You need to be honest with your assessment
of your future income. If it’s not
going to be enough, then you need to do
something about it. The sooner the better.
Let’s assume you are going to
retire at the new retirement age of 67.
It’s entirely possible that with
medical advances and the increase in lifespan
we are seeing, that you will live for
25 or 30 years in retirement. Yes, that’s
a long time, but it is so wonderful, and
something to be very grateful for.
To ensure that these years can be as
comfortable as you wish, you naturally
need to have enough money. Whether that
is from your savings, your super, or other
sources, like income from property investments
or shares.
If you are brave enough to take a close
look at what your retirement funding looks
like, you may be in for an unpleasant
surprise.
Here’s your challenge:
- Work this out and see it for yourself
- Accept the outlook
- Do something about it.
Whilst even the term ‘retirement’
suggests some distant time in the future,
the earlier you start to plan for it,
the easier it is to achieve your goal.
If you still have at least 10 to 15 years
in the workforce, this is enough time
to get into the investment property market
and enjoy the benefit of the 7 to 8 per
cent compound annual growth plus rental
returns that help pay for the investment.
With our population expected to grow
by over 60 per cent in the next 40 years
and with the ageing population trend,
we all need to accept that the government
will simply be unable to provide for all
our needs. This means that we either fall
back on our children, or we live a very
tough life where we literally cannot afford
the lifestyle that we take for granted
today. Who wants that?
Our recommendation? McCarthy Group recommends
getting yourself into a position where
you own three or four investment properties
by the time you retire, being one property
to support each of the four decades after
retirement. This might not sound possible
to you right now, but it can be achieved,
and it’s the way to go. Believe
me, acting on this now while you have
the time is definitely preferable to waiting
until it’s too late, and then saying,
“If only…”
If you would like to learn more and
discuss how McCarthy Group can assist
you, click
here. |
