Most individuals view retirement planning in terms of accumulating assets that deliver steady, passive income. However, diversifying with some high-growth stocks can spice up your retirement savings strategy. Nevertheless, such ventures should be undertaken with a sense of responsibility.
The classic formula for retirement savings usually centers on reliable blue-chip stocks with robust dividends. However, the rapid pace of technological advancements necessitates an evolving portfolio that remains relevant and resilient. Let’s explore three intriguing growth stocks to consider for retirement investing.
Commanding the share economy, the San Francisco-based Uber (NYSE:UBER) deserves a place in your portfolio. Although categorized under application software, Uber extends well beyond the app world. Besides its core ride-sharing business, Uber has ventured into food deliveries and even transportation logistics, making its stock incredibly intriguing.
Though Uber may not be the typical retirement-play stock, its potential for revenue growth is massive. Uber has thoroughly disrupted how we travel, and there’s no sign of that changing. The company’s convenience extends beyond the local commute; it’s also a boon for travel enthusiasts.
With global travel demand recovering after plunging 75% during the pandemic, the advantages of Uber’s platform come into focus. It facilitates ride-sharing for tourists across borders, largely eliminating language barriers. Misconduct on the platform is swiftly dealt with via removal, ensuring Uber’s relevance in the future, making it a smart pick for retirement growth stocks.
Moving to Israel-based CyberArk Software (NASDAQ:CYBR), a player in the infrastructure software realm, the company develops and sells software-based identity security solutions through its subsidiaries. Its major markets include the U.S., Europe, the Middle East, and Africa. The company’s core offering is a risk-based credential security management platform, ensuring data access is restricted to authorized parties only.
CyberArk does face challenges due to economic conditions, affecting its demand. However, the growing threat of data breaches and their escalating costs underscore the need for robust security measures. Thus, despite economic uncertainties, businesses are likely to continue investing in security solutions, making CyberArk another worthy contender in the list of retirement growth stocks.
Lastly, we explore Intuit (NASDAQ:INTU), a player in the application software space. Based in California, Intuit provides financial management and compliance products and services. However, recent decisions by the Internal Revenue Service (IRS) to make its income tax filing program permanent has created a degree of uncertainty around Intuit’s future.
Despite this, the increasing complexity of taxes for independent contractors or gig economy workers could present Intuit with potential opportunities. These individuals often rely on software like TurboTax to navigate their complex tax scenarios, and with the growth of the gig economy remaining robust, Intuit’s relevance in this space cannot be overlooked, making it a promising addition to your list of retirement growth stocks.
The views expressed in this article belong to the writer and do not represent the writer’s direct or indirect holdings in the securities mentioned.
Let us know what you think. Please share your thoughts in the comments below.