How often have you found yourself picturing a retirement where you’re enjoying regular overseas holidays, spending your spare time with your grandkids and leisurely filling up your days doing all the things you love? We all have but we’re brought down to earth quickly by reports suggesting there won’t be enough money for a comfortable retirement. Perhaps even worse, some of us will have to work much longer than planned.
Well, not anymore. In the March 2013 issue of Money Magazine, Bryce Holdaway (Director of Empower Wealth and Co-Host of Location Location Location Australia) shares with us a strategy in building a Property Portfolio which will get you $2,500-a-week in passive income when you retire. This will put you in the highest bracket of retirement earnings in the country and according to the latest census (2011), would provide you with more than double the average total household income of $63,960. Bryce will also be illustrating the strategy in a step-by-step approach for two different household type:
- Scenario 1: A 28-year old, single, renting, no major assets with an annual income of $65,000 and a monthly surplus of $279. The goal for this scenario is three investment properties worth $10 million.
- Scenario 2: Mid-30s married couple with two young kids, own a PPOR and on a combined annual income of $120,000 and a monthly surplus of $424. The goal for this scenarios is three investment properties worth $7.8 million.
Read to find out what strategy they adopt!