Property Investment Income Statistics
Property investing, it seems that no matter how much money we earn, we’d always like to earn more. There’s always something that we’d love to buy but simply can’t afford on our current income. Retirement seems a long way off, but do you have enough to live the easy life when you stop working? How can buying investment property help us to achieve our goals in life?
It could be as simple as paying off your mortgage early, or maybe you have grand plans of owning a luxury home a few years down the track. Or perhaps you’d like to have enough money to start a family and be able to afford to have your partner stay at home to look after the kids. Or maybe you would like to buy a business, or a luxury yacht.
And if you are in your 40’s or 50’s, there’s a good chance that you have started to plan what you would like to do in your retirement, along with how much money you would like to live on. Well, in the past, Superannuation has been hailed as a sound way of offering you a comfortable retirement living, but we now know for absolute certain that most Australians will find themselves living on not much more than the old age pension.
Terrifying thought, isn’t it? So what can you do?
To make sure you have enough money to live on comfortably in retirement, you could increase your Super contributions, but depending on how old you are now, you could soon find that you would need to put away a large sum each week, to retire on an income that equals your current salary. And of course, that is just impossible.