Benefits and Risks of Purchasing Investment Property

If you’re currently considering purchasing investment property, there are an equal measure of risks and rewards. Like any investment, risk can be managed, but you want to be aware of the risks prior to investing in property. And like any investment, there can be rewards, some quite large.

The following is a breakdown of both the risks and the rewards of purchasing investment property:

Risks:

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It’s Never Too Late to Save

Retirement can sneak up on you.

At one time, it seemed like a lifetime away, now it may be just around the corner. At one time you planned on working forever, but now you can admit that the thought of retiring has its benefits.  Perhaps you’ve found yourself daydreaming about a little cabin on a lake, or a small home in the mountains. You may have even entertained the notion of becoming an expatriate and retiring overseas. While these daydreams can certainly be pleasant, you’re also facing the reality that at the age of 50, you’ve done little to save for retirement.

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Yes, You Can Still Buy Savings Bonds

We all remember savings bonds. Once a popular gift for young children, parents could secure the bonds knowing that they could cash them out in the future.

At that time, savings bonds were typically purchased through an employer or a local financial institution. What made them particularly appealing was the ability to purchase a $50.00 savings bond for $25.00. The idea was to hold onto the bond until maturity, where the bond could be redeemed at face value, plus any interest accrued.

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Why You Need a Personal Liability Umbrella Policy

An increasing number of people are starting to understand that their real risk exposure is not in the costs associated with repairing or replacing their car or home, rather it is in the far more costly liability risk. Yet, most people drastically underestimate their personal liability risks.  In addition, the claims associated with personal injuries occurring on ones property can far exceed the repair and replacement claims made as a result of covered perils. The cost of a dog bite recently exceeded the $1 million mark in a recent claim.

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What are your Portfolio Performance Expectations?

In the story of Alice in Wonderland, Alice arrives at a fork in the road and wonders aloud which road to take. A smiling Cheshire Cat appears and asks her what her destination is, to which she replies, “I don’t know.” The toothy cat then proffers the only possible response, “Well, then it doesn’t matter.”

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Planning for Long Term Care

As we age, the odds of incurring an injury or major illness that will prevent us from performing simple daily functions increase substantially. Today, one in three people over the age of 65 will require assisted care of some sort. Past age 75 the odds increase to where one in two will need nursing care. With the average cost of nursing care now surpassing $7000 a month, it’s no wonder that long term care often decimates the savings and assets of the seniors who need it.

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Longevity Risk: The Biggest Retirement Risk

This isn’t our parents’ or grandparents’ retirement anymore. Just a few decades ago, many retirees enjoyed the full benefits of the “three-legged stool” of retirement provide by guaranteed pension payments, savings, and Social Security. In addition, they didn’t have to be very concerned with how much of their income translated into actual purchasing power because, except for the mid to late seventies, inflation was not a big factor for several reasons.

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