How are you preparing for your retirement?

[Mary Jay]

Hi guys, 

How are you planning to finance your retirement?

What income in retirement do you need?

I used to think that if I have about 10 houses, each pays about 2k in rent or so, all houses paid off, lets say after all the expenses I will make about 15k per month- that should be enough.

Lately, with all this inflation, I am worried that that by the time its time for me to retire (in 20 years) it might not be enough. With all the money printing I am worried we are the next Zimbabwe or Venezuela 

What are your plans? How many paid off rentals do you think will be enough?

[Bill B.]

You basically stated my plan and where I ended up. 

I have 11 paid off properties (plus paid off primary) 

Rent is slightly over $19k/mo  ($20k by years end)

This bring s14,500/mo to my pocket ($15,500 by end of year give or take)

Even With zero retirement savings or pensions/social security I think this is way more than you need, especially in a state with no income tax and a low cost of living. I think most people would be just fine with 7 or 8 properties, $100k/year would lead to a pretty comfortable life. Even less if you have pension, social security or retirement savings. 

Property management costs me $1,300/mo but that means I spend less than an hour a month. That’s certainly an expense that could be cut by someone who’s desperate to make ends meet.