Scott Tominaga Lists a Few Safe Investments for Seniors

 Scott Tominaga's Recommended Investments for the Elderly

As individuals approach their golden years, it's common to consider investment options that are safe yet provide steady growth. Investment veteran Scott Tominaga offers the elderly six investment opportunities that may be suitable when working with the right people. Although every investment carries a degree of risk, some are more reliable than others, and it's crucial to choose wisely.  

Savings account: This is a great option for the elderly, as it offers a low-risk way to grow their money. Interest rates that savings accounts provide are typically quite low, but this is offset by the fact that there is little chance of losing money in a savings account.   

CDs and money market accounts: These investment vehicles offer slightly higher interest rates than savings accounts, but they are still quite safe investments, says Scott Tominaga. The main risk with these accounts is that the interest rate could drop, reducing the interest earned.   

Fixed annuities: These insurance products can provide a guaranteed income stream for the elderly. These products are normally safe but have fees that can reduce the overall return.   

Mutual funds: Managers of these types of funds pool money from several investors, after which they invest it in various securities. These products can allow for higher potential returns than other safe investment options, but they also come with an increased risk.   

ETFs: These are similar to mutual funds, but ETFs are traded on an exchange like stocks. These products usually have lower costs and greater flexibility than mutual funds but are riskier.   

Bonds: These are types of debt security that pay periodic interest payments. According to Scott Tominaga, these products are, on average, very safe, but they can be subject to interest rate risk if rates later increase.   

Financial planning is a crucial part of life that requires careful consideration and expert advice. Scott Tominaga advises everyone that no two individuals have the same financial situation. Therefore, before making any significant financial decisions, it's essential to seek help from experienced financial advisors or experts.  

These experts can guide you based on your unique financial circumstances and help you make informed choices. Making investments without proper guidance and assessment can lead to serious financial risks and consequences. So, it is always wise to seek help from professionals when it comes to managing your finances.  

  Scott Tominaga has almost two decades of experience in the hedge fund as well as the financial services industry. Visit this page for similar reads.