04 Dec Ride-sharing and Retirement: Why Renting is Right for You
According to the experts, there is no right or wrong time period to start planning for your retirement. You could be at the beginning of your career or, you could be approaching your retirement, and still, you can come up with a robust retirement plan that could benefit you and your family in the long run. However, before you consider preparing a financial plan or a retirement plan, you should consider reaching out to your attorney or financial advisor locally in Phoenix, AZ.
A professional and qualified financial advisor takes your current annual income into account and makes presumptuous calculations according to the desired timeline of your retirement. They also take your annual cash flow (overall expenditure) into consideration to finalize your retirement plan.
At the beginning of your career, you are often encouraged to invest in liquefiable assets based upon when their value will inflate over time. You can consider investing in houses, stocks, bonds, gold, and any other valuable asset. Over the course of time, when you have accumulated assets, you can consider downsizing your assets one by one. Downsizing is a great way to saddle up for retirement. For example, selling your home and renting, selling your car and using public transportation/Uber/Lyft/Ride-Share saves on monthly bills. For instance, if you purchase a house at a value of $350,000, and sell it after 15 years then its future value could be up to $1,462,000, and it would benefit you as a homeowner when you decide to retire.
With the growing trend of ride-sharing services like UBER, you can consider downsizing your vehicles and ask someone to work as a driver for you. Or, you can sell your car to a trusted seller and use ride-sharing services to commute around the city. It will not only help you downsize your remaining assets but, it would also strengthen your retirement plan. UBER is relatively in high-demand in Phoenix, Arizona, and a majority of the population of Phoenix prefer ride-sharing to driving their own vehicles. Of course, it is an affordable and convenient way to commute, and you would not have to worry about the fuel and repair cost of your own vehicle, and it would save you money on repairs and maintenance.
You can also consider seeking tenants for your house instead of completely selling it off. Young students or young couples are always looking for a place to rent, and having an additional property or rooms would not only keep the property on your name but it would also garner you extra money that you can use to meet your basic utilities and other necessities. Or, selling to an investor for rental purposes also seems like an ideal option for most house owners.
If you are adamant about downsizing your house or cars, you can reach out to a real estate agency that specializes in cash-buying, and you can sell your house to them for cash. Alternatively, you can follow the traditional house-selling processing but, it could take weeks or even months to sell. Why follow a traditional method to sell your house for cash when there is an alternative way to get fast cash? The best part is that you can supplement your nest-egg based upon the amount of your existing retirement and financial plan, and it would fortify your assets. A cash offer on your house can garner you a number of benefits in the long-run.
Downsizing your properties and assets is ideal for the individuals who plan to stay with their kids or with their family in-house after retirement. You can discuss your downsizing plan with a realtor, your financial advisor, or your lawyer to get a better idea that will help you.