When Savings And Social Security Aren’t Enough
As much as American workers look forward to retirement, many of them also worry that retirement is a luxury they can’t afford.
In fact, about one-fourth express concerns about running out of cash in retirement, according to a survey by the Indexed Annuity Leadership Council.
The problem, says Marco Kozlowski, (www.marcokozlowski.com) an entrepreneur and business consultant, is that too many people lock themselves into a few limited options for funding their retirement nest egg.
Social Security provides a small amount of income, but after that people rely on what little savings they can muster after paying bills and taking care of other daily living expenses.
When they realize their savings are coming up short, they consider alternative retirement plans, such as delaying Social Security so monthly payments will be higher, working in retirement, or turning to investments such as real estate to provide a different path to security.
Kozlowski is a proponent of the real estate alternative, but he warns that real estate comes with its own caveats.
“People think when you are talking about real estate that it’s going to be some get-rich-quick situation,” Kozlowski says. “It’s not. To be successful at it takes effort and education on how to do things correctly. Buying a home and buying investment property have completely different rules.”
Those willing to get educated and to put in the hard work will find that real estate can be the ticket to healthy retirement plan, he says.
He has a few tips to help those interested avoid some common pitfalls:
Kozlowski cautions that real estate investing can be risky – especially if you don’t educate yourself before taking the plunge.
“The way to reduce all risk is through knowledge,” he says. “Everything we learn helps use avoid some sort of risk. In that sense, real estate investing isn’t much different from anything else in life.”
About Marco Kozlowski
Marco Kozlowski (www.marcokozlowski.com), author of the ebooks “WTF Wealth: The Formula” and “10 Myths of Investing in U.S. Real Estate,” is an entrepreneur and mentor who offers financial education on how to maximize real estate investing in the United States from anywhere in the world.
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