Are you approaching retirement concerned that you might not have the funds you need? Or, are you already retired and wondering if your retirement nest egg will meet your future needs and provide the lifestyle you desire? In this episode, top old dawg Bill Manassero shares the challenge he faced with those same questions and how he found a solution through real estate investing.
Whatever your situation, I thought it might be helpful to just share my situation and thought processes and why I decided to go into real estate investing later in life. I’m here to share the good, bad and the ugly – with the purpose of educating you and hopefully avoiding my mistakes
Now, I don’t know what your specific situation. Maybe you are:
Whatever your situation, I’m hoping that what I will share from my personal experience will help you in the decisions you are facing.
There was a period in my life when I just didn’t want to think about retirement planning. I didn’t know how to do it and I, naively thought I would never really retire. (Hello, McFly!) I just sort of ignored it. I always said (And I still say), “I’ll never retire. Are you kidding? What am I going to do? Collect sea shells for the rest of my life? No, I want to be useful and active. Use my brain. Set goals. Achieve something. To quote one of my favorite movies, Second Hand Lions, with Robert Duvall and Michael Caine, I want to “die with my boots on.” In other words, I want to always have something to do up to my last breath.
So I just sort of blanked it out. Sure, I had an IRA account that I contributed to each year, more for tax purposes, but I really didn’t sit down with one of those guys who helps people plan those sorts of things. I just kept avoiding or postponing…
Well, you know the old saying about “failing to plan means you’re planning to fail?” Well, that was me. If you don’t have a vision of what your retirement years will look like, you’ll likely drift through your senior years … and then wonder what the heck went wrong. And, you’ll end up having to scramble at the last minute.
Well, that’s sort of what happened to me. I went from corporate culture to being an entrepreneur to full-time ministry (sprinkled with world travel, being a professional musician and somethings I just don’t remember real well). Anyway, the reality was, here I was turning 60 and not in the least bit prepared for what was ahead.
First a little on my background
Now, although I had tucked away funds in an IRA over the years, I had no formal pension. In ministry, we lived nearly 20 years on faith and really didn’t have any formal kind of retirement plan. The bottomline was…
Returning to the work force did not have a lot of options. And even though I had been in the mission field for nearly 20 years and I was in business for 20 plus years before that. I might have been able to find mission or church jobs but, because of my age, the opportunities were probably limited. And on the business side, I had a broad background: my own advertising and PR agency, helped launch Internet and software companies and spent my early business years in banking. I also started a number of businesses. But even with all that experience, it was a long time ago. A minimum wage job was most likely and that would not help me achieve the retirement I dreamed of.
Out of all my options, I felt I could start a small business that could help us survive. I looked at various options. Online businesses were hot so I, while I was still in Haiti, I did some research and did a test run on a drop-ship business (buying on Amazon, reselling
To determine what you need to do, you need to ask yourself some basic questions…
Well, that’s it! I hope this helped you as you are considering real estate investing for your retirement. You might also want to check our these other articles or podcasts about real estate investing.
Also, many of our Monday podcast interviews are with successful real estate investors over 50 years of age — too numerous to list here.
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