Here is another infographic you can use for a social media or blog post targeting potential contacts! How to retire without rent is hard to do! Feel free to share this image wherever you like, it can be downloaded right below the image!
Retiring without crippling debt is a goal everyone has. This can be easier said than done when maintaining a mortgage or rent.
Typical Planning
The average American adult retires at sixty-seven years of age. Depending on an individuals career and financial situation - this might seem like an unattainable goal. People need to work in order to maintain their lifestyle and one of the biggest expenses at any stage of life is housing. In order to retire, one must be able to sustain their lives without working and this can be really hard to do.
Social security payments go to the majority of those who retire and equate to a little under $1500 per month. These payments allow one's retirement account to not dwindle too quickly. The average 401k account balance is $190,000 in total. This may seem like a large chunk of money - but in actuality will not get anyone very far. This balance comes out to a little over $350 a month, which obviously won't cover a housing payment or anything like that.
These numbers pale in comparison to the average monthly mortgage payment of $1322. The age of 34 is when people become homeowners typically and their jobs cover their mortgage payments! This is great until one retires and the average monthly income is barely over eighteen-hundred dollars. This means that almost all of the monthly income of one who is able to retire goes towards a mortgage - which means that they can't really retire at all.
Planning ahead is key when it comes to retiring worry free!