If relying on a 401K and pension accounts, which may result in low monthly retirement income, is a major concern for you, you’re on the right page.
Set to retire right at the time when the economy took a turn for the worst, baby boomers understand what it’s like not to afford retirement. Continuing to work, for many baby boomers, was a death sentence, thus we surrendered to unusual options.
My options included moving offshore, (south of the border) to Mexico. Others weren’t so fortunate. Even though I insisted on retiring early to start a new career in writing, things haven’t been that easy.
First allow me to explain what I experienced once I reached one of the most popular resort towns and retirement destinations in North America.
The Banderas Bay area in the State of Jalisco, Mexico can be compared to any expensive beach front community along the west or east coast in America, except the cost of living is approximately 50 percent less. (You can go here to find other retirement locations around the world which are less than $1000 a month in living expenses)
Here in Mexico, there is no shortage of American baby boomers investing their money wisely to generate a comfortable retirement. A select few of these investors aren’t even fifty years old.
My next step was to put in writing what these savvy investors were doing, how and why. My own retirement income didn’t allow me to participate on the same level as the major players, however surrendering to the motto of, “find a need and fill it” I participated enough until I got the attention of the IRS for increased income during retirement.
In the book How to Finance Your Retirement in Paradise and Live Well on Less, case studies on how baby boomers are using a lump sum retirement checks to generate ongoing monthly retirement income, based on real life cases.
In the book Creating a Lump Sum Retirement Income is Easier Than You Think, two tax clients, in the United States, use a short-term real estate investments to create lump-sum retirement checks from a much smaller investment. A retirement strategy, not for everyone, but definitely a workable and doable retirement plan.