Thinking about retiring?
Do you have enough money saved for your retirement?
According to an AMP sponsored study by the University of Canberra, the average person in the workforce aged 50 - 69 has superannuation savings of just $170,000. To retire on an income of $38,000pa you would need approx $800,000.
InvestRite has developed residential real estate strategy to maximise your savings and provide for your financial future. This incorporates government approved tax deductions that enable you to divert your tax to investment dollars.
Example of how to leverage against your investment property:
If you were saving $100 per week for 52 weeks you would have $5,200. Assuming you earn 5% interest on this, you would make $260 (less tax, bank fees and assuming interest on the full amount for 1 year).
However, say you purchased an investment property for $300,000, borrowed the full amount and your shortfall after rental and tax return was $100. Assuming a capital growth of 5% and your additional $100 investment would earn you $15,000.
• Saving $100 week = $260pa
• Investing $100 week= $15,000pa (with leverage)
If you would like to find out more about how to use an investment property to fund your retirement, contact the InvestRite team on 02 9741 8333.