Have you put much thought to your retirement? You know you have a 401K and money gets put into it every paycheck. You might also have a savings account you put money into whenever you can. Things should be okay then right? There is a current problem in America that most people are not aware of until it is too late: We don’t have enough money to retire!
One big issue is that we are too poor to maintain our lifestyle. We a lot of our time to work, yet we can’t afford to keep going with the way we were living. What is the real problem here and how can we fix it?
Here’s The Problem
According to Edward N. Wolff, an economics professor at New York University, the median net worth of a family in America is only $10,890. What about Social Security? Did you know the average monthly benefit from Social Security in 2015 was approximately $1,328? That is only $6/month above the poverty line for a household of 2 people. Let’s repeat that a second time. The check you get from Social Security is only $6/month above the poverty line. That is a sobering thought at best!
You work hard your whole life only to find that you are going to be living close to the poverty line in your golden years. Now that we have opened up your eyes to what’s truly ahead, let us consider what we can do about it.
What Can Be Done About It
You may already own something that can help you later on in life. Your own home! Have you thought about moving someplace quieter to retire? Get out of the city, move to the country, find a nicer place to settle down. Most people decide to sell their home. There might be a better way to ensure you get a new strand of income other than your Social Security check. What if you choose to lease your home instead?
There are always people looking to lease apartments. It is a convenient way to live somewhere and be able to move when you want. But some small families might be looking to lease homes while they save up enough money to buy their own. You can offer that temporary home to them. Say you lease your home for $1,600 a month. That is new money that you will have, plus your Social Security. That might even be more than your Social Security check.
Maybe you don’t want to deal with taxes or with being a landlord. That is completely understandable. You can hire professionals to handle the vast majority of those tasks. That’s where we come in. We help people who want to diversify their investment in real estate but don’t have the time or expertise to do so. We can help you finance and maintain properties so you can build wealth over time.
It is really that simple? Yes, and no. Nothing is ever perfect. Remember that financial crash of 2009? In our opinion, it is a risk worth taking. What if you acquire and lease more than one property? How does that change your retirement plans?
There are definitely more ways out there that can help you make more money for your retirement. Check out CNN’s Ultimate Guide to Retirement for more ways you can save up. We presented one viable option that doesn’t take too much to do. If you would like to get more information or ask questions to professionals in the industry, we can help. Don’t hesitate to Contact us so we can get you on the right path to a successful retirement.