Here are a few tips of what you can do with that “extra cash” you might have in the bank or receive in the future:
1. Invest in your 401k retirement account up to full extent of employer’s matching contributions.
2. Pay off debts, beginning with those with the highest interest rates.
3. For higher education costs, invest in a state section 529 college savings plan.
4. Invest up to the maximum in either a Roth IRA or a deductibe IRA.
5. For further retirement savings, consider an annuity.