![]() ![]() ![]() The pandemic merely acted as a catalyst, giving people tons of reasons to move to rural cores. In one year ending in September 2020, more than 50,000 single-family rentals were constructed in contrast to the 40-year average of 31,000 homes. It has to be said that even though offices, hotels, and retail have been severely hit, the single-family rental space is currently witnessing mammoth sales. Surprisingly, the pandemic started a chain reaction in the $33 trillion industry that will propel the median housing price by 5.7% by the end of 2021. Let's cut to the chase: we are talking about the real estate market. Make an Investment That Generates Passive Income From Day One Here are 3 things you can do right now to help you maneuver this seemingly unending storm. Knowing that you'll need much more savings in the long run, you therefore need to tweak your existing wealth creation strategies. While it will, it might take longer than expected this time. We've all heard how the market auto-corrects after a nosedive. People are likely to make one mistake: compare this depression to the 2008 housing bubble and other past market crashes. If you consult a financial advisor today, chances are that their questions will be different compared to the questions they would have asked in the pre-pandemic world. ![]() Since Medicare doesn't kick in until you are 65, health concerns can drain your life savings in a flash. A Genworth Cost of Care survey states that a couple retiring today would need over $300,000 for health and long-term care. Most people start saving for retirement without estimating any costs related to life events that include healthcare. When you factor in the average yearly earnings of $56,524 for people above 55 years of age in Q3 2020, you should save $565,240 by your 67th birthday. From a retirement and healthcare standpoint, though, you still have a long way to go.Įxperts at Fidelity Investments mention that you need 10 times your annual income for smooth sailing in retirement. The fact that you saved $200,000 says much about you: you are financially aware, understand your goals, and attempt to keep emotions out of money. Before anything else, congratulations on reaching this milestone! Given that 69% of Americans have less than $1,000 in their bank account, you have done an excellent job. ![]()
0 Comments
Leave a Reply. |