Retirement Income For The 99 Percent
The gig economy is not just for young people; cushy jobs have become a thing of the past, and cushy pensions and employer-provided retirement account contributions are even harder to find among the most recent cohort of people to find themselves added to the AARP’s mailing list. Life keeps getting more expensive, so how will you save enough money by the time you are in your mid- to late 60’s to cover all your expenses? Do you really need to spend the next 15 years living on instant ramen noodles like you did when you were in your 20s? It is a good idea to put as much money as you can toward your retirement account once you have entered the empty nest phase of your life, but there are other ways to generate income during your retirement years besides the interest from your savings and the dividends from your investment portfolios. Other assets that you own can generate passive income for you even after you retire. An Orange County estate planning lawyer can help you make the most of all possible income streams that can benefit you during retirement.
It’s Not an Empty Nest, It’s an Investment Property
There are financial reasons not to sell the house where you raised your children, as well as sentimental reasons. It might be the most valuable asset you own, and instead of selling it for a lump sum, you can continue to generate income from it. If you want to move to a smaller house in a quieter area, renting out your house can cover the mortgage of your new Tiny House and still leave you some cash left over for date night. If you still want to stay in your family home, you can rent out parts of your house to tenants; this might require you to make some renovations, so you can have more privacy, and so can the tenants.
It’s Not Clutter, It’s Capital
Decluttering is a time-tested estate planning strategy, but some of your most valuable stuff can get you more money if you rent it out than if you sell it. In fact, there are [insert name of valuable item]-sharing websites for almost any valuable item you have bought and only occasionally use. The number of people who would like to use your fancy car, boat, or expensive camera equipment every once in a while far exceeds the number who can afford to buy their own. You can use apps like RVshare to rent out your RV, Turo to rent out your car, Boatsetter to rent out your boat, Spinlister to rent out your bike, or ShareGrid to rent out your camera equipment. If you rarely use your big-ticket items but can’t bear to part with them, renting them out through sharing apps might be the best solution.
Contact an Attorney Today for Help
An Orlando estate planning lawyer can help you make realistic plans to ensure your financial stability during retirement. Contact Gierach and Gierach, P.A. for help today.