UBER

Retirement Rockets: 3 Growth Stocks to Propel Your Savings to New Heights

InvestorPlace - Stock Market News, Stock Advice & Trading Tips

Saving for your golden years generally follows the tried-and-true principle of acquiring passive income providers, but these retirement growth stocks can offer a twist to this narrative. Don’t get me wrong: you should still stick with your bread and butter. But there’s nothing wrong with adding some responsible seasoning.

Yes, targeting blue chips that pay robust and reliable dividends is the relatively safe approach. However, it’s also possible to be too boring and predictable. With technological advancements happening at breakneck speeds, your portfolio may need to be relevant to be holistically viable. On that note, below are enticing retirement growth stocks to consider.

Uber (UBER)

A photo of an Uber placard in the window of a car on a city street.

Source: Shutterstock

Based in San Francisco, California, Uber (NYSE:UBER) technically falls under the application software realm. However, we know the company best as a pioneer of the sharing economy. What’s more, the company has branched out from its core ride-sharing business to dominate food deliveries. It’s even moving into the transportation and logistics sector, which makes UBER stock quite compelling.

I wouldn’t say Uber represents a classic play for enjoying your golden years; this, however, is all about expanding the top line. If you’re seeking retirement growth stocks, the sharing-economy specialist should be on your portfolio. Basically, that’s because Uber has revolutionized how we get around, and that’s not changing any time soon. Plus, it’s not just the convenience-at-home factor.

You’ll notice travel demand is booming. In fact, McKinsey & Company noted that the sector is on its way to a full recovery after falling 75% during the pandemic. Uber allows tourists to enjoy ride sharing across borders and, best of all, you don’t have to speak foreign languages to use it. Everything’s done in the app – and shady behavior is penalized through platform removal.

UBER is going to be relevant for a long time. It’s easily one of the retirement growth stocks to buy.

CyberArk Software (CYBR)

A digital illustration of a hacker in a blue sweatshirt. Cybersecurity Growth  stocks

Source: Shutterstock

Hailing from Israel, CyberArk Software (NASDAQ:CYBR) falls under the infrastructure software space. With its subsidiaries, CyberArk develops, markets and sells software-based identity security solutions and services. Its main markets are the U.S., Europe, the Middle East and Africa. Primarily, CyberArk offers a risk-based credential security management platform. By making sure only the right parties have access to defined data streams, enterprises can function more effectively.

Now, one headwind that works against CYBR stock and the broader cybersecurity industry is the underlying economy. As Bank of America recently pointed out, consumers and businesses have become cautious about their expenditures. That’s not great for CyberArk as the addressable market seeks to cut overhead. That may entail spending less on software.

However, my counterargument would be that while security measures aren’t exactly accretive (or actively productive), they prevent catastrophes. Not only that, the average cost of data breaches is rising. Enterprises will likely look to various security measures, irrespective of the costs.

After all, in the digital realm, an ounce of prevention is worth a pound of cure. CYBR is another example of retirement growth stocks to buy.

Intuit (INTU)

man in headphones writing notes in notebook watching webinar video course

Source: fizkes / Shutterstock.com

Saving the riskiest idea for last, Intuit (NASDAQ:INTU) falls under the application software ecosystem. Per its public profile, the California-based enterprise provides financial management and compliance products and services. Its target audience comprises individual consumers, small businesses, self-employed workers and accounting professionals. Ordinarily, it’s an easy idea to talk about except for one major problem.

On Thursday, INTU stock cratered because the Internal Revenue Service declared that it will make its direct income tax filing program permanent. In other words, the agency will compete with a private enterprise. Worryingly, in the past five sessions, Intuit shares have slumped almost 17%. It makes sense on some levels because TurboTax’s free filing offer loses much relevance now.

Still, the gig economy could end up providing Intuit with a lifeline. You see, taxes for independent contractors (i.e. gig workers) are generally much more complicated than for employees. Filing a W2? You can do this blindfolded. The IRS’s free program is highly appealing to individuals with straightforward taxes.

But when you’re a 1099 contractor, you’re treated like a company for tax purposes. Those navigating this more complex process often turn to software like TurboTax for step-by-step guidance. Given the continuous growth of the gig economy, Intuit has underappreciated relevance here. Thus, it’s one of the retirement growth stocks to buy on the weakness.

On the date of publication, Josh Enomoto did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

A former senior business analyst for Sony Electronics, Josh Enomoto has helped broker major contracts with Fortune Global 500 companies. Over the past several years, he has delivered unique, critical insights for the investment markets, as well as various other industries including legal, construction management, and healthcare. Tweet him at @EnomotoMedia.

More From InvestorPlace

The post Retirement Rockets: 3 Growth Stocks to Propel Your Savings to New Heights appeared first on InvestorPlace.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Tags

More Related Articles

Info icon

This data feed is not available at this time.

Sign up for the TradeTalks newsletter to receive your weekly dose of trading news, trends and education. Delivered Wednesdays.