In the past decade, property investment has become an increasingly popular choice to build a secure future. As a result, it’s not uncommon for people to retire with properties as part of their personal portfolio.
Whether you are planning to retire soon or are already retired, this blog I will help you prepare for a comfortable retirement in property by showing you how we can help make it happen:
Retirement may mean different things to different people
Some may see it as a time when you get to finally enjoy life and take it easy, while others may see it as an opportunity for new adventures.
Regardless of what retirement means for you, it is important that you have a plan in place so that your needs are met throughout this period of your life.
Before we go over some of the things that can help make your retirement comfortable, let’s first define what retirement means.
No matter what your retirement dream is, there is one golden rule that you should follow
The best way to make sure you have a comfortable retirement is to take the time to plan for it. No matter what your retirement dream is, there is one golden rule that you should follow:
Invest early and invest often.
Start with the end in mind. Think about your goals for retirement, then create an investment plan to meet those goals. The key here is not only investing wisely but also being prepared for the unexpected so that you can adjust as needed along the way.
Investing is a long game; don’t be afraid of taking risks to achieve success!
1. Determine where you are in your investment journey.
The first step in planning for your retirement is to determine where you are in your investment journey. The questions below will help you answer this question:
- What is your current financial situation? Do you have a steady job that pays you enough to live comfortably? And do you have any debts that will need to be paid off before you think of retiring?
- How much money do you have saved up for your retirement? Is there sufficient funds in your superannuation to allow you to live the life you actually desire, instead of just surviving on Government handouts? It’s important to know how much money will be available when it’s time for you to start drawing from these funds. If possible, try and make estimates based on different scenarios so that if one doesn’t work out as planned then there’s another option available instead.
- What is your current plan for your financial future?
2. It’s time to plan for your future!
The next step is to work out what kind of retirement lifestyle you want.
Do you want to stay in your current home and rent out your investment properties? Or do you have a long-term plan for selling both properties and moving somewhere else?
What are your goals in retirement? Is there something you’ve always wanted to do but havn’t yet had a chance to do, a hobby you really enjoy, a place you want to travel. I have a client who wants to sail around the mediterranean for a couple of years on a yacht as he’s an avid sailor. What do you want to do?
To find the best property investment opportunities, it’s important that we know why we are planning for retirement. After all, there are so many things that can impact our future: health problems; changes in family size; or even just changes in our interests.
If you don’t know where you’ll be living by the time it comes to retirement, that’s ok. Invest in properties which will grow in value so when it comes time to retire you have the option to sell one or more of your investment properties to allow you to then purchase your dream retirement home.
Many come to us with the idea of buying an apartment on the coast because they ‘might’ like to move into it when they retire. There’s a few challenges with this…
Firstly, ‘might’ is not a reason to invest in a property. Secondly, an apartment will not grow your money as quick as a house on land. Thirdly, an apartment will have higher holding costs due to body corporate, less opportunity to increase your rent and more competition to find a tenant.
Buy investment properties which we like to refer to as ‘work horses’ to grow your money, which will then allow you more choices in retirement.
3. Let’s help you prepare for a bright and secure future.
Take comfort in knowing that our team is committed to helping you achieve the best possible outcome for your long-term investment needs. We will guide you through the process of making an informed decision so that before long, you’ll be enjoying a healthy retirement with a strong portfolio of property assets.
We know how important it is to have peace of mind when planning for your future, and we want to help provide that with our expertise in real estate investing.
You don’t have to be a property expert or even own any property at all to start planning for your retirement. But you do need to take active steps towards making sure your investment journey is a success.
We hope this blog has helped give you some ideas about how to achieve this goal for yourself and your loved ones!
Good luck on your journey 😊
Regardless of your situation, circumstances, and goals, I am passionate about helping you strive to meet your financial and investing goals. Reach out to me directly at leonie@wealthology.com.au to chat about ideas.
