Sunday, 15 July 2018
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This Old House - Do-it-Yourself

Retirement Will Not be Scary If You have a Second Home

Written by Posted On Thursday, 11 January 2018 21:54

The average age of retirement in the US is 63 years,says data published by Statistic Brainon September 22, 2017. But what is more concerning is that the average length of retirement is 18 long years. Of all the Americans who retire, there are many who stop working earlier that the usual retirement age, while many other start collecting Social Security before their full retirement age, which is 66 for many and rises to 67 for those born after 1960,says an article published by Money. This puts a significant squeeze on their post retirement income.

A lot has been said about how much a person should save to secure their retirement years. According to a report by the Economic Policy Institute (EPI),the mean retirement savings of working-age families, including members aged between 32 and 61 years, is $95,776.Well, saving for your retirement becomesquite obvious if you have a plethora of dreams you wish to fulfil in your golden years.

Experts at Donnelly Real Estate say that a large number of people are buying property along the Jersey Shore as a means of added income, renting them out to tourists as vacation homes, while also knowing that they have an investment that can be used for emergencies. In fact, the availability of vacation homes along the Jersey shore has played a key role in driving up tourist numbers, since these homes offer greater space and privacy than hotel rooms, while being significantly cheaper. This makes it a win-win situation for both the homeowner and the town.

Retirement is a Beautiful Phase

We live in times of growing uncertainties, life threatening diseases and skyrocketing costs. If you don’t start putting money aside early in life, there might come a time when you are no longer actively employed, while also not having any savings to fall back on. This can make the retirement years a nightmare.

However, these golden years should actually be the best phase of life, when you have fulfilled your responsibilities and now have time to chase your own dreams. In the words of Catherine Pulsifer, “Retirement is a time to enjoy all the things you never had time to do when you worked.”

On the other hand, Harvard Business Reviewcalled retirement a flawed concept, since most of us start to see retirement as a time when the light at the end of the tunnel of life has been blocked by a triple-bolted steel door. But, this does not need to be the case at all.

The truth is that retirement is actually the beginning of a beautiful phase of life. It is a time to tick off each entry on your bucket list. You aren’t required to punch in a time card anywhere, your time is your very own to investin yourself. Learn a new sport, a new language, acquire new skills and knowledge about your interests.

Rise of Vacation Homes cum Retirement Destination

From the data collected by the US Census Bureau, it was revealed that till April 2014, there are 76.4 million baby boomers in the United States, belonging to the age group of 51 to 69 years, as published by Population Reference Bureau. As an interesting fact, you should know that baby boomers were named for an uptick in the post-World War II birth rate.

At the New Jersey Shore, many baby boomers are also considering their vacation homes as their full-time retirement plan. Till the time they retire, they rent out their Jersey Shore home as a vacation rental. This helps them build a tidy corpus, which they can save or invest further for a secure retirement. After retirement, they can even choose to live in this vacation home, close to nature and along some of the most beautiful beaches in the country.

If you are looking for the right time to buy a vacation home, financial experts say that it you should consider buying your retirement home 5 to 10 years before you stop working.

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