How Much Money Will You Need In Retirement?
It Is A Difficult Conversation For Many To Have, But It’s Very Important.”
By Van Sturgeon
Real Estate Investor
For many people, a conversation about how much money they will need to have coming in every month during their retirement, is a difficult conversation to have.
Let's face it.
We can’t expect the government to fulfill their obligations to us, since they are printing and spending more and more money than actually comes in.
You have to have this conversation, and figure out what it is that you will need.
Besides...If you don’t figure this out now, it won’t leave you with enough time to deal with it later. Now is the time to put a plan together and create a goal.
Once you have figured it out, then you can list that as a goal to work toward.
We all need goals in our lives.
So...Let’s chat about your retirement plans.
So...How much do you think you will need in order to retire and live the lifestyle that you have always dreamt of and wanted?
I have figured out a simple formula that you can use to figure out what you will need. First, you need to start with determining how much money you will need on a monthly basis, and multiply that for the 12 months in a year. Then, take that figure and multiply that times 25. The reason why I came up with 25 is I expect that you will live until you are 90 years old. So 65 years old minus 90 years old means that you will live for 25 years past your retirement age of 65.
Let’s say that you will need $5,000 a month to live comfortably in retirement. If you use that figure, you need to amass a nice tidy sum of $1,500,000.
Yes, indeed...You will need to have one and a half million dollars stashed away somewhere to be able to live off a $5,000 a month stipend.
See...It helps to figure this out now, instead of waiting until you are almost retired.
Now...some of you are worried about this figure and some of you will want more than $5,000 a month for retirement.
I’m pretty sure that most of you are wondering how on earth are you ever going to get to $5,000 a month and $1,500,000 in total money.
Well...I can tell you that I have figured it all out and I want to share with you my strategy for financial freedom and a safe retirement. Over the last 30 years, I have been a real estate investor and I have accumulated a lot of rental properties over that period of time.
I am pretty confident that if you dedicated yourself to learning how to invest in real estate, that you will own enough rental properties to give you the monthly income that you will need in your retirement.
The math is pretty simple. Today, you will be able to find rental properties that will be able to generate at least $200 a month in net income. Find enough of those rental properties to accumulate in your portfolio, and now you have a sound financial investment that will give you financial security and all that you will need in your retirement.
In addition, this investment will keep up with inflation so that your monthly income will never diminish. Also, you might even see a bonus where the value of your rental properties can go up significantly.
If you need a lump sum of money, you can get a line of credit from one of your rental properties. There are so many great benefits to real estate investing, and I encourage you to get started right away.
But it starts with you…
You need to make the first step, and it should be in these two areas:
- Education
- Real Estate Investing
Don’t get all bent out of shape. Don’t worry about retirement. You need to start to focus on what steps that you can take now, to ensure that you and your loved ones are going to be financially free and in a position to enjoy the golden years of your lives.
Putting together a real estate portfolio that will serve your needs, can be accomplished pretty quickly. Don’t worry about how long it is going to take to create your real estate portfolio.
You need to concentrate on starting the education right now. You need to start now on your education and to take that first step.
Thankfully, you have come to the right place.
Let’s do this…
For more information on house renovations and real estate investing, visit www.vansturgeon.com to help you in your real estate investment journey.