Home » Investing » Retire Rich: 3 Crash Stocks to Buy Now
It seems odd, but now is the best time to think about retirement with these three stocks perfect for investors looking to retire now, later, or well into the future.
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Amy Legate-Wolfe
Amy became interested in investing in 2018 after having her first daughter. After receiving a masters degree in journalism from Western University, she became frustrated that the finance industry remained a confusing place for Canadians like her: new parents, millennials, and other young people who needed to understand their finances.
Now, Amy focuses on tech companies and renewable energy for growth opportunities, coupling that with long-term investing strategies and equities.
Before joining Motley Fool Canada, she wrote for major news organizations including HuffPost, CTVNews.ca, and CBC. Amy’s work can be found regularly on the Financial Post and MoneyWise Canada.
When she’s not researching investing strategies, Amy’s time is pretty much monopolized by her two wild daughters, but in what little spare time she has she loves to do yoga, go on walks with her dog Finley, and travel.
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Latest posts by Amy Legate-Wolfe (see all)
- Married Canadians: Know This Before Filing Your Taxes - March 17, 2024
- This 8% Dividend Stock Pays Cash Every Month - March 15, 2024
- How to Earn at Least $1,560 in Passive Income in 2024 With Less Than $40K in Savings - March 15, 2024
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It took over a decade, but it finally happened. The stock market crashed to levels not seen in months or even years in some cases. While analysts predicted the dip, nobody could have predicted the reason behind it.
The coronavirus has created a terrifying situation both for the health of Canadians and their finances. It can therefore seem like an odd time to think about it being time to retire.
In fact, this recent crash may seem that it’s putting retirement off for a few years — or more. But it doesn’t have to. In fact, now could be an ideal time to look over your portfolio and make some adjustments, potentially allowing you to retire rich.
Enbridge: Retire in a few years
If there’s one company that will be sorely needed in the near future, it’sEnbridge Inc.(TSX:ENB)(NYSE:ENB). Enbridge has been unnecessarily dropped by shareholders as the oil and gas industry takes a beating. However, the company has exactly what the industry needs: pipelines.
To end the oil glut and get gas moving across North America, Enbridge has a number of secured projects to build up pipelines. Once these are built, the company’s stock should soar, but for now the stock remains at a steal of a deal.
If you’re looking for a great stock to retire on, Enbridge is an excellent option to make significant short-term gains, and long-term investors will be even happier. Then there’s the company’s solid dividend yield of 8.11%, which is definitely interesting during a downturn.
Fortis: The long-term investor
Fortis Inc.(TSX:FTS)(NYSE:FTS) is the best stock to buy if you want to remain steady and stable for decades to come. This stock will practically guarantee you won’t see any major drops. So if you plan out with your financial advisor how much you’ll need when you retire, you can bank on Fortis being able to deliver.
That’s because Fortis is a utility stock — one that has made a number of acquisitions to grow its portfolio even further. The company has strong cash flow coming in and that isn’t likely to drop.
Even during an economic downturn, everyone needs to keep the lights on, so a company like Fortis is great if you’re looking for little — but strong — movement.
TD Bank: As soon as possible!
It’s true, Canadian banks are going through a lot right now, and Toronto-Dominion Bank(TSX:TD)(NYSE:TD) is no exception, with the stock taking a major drop of almost 40% from peak to trough.
Of course, banks have been hit as every industry in the economy is hit due to the coronavirus and oil and gas industry, and the housing industry could also mean TD Bank takes another hit.
However, for investors looking to retire shortly, this leaves a great opportunity with TD Bank. Canadians bans fared as some of the best in the world during the last recession, and should pop back up to prerecession prices sooner as opposed to later.
TD Bank is also going through an expansion phase into the United States and wealth and commercial management sectors, leaving two highly lucrative areas ripe with cash.
For investors looking to make killer cash relatively quick, this is the ideal choice, especially if you reinvest the company’s solid 5.41% dividend yield in the meantime.
