Following years of living with a steady stream of income coming in each month, financial planning for a post-work life can be a big change.
After all, sorting out your finances with a more lump-sum approach can take some getting used to, and with people living longer than ever, simply having a savings account to fall back on may not be a viable option.
With this in mind, it's a good idea to consider different income sources you may be able to make use of during retirement.
Some retirees find that transitioning into a post-work life with a part-time job is a great way to boost their income while getting used leaving the nine-to-five world. However, making investments a cornerstone of your financial planning can be an even more lucrative strategy, especially if it's an investment you can count on for regular cash flow.
One such option is residential investment property in New Zealand.
Unlike some other types of investments, property is something most people can wrap their heads around. After all, we live in houses, so understanding how the process works is much easier in comparison to investment instruments you may have never used before.
Additionally, unlike stocks or bonds, property is tangible. You can reach out and touch your investment, and check up on it whenever you wish.
A new career?
Aside from the steady income investment properties can bring in through rent, many retirees have found that becoming a property owner and landlord provides them with a new job to occupy their time, albeit one where they're the boss and can make their own hours.
However, whether you plan on handling your property portfolio yourself or obtaining help from professional property managers, it's a good idea to work with qualified financial planners to receive property investment advice.
Even if houses and units are inherently easier to understand, it pays to make use of expert knowledge from experienced professionals.
Here's to your financial independence!
Authorised Financial Adviser / Investment Property Expert