Use the latest browser recommended by Microsoft
Get speed, security and privacy with Microsoft Edge
Selecting appropriate investment options is key to financial planning and independence. The best retirement options depend on your specific situation and financial goals. The amount of time needed to invest, and your risk appetite will also need to be considered. Some available options are life insurance, annuities, endowments, fixed deposits, retirement savings plans and mutual funds.
While not an investment, health insurance is an important expense for risk management. As we age, our health challenges are likely to increase. Medical emergencies are difficult to predict. It is, therefore, important to plan for the future to avoid dipping into your savings and investments to pay for major medical care.
Lydia R. McCollin, FCCA, FCA, is the Managing Director of LRM Consulting Services Inc.
Do you have a question about saving, budgeting, investing, borrowing, planning for retirement, or anything related to personal finance? Pose it here. You can also visit our MoneySmart hub for more articles, videos, and tips on how to secure your finances.