Baby boomers who have not saved enough for retirement should take steps now to create ongoing passive income streams.The goal should be to own several income properties that are free and clear of debt by the time you retire
West Palm Beach,Florida (PRWEB) July 25, 2013
70 Million baby boomers will reach retirement age over the next 15 years, but many will not have saved enough money and will need to work full or part time to maintain their lifestyle long after they anticipated retiring, says real estate expert and President of Florida commercial real estate firm Income Realty Advisors Patrick Moorton.
Timing will also be an obstacle.
Baby boomers will retire at what may be the worst time in a generation, according to a new study by Bankrate.com. Lower bond yields and stock dividends have weakened investments for those just about to retire. Fewer pension plans, stagnant home values and the increasing cost of healthcare further compound the landscape.
Moorton, who specializes in long-term investment strategies, emphasizes that a traditional investment portfolio of stocks and bonds may no longer be enough for retirement and advises boomers to consider alternate approaches to increase the money they have available at retirement.
One relatively low-risk step boomers can take is to purchase a duplex as their primary residence.
“If you don’t own a home and need to quickly save money for retirement, purchase a duplex as your primary residence, live in half and rent out the other half for income. The cash flow should be used to pay off the property as quickly as you can,” Moorton said. “If you are 50, your goal should be to pay off the property before you retire. You should then always have a place to live and a place to rent for income.”
Moorton cautions that investing in CDs offers low returns and won’t keep up with inflation as the prices of gasoline, food and other products consumed daily continue to rise. Buying a duplex not only gives retirees a place to live, but long-term cash flow.
“Baby boomers who have not saved enough money for retirement should take steps now to create ongoing passive income streams. The goal should be to own several income properties that are free of debt by the time you retire.”
For more information on solid investment strategies for retirement or Florida investment opportunities, visit http://www.nnn1031exchange.com or contact Patrick Moorton at Patrick(at)nnn1031exchange(dot)com.
About Income Realty Advisors:
Florida Commercial real estate brokerage company Income Realty Advisors, Inc. specializes in the sale of single tenant net lease properties with national credit tenants,Florida NNN Properties for 1031 Exchanges, Distressed Florida Multifamily, Sale-Leasebacks, Site Selection for Retailers and Developers.
Clients include developers of Publix, Whole Foods, Walgreens, CVS, 7-Eleven, TD Bank, Chase Bank, High Net Worth Individuals, Insurance Companies, Retailers and Real Estate Investment Trusts, and Hedge Funds.
Featuring Florida commercial real estate for sale, our long-standing relationships with real estate developers, investors, brokers, and real estate investment trusts give us inside access to a constant pipeline of high quality projects. Contact us today to discuss your real estate needs.