Property investment can be a great way to generate income for your retirement. Executed well, it can provide a full-time income for you, either from the rent or taking out a loan against your portfolio.
The best thing is you don't have to wait until you are 65 to enjoy the benefits of property investment. If you begin early, then you can scale back your workload as the income from your portfolio increases.
It might sound easy, but the devil is in the detail. It's important to develop a strategy and adapt it to suit changing conditions.
To get an idea of how much you'll need when you wind back your working life, add up the costs of all the things you'd like to do; maybe its upscaling your home, travelling the world, eating out a lot.
The ASFA retirement standard, which currently equates to $45,962 for singles and $64,771 for couples, is a rough guide to how much most people will need. It's based on the amount retirees need to maintain a good standard of living.
So how can investing in property help you achieve this?
The two main ways to make money from property are capital gains and rental income, which is the more usual way to go for most retirees.
This story is from the June 2022 edition of Money Magazine Australia.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the June 2022 edition of Money Magazine Australia.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Is the public market shrinking?
Australia needs a healthy stock market to give companies access to funds and to allow retail investors to build wealth.
India: three steps to transformation
Massive investment and extensive reforms turbocharge the economy.
The ballet of business
Changing direction, products, models and marketing is a hard task for a business. We chart what it takes to turn a business around, plus profile four successful pivots.
Save money and the planet
Could the high cost of living give us the incentive we need to reduce how much water and energy we use or waste? These eco-friendly household tips will help you do just that.
AI adoption is the new black
Artificial intelligence is set to reshape the commercial world, and small enterprises can’t afford to miss the boat.
Spam attack! Murky laws jam our inboxes
Unwanted marketing material is one of the pain points of modern life.
From rags to riches in style
Rich Tran sported a bowl cut until he was 14 years old and had no intention of becoming a hairdresser.
New work deals are killing the 'old' office
The Covid pandemic and the subsequent lockdowns accelerated the trend to more people working from home. It was a mixed experience.
Points taken: the truth about rewards
Can hopping between credit cards really boost your frequent flyer haul and give you cheap or free travel - or is it doing more harm than good behind the scenes? Money puts it to the test.
Shortcuts to own a home
Innovative ideas with a focus on low costs and sustainability could help solve the housing crunch.
