The world is changing rapidly, and the world of finance is no different. Experts like Scott Tominaga and others have some bold predictions for what the future holds for finance and how we handle our money. Here are some of those predictions:

The Rise of Mobile Wallets

With NFC (Near Field Communications) and other technologies like it, it is becoming easier and more convenient for consumers to pay with their phones. Mobile wallets will be a big hit in Japan; we can see this already with the rise of the Suica system in Japan’s major cities. The NFC mobile phone platform has been used as a transit payment system in Japan since 2004 and is now used for close to half of all transactions.

Mobile wallets are becoming more popular in the US as well. Google Wallet has recently partnered with MasterCard on a new mobile payment program, so it wouldn’t be surprising to see NFC-enabled phones being adopted by major carriers like Verizon, AT&T, T-Mobile, etc. The convenience of mobile payments will drive consumer demand for NFC-equipped devices.

Bringing Money into the Digital Age

Although mobile payment systems are convenient, there are some problems that have not been solved yet. For example, what happens when I lose my phone? Since the phone is tied to your bank account or credit card, you will still need to go through the process of recovering your account. This problem will not be solved unless you move money out of your physical wallet and into the “cloud.”

Cash is one of those products that has stayed almost the same throughout its history, but even cash is starting to change. If you’ve ever used Square, you know how easy it can be for a small business or individual to accept credit cards with an app on their phone. Increased mobile payments should lead to more mobile card readers like this one because they are simple to use and inexpensive.

Counterfeiting Currency

Another issue that arises from cash becoming digitalized is counterfeiting. Countries where counterfeiting occurs, would benefit greatly by transitioning towards a digital medium for currency transactions. Countries like Japan and the US have advanced significantly in this area. In fact, the US has recently upgraded its currency to prevent counterfeiting, but there is always more that can be done.

Widespread Job Losses

Many jobs will be lost as technology continues to advance across all industries. This trend may not happen right away, but advancements in robotics are leading to decreased demand for certain skill sets that were previously necessary for these jobs. For example, taxi drivers may not need to know how to drive manually because self-driving cars are much safer. Taxi companies could also benefit from mobile payment systems like Square if they want customers who prefer paying digitally. It’s unlikely that many taxi drivers would use a mobile wallet because it takes too long to load, but the demand for those willing to accept payment by credit card should increase as self-driving taxis hit the road.

Final Thoughts on the Future of Finance

Looking at all these changes, it’s hard to predict what finance will look like in a few years. We may still be paying with cash and cards, or maybe we’ll have a digital wallet on our phones that is used for 90% of all transactions. In any case, cash will most likely be a lot less popular as more and more people adopt the new technology.

Planning for retirement is crucial to the security of your future. Savings and investment strategies can make a big difference in how easy it is to maintain a comfortable lifestyle during this phase of your life. While there are many available options, each with its own advantages and disadvantages, this article will take an objective look at seven common methods used by savvy planners like Robert Nico Martinelli.

1) Maximizing contributions to your IRA

Contributing the maximum amount to your individual IRA every year is an excellent way to accumulate funds for retirement. The maximum contribution may not seem like much in today’s dollars, but it can make a real difference over time.

2) Contributing to your 401(k)

Contributing to your 401(k) plan at work is another great way to accumulate funds for retirement. Most employers will match some of the money you contribute, essentially providing free money toward your future. But there are drawbacks to consider before contributing too much. For one thing, any funds invested in a 401(k) will be pre-tax, which means they are not available for other purposes during the year. Also, if you can’t make it through your working years without tapping these funds early, penalties may apply when you try to access them later on. Contributing too much here could also hinder your ability to rebuild after taking a job that pays less or requires fewer hours.

3) Participating in a 403(b)

If you work for a non-profit organization, a 403(b) might be available as an investment vehicle. The tax benefits are much the same as those for a 401(k). But here again, unless your employer provides matching funds, there is no free money involved. So if you contribute too much to this account, or if you fail to make it through your working years without drawing down these funds, penalties may apply.

4) Investing in real estate

Buying income property can be profitable and provide a place to live simultaneously. Using borrowed funds from a bank is usually necessary to make such deals happen. Leverage can magnify profits but also increases risk. And remember that even though you may own several rental properties, it’s important not to invest more than you can safely afford to lose.

5) Investing in stocks and bonds

Investing in publicly traded securities is another popular option for people saving money for retirement. While investments like this offer the potential for great returns, they also carry a significant risk of loss. Unless you have a high tolerance for risk or are comfortable employing strategies that limit your downside exposure, investing too much here could be dangerous to your long-term plans of retiring comfortably.

6) Saving toward a down payment on a home

Purchasing a home usually means taking out a mortgage loan from a bank or other lending institution. In addition to paying an ongoing monthly expense, homeowners generally must pay interest only on the amount borrowed to purchase their home. As a result, you can expect your total monthly expenditures to increase when you own rather than rent your home.

7) Using an annuity

An annuity is an arrangement where a company pays you a guaranteed income for life in exchange for a lump-sum payment upfront. Annuities have been criticized by many financial experts, including Robert Nico Martinelli, for carrying high fees and potentially exposing consumers to market volatility after surrender charges no longer apply or if long term care becomes necessary. Yet there are circumstances where using an annuity may be appropriate for retirement planning purposes. If you need to create an income stream from your savings but don’t want to take the risk of losing your income, an annuity may be worth considering.