There are many different financial moves that you can make after you have maxed out your employer sponsored 401 K plan. One of the best things that you can do during this time period if simply pay off your debt that has the highest interest rate on it. You also could open up an IRA account in order to continue to plan for your retirement. Finally, you could always invest in different Cryptocurrencies as they are volatile but have high potential for the future.
Key Takeaways:
- Make sure to pay off your debt starting with the pieces of debt with the highest interest rates.
- Open up an IRA account in order to prepare yourself for retirement and allow money to accrue over time.
- Look into a crypto savings account as there is a bunch of potential in many different Cryptocurrencies in the future.
“the average retirement savings by age is absolutely paltry with most workers under the age of 35 having barely $6,000 in savings”
Read more: https://www.goodfinancialcents.com/401k-maxed-out-now-what/
For us, personally we like to invest in real estate, specifically turnkey real estate with a great property manager. This allows us to leverage all of the benefits of real estate, but still remain fairly passive towards our investments and still build towards our goal of financial freedom.
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