As you plan for your financial future, it's always a good idea to diversify your portfolio. Whether you have chosen to invest most of your money in the stock market through a broker or you simply put it your maximum contribution into your IRA every year, there are other ways to save for your financial stability. If you are in the process of planning for your retirement and you want to have a variety of investments, it's best to work with a financial planner who can show you the different investment products available and how to secure them.

Traditional Stock Purchases

If you love watching the stock market, you can make an investment in companies that you love. When you want to simply try out the stock market, you can start off with a small amount of capital and purchase a few shares of stock. With today's technology, it's possible to purchase stocks online without ever speaking to a broker. If you are confident in your decision, this is an excellent way to learn more about the stock market. Don't invest all of your money in stocks without meeting with a financial planner first, as you could end up losing your entire savings very quickly.

SEP and Traditional IRAs

IRAs are another great investment tool for your retirement. If you work in a company that offers matching contributions to your 401k or other retirement accounts, it's important to take advantage of these offerings. The more you can invest in IRAs when you are younger, the more you will have when you reach retirement age. There are yearly limits to the amount of money you can place in an IRA, so talk with your financial planner about what these limits are to determine what you can invest each you.

Deferred Vs. Income Annuities

Annuities are a way to save for your future, once you have made your maximum contribution to your IRA. You can put as much money you want to into annuities, and a tax-deferred annuity allows you to put income into savings for your retirement without paying taxes on it this year. If you choose a variable deferred annuity, the value will fluctuate with market changes. A fixed deferred annuity has a guaranteed interest rate for a set time. Income annuities are another option, as they provide the investor with a set amount of income throughout a lifetime or a set period of time as determined in the annuity purchased.