How much thought have you put into what you want your retirement to look like, and how much effort have you placed into it?
There are many options people take on their journey to retirement – the choice is yours.
- Some people simply focus on the now and aim to make as much money as they can.
- Others try to save and grind while investing only in an IRA or 401K plan.
- Few individuals try to build their own nest eggs – with little luck.
Due to the silver tsunami of seniors, with 10,000 people turning age 65 every day, owning a residential assisted living home can significantly increase your monthly cash flow.
In addition to properly preparing for a place to live during retirement, owning and investing in assisted living allows individuals to pass down something other than poverty to future generations.
Residential assisted living is a cash cow business waiting for the right people to start the process.
STEPS TO TAKE IN PREPARATION FOR RETIREMENT
Estimate how much money you will need in retirement. This amount typically ranges from 70 to 100 percent of your pre-retirement income.
Determine your available income sources. These sources include things like pensions, 401(k)s, 403(b)s, TSAs, IRAs, inheritances, equity from mortgages and social security payments. Afterward, calculate how much you will need to save every year, in order to retire when expected.
This could almost feel like a complicated math equation. More important than the financial calculation is where you fit into the process.
Retirement could actually mark the beginning of an exciting chapter of a new life experience as an assisted living entrepreneur. It’s important to ask yourself 7 critical questions in order to paint the perfect picture of what your retirement is expected to look like.
- When do you want to retire?
- Do you plan to stay in your current home, trade down to a smaller one, or move to a different city?
- What debts will you still be paying off?
- Will you continue to work after retirement?
- How will you spend your free time?
- How will you pay for medical costs?
- What would happen financially if your spouse died?
Answering these questions should give you a clearer picture of what your retirement will be like and how much you should be saving now.
Creating a retirement vision can help you stay motivated over the years as you continue saving.
8 THINGS TO DO IN ORDER TO MAKE UP FOR LOST TIME
Most people simply fail to plan for their golden years. If you’ve procrastinated in planning for retirement, you may not be as far behind as you think. You’ll definitely need to make up for lost time.
For the rest of your retirement needs, here are eight things you can do to catch up.
- Use income tax returns to pay off credit cards as soon as you can to avoid paying high interest.
- Scale down rather than up in order to save money.
- Put as much as you can into retirement plans to eliminate excessive taxes.
- Boost your income by finding a better job or second job with enhanced benefits.
- Postpone your retirement.
- Make your money grow faster by investing in stocks and mutual funds.
- Add to your investments each month, the secret to financial success is to keep investing.
- Rely on professional advice.
WHAT DO YOU ENVISION YOUR RETIREMENT LOOKING LIKE?
Retirement looks different from person to person. Some people simply want to relax at home, read good books, watch award winning movies and spend time with their grandkids. Others want white sand beaches, turquoise waters, crashing waves, or exploring scenic national parks.
The choice can be yours.
No matter what you want your retirement to look like, how are you going to get there unless you plan accordingly?
The Residential Assisted Living Academy can help you plan in ways you probably haven’t imagined.
If you have failed to plan for your retirement, you are going to fail as a retiree, but this doesn’t have to be the case. When you retire, your bills will not automatically stop.
Investing and owning a residential assisted living home will not only prevent you from running out of money, but it will ensure that you’ll have an appropriate place to live.
It’s important to find a financial solution to help you set a retirement plan that is as bulletproof as possible.
THE INCREASING LANDSCAPE OF RESIDENTIAL ASSISTED LIVING
It’s never too late. You can start your retirement plan now. The Residential Assisted Living Academy will teach you how to earn generational wealth that your family can be proud of.
The model of senior housing offered at www.RALAcademy.com can ensure you the future you’ve always wanted, including the stress-free retirement of your dreams.
During the 3-day course, students are learning everything they need to know in order to invest, own or operate a residential assisted living home.
With this model, owners are creating a cash flow of $5,000 to $15,000 net monthly profit.
The experts at RAL Academy are teaching students the strategies needed to build a legacy based on the rising need of assisted living due to baby boomers reaching retirement age.
Do not procrastinate any longer, contact www.RALAcademy.com today to register for the next course, which could change what your golden years will look like as a retiree.
