Utahns are some of the healthiest and long-lived people in the nation. You’ll need adequate money to retire at 65, especially if you expect to live for 2-3 more decades. While a solid 401K is still the best option, there are other types of investments that can make your retirement more comfortable.
Gold
Investing in gold insulates you from market crashes and inflation. The price of gold goes up when the market drops, somewhat mitigating your losses in invested stocks. Because its price is determined globally, gold is immune to inflation. Venezuela is a testament to how fast inflation can hit a country. In just five years, inflation in the country rose from 69 percent in 2014 to 1,000,000 percent in 2018. By the end of 2019, the International Monetary Fund (IMF) expects Venezuela’s inflation would reach 10,000,000 percent. Consult a financial planner in Utah if you can allocate a small part of your 401K into gold. 10-20 percent should be enough to make sure you have money even if the economy falls hard.
Solar Power
Solar energy systems are one of the best investments for Utah homes. The state receives 8.5 hours of high-intensity sunlight per day, allowing solar panels to make full use of the sun. A 7-kW system that can provide enough power for your entire house, charge an electric vehicle, and still have enough left to send to the grid only costs around $14,000. While this may seem expensive, it comes down to $130 a month under a 10-year financial plan. You won’t be paying a dime on your electric bill, and you’ll receive enough credits to make up for cloudy months. With an electric vehicle, you can even eliminate your $40-$50 expenditure on fuel. Savings on your utility and fuel costs should be enough to cover your monthly payments for your solar panels, making them practically free. Solar panels last for 25-35 years, giving you an additional 15-25 years of free electricity and fuel.
A Gym Membership
$10-$50 a month on a gym membership or a local YMCA may not seem like an actual investment, but it is one that pays off big. Being overweight can lead to a slew of diseases and conditions that will increase your healthcare costs. A couple of hours of cumulative exercise every week can regulate your weight as well as make your heart stronger. Swimming is especially suitable for seniors; it is low impact, and there is very little chance of sustaining injuries. Of course, any physical activity would do: a stroll around the block with your dog, a few minutes of gardening, or even dance classes. Just 1-2 days of exercise a week can reduce your chances of developing heart disease by 30 percent. Take the money and time you spend exercising as an investment that pays its premium by lowering your healthcare costs.
Money and stocks aren’t the only investments that can pay off big. Insulate your investments with gold, get free electricity and fuel with solar energy, and reduce your healthcare costs with a bit of exercise.