When you think of investments, things like stocks, IRAs and mutual funds are probably some of the first items to come to mind. But, when you’re a retiree, it’s likely you’ve already invested in those things, and if you invested wisely, then you invested well and are reaping the benefits of those investments. But, there are some things you can invest in that aren’t just for your own security. 

You’ve got extra income now. Should you continue to make monetary investments that further secure your future? Or, should you expand your horizons and even be a little adventurous? No matter how big or small your extra-spending budget may be, here are five suggestions worthy of your attention.

1. The Security of Your Heirs

If you’re like a majority of seniors, you have a will that designates who will inherit your fortune, large or small. All that you’ve worked hard to attain is a nice legacy to leave to your spouse or children, but you could also beef up that gift. 

Life insurance is an investment that will ensure the security of the people for whom you care most, and it doesn’t have to come at a big expense. If you were in the military, you qualify for low-cost military life insurance. It’s a simple and inexpensive gesture of your enduring love.   

2. An Inviting Escape

Every state in the nation offers inviting communities that make a great retreat location. Consider buying real estate in a neighboring state so you can easily get away several times a year. A nice wooded location, a shack on the beach, or a loft in a quaint town with historic presence all offer a place for you to relax and clear your mind.

If you don’t need granite countertops and master en suites, you can find a great deal and a cozy second home. If you like to share, offer it up to friends and family members, too.

3. Someone’s Education

Is there any greater reward than helping another person get ahead in life? Every year, disadvantaged adults of all ages and backgrounds struggle to find a way to pay for college. It is through the gifts of generous donors that many students are able to attend so they can get ahead in life. A scholarship can be any size and given as often as the donor likes–once a semester or once a year.

Scholarships can also be given for various areas of study and in honor of someone who has passed on in this life. Do you have an appreciation for art? Or, would you like to help someone break into medicine? Whatever your cause, there is a degree to match.

4. The Environment

Helping the environment in your local community is a great legacy and example to set for the younger generation. Sponsoring the planting of a tree in someone’s honor is just one way you can help make your city or favorite national forest greener. There are several organizations that plant a tree for you as a sponsor.

5. Your Time

One of the best investments you can make doesn’t cost a cent. That would be your time. Children need adults who want to spend time with them. Whether you spend quality time taking an interest in your grandchildren, or the children of a stranger, you have the opportunity to make a life-changing impact on a developing mind. Organizations like Big Brothers Big Sisters have identified children who could be positively impacted by an adult willing to spend just a few hours a month with them. 

As a senior, there are many ways you can make a difference in your life and the lives of others. This is the time of life you should be enjoying, and if making the world a better place or seeing others smile brings you joy, then perhaps you’ll consider where you can make an impact.