21% of Americans have taken money from their retirement savings during the Covid-19 pandemic.
If you're feeling pressured when it comes to retirement, you're not alone. It's hard to know how much you'll need to live comfortably when you eventually retire, which makes a lot of people reluctant to do it at retirement age.
One of the ways you can combat this anxiety is by investing your money in something that can keep paying out long after you retire. Today, we're going to examine real estate for retirement and help you get on the right track for your later years, so keep reading.
Stable Income From Real Estate
When you own real estate, whether it's an apartment block or a stake in a REIT, you get a stable income for as long as it's yours. The best example of this, of course, is a rental home that you can rent out in its entirety or split into different units.
As long as you take care of a rental property, there's no reason that you can't maintain a steady income deep into your retirement. If you're smart about it, your monthly rent will be able to cover ongoing expenses while simultaneously paying the mortgage. Eventually, you'll start putting money in the bank as well.
Investing in Property Early
Investing in real estate sounds daunting to many, but the earlier you do it, the sooner you'll build equity. The more equity you have in the property, the better it'll be when you start to look at retiring.
Another thing that's great about investing in property is that you can start small and slowly build up to the point that you can buy a home. REITs, for instance, are more similar to stocks and more low-risk. When you've built up capital, you can move on to more in-depth investments.
The real estate market is always moving forward. If you buy an investment property now, it's undoubtedly going to be worth more should you decide to sell in 20-30 years. In this sense, you can look at your real estate as a retirement nest egg.
Plenty of Resources Available
Having a stable income from a rental property takes a lot of the anxiety out of the decision to retire. What scares some people off is the amount of work associated with being a landlord.
If it ever becomes too much to handle, you can always hire a property management company to take the burden away. A full-service property manager like Home River Group can handle every aspect of your rental property, so you can just sit back and collect your monthly income.
Real Estate for Retirement: A No-Brainer
If you're in a position to purchase real estate, it's never a bad idea to do it. As we've shown, a real estate investment can make both the decision to retire and life during retirement easier and more comfortable.
Are you a Salt Lake City resident thinking about real estate for retirement? Contact us at Home River Group to discuss how we can help you maximize your rental investment with the best comprehensive property management services in the country.
