a standard savings account. Still, high inflation rates may make you lose money in the longer run.

Certificates of Deposits (CDs)

CDs are less liquid than high yield savings accounts. However, these time deposit accounts offer better returns and guard your retirement money against high inflation rates. Besides, these accounts are easy to open and have no monthly maintenance fees.

Treasury Bonds

Treasury bonds are one of the safest investment opportunities for seniors. Despite having a low yield, treasury bonds like Treasury Inflation-Protected Securities preserve your wealth's purchasing power. Hence, you receive fixed interest twice a year, hold the bonds until they mature, or liquidate them at any time.

Real Estate

Investing in a commercial or rental property can guarantee consistent rental income for seniors. Such investments require significant upfront payments, hence appropriate for any retiree contemplating what to do with their lump sum proceeds.

2. Income Generating Investments

Renting Extra Space in Your Home

Open up your home for business by renting a room, storage space, or an entire apartment for several days, weeks, or months. Then, sign up on such market platforms as Airbnb and become a host.

Work Remotely

As a retiree, use your professional skills to make money in the comfort of your home. It could be tutoring, virtual assistance, copywriting, or doing creative jobs via freelance sites. Plus, if you prefer interacting more with people, you may work as an elderly caregiver or a babysitter.

Sell Handmade Custom Products

Do you enjoy making crafts and DIY projects? Now is the time to earn from your unique talent. Start by opening an online store for your products. Next, upload your product catalog using eye-catching graphics and compelling product descriptions. Then, offer competitive after-sales services to build your loyal clientele.

Become a Mystery Shopper

Do you love shopping or sampling new products? Work with a legitimate mystery shopping company. Here, you earn by shopping for specific products or services and providing honest feedback on your buying and user experience.

Mentor Teens or Upcoming Entrepreneurs

Organize online and physical forums to mentor teens on making wise career choices. Likewise, if you have decades of experience running successful businesses, hold virtual or physical events where you can engage and mentor other small business owners. Ideally, you take up a paid position in the advisory committee of your local business association.

Conclusion

Ultimately, your choice of investment opportunities as a senior citizen depends on your unique financial needs and goals. It is recommended that you work with a financial advisor who can assess your goals and recommend an investment that suits you best.