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Can You Live On $1000 per Month? by Bill Roberts

By
Services for Real Estate Pros with Brooks and Dunphy Real Estate DRE 00527512

Can You Live On $1000 per Month? by Bill Roberts, The Baby Boomer

Retirement Planner

An Event That Changed My Life

A defining moment in my life came when I started to get social security. This

wonderful program deemed to "give" me $1037.00 each and every month.

Isn't that fantastic? A thousand dollars every month for a lifetime of work and

paying into the system.
I can't even maintain my car for a thousand dollars per month (car payment +

insurance + maintenance and tires + gasoline). It costs me a lot more than

that. How am I supposed to be able to retire?

The $15 Dollar Minimum Wage

Right now our country is involved in a debate about the minimum wage.

There are those who want to increase it to $15 per hour or $600 per week

because they say that you can't live on less. $600 per week is about

$30,000.00 per year. My $1037.00 per month is only $12,444.00 per year.
Obviously, I can't live on that. It isn't even as much as they give people that

don't work.
OK. Social Security wasn't meant to be a retirement income, but only a

supplement. Oh yeah? It wasn't until I qualified for social security that they

started "pushing" that argument. We always believed that we would be able to

retire someday. Surprise. Guess what? No you can't.

Work Until You Die

The new Retirement Plan for Baby Boomers is to work until you die, and the

sooner you die, the better, because we don't want to be saddled with the cost

of your health care. Isn't it great?
Like I said, this was a defining moment in my life. If I wanted to retire I would

need an income stream to replace my regular earnings. Not to supplement

my earnings, but to actually replace my annual income. I can't rely on social

security and I don't have a DEFINED BENEFIT PLAN like the generation before

me did. Maybe I have a 401(k) or an IRA, but guess what? Unless that plan

has over a MILLION DOLLARS in it, it will not produce enough income to

replace my annual income. Over 90% of us have $100,000.00 OR LESS in our

retirement plans. Not even 10% of what we need to retire.
I was faced with this dilemma. I was looking at working until I die as my

retirement plan.

A New Day, A New Way

If I actually wanted to be able to retire and travel, and enjoy myself, I needed

to do something drastic.
The same old ways weren't going to cut it.
After all, if you keep doing what you have been doing and expect different

results, then, guess what? YOU ARE INSANE.
Well fortunately, I'm not insane. I knew I had to do something different.
So I came up with a plan to accomplish my goal of retirement within 10

years. It is a combination of real estate investments and other streams of

income.
It has worked for me. So now I am sharing these strategies as part of my "new

self."

Meet Bill Roberts

Yes, I re-invented myself as Bill Roberts The Baby Boomer Retirement

Planner. Google me. You will find me. It has worked.
Now I am within two years of reaching my goal: the ability to retire without

having to eat dog food.
Of course I never expect to stop being a Real Estate Broker. After 39 years, it

is who I am. But I do expect to be able to work only when and where I want.

Posted by

Please comment. All comments are greatly appreciated.

Bill Roberts

 

View William (Bill) Roberts's profile on LinkedIn

Pete Xavier
Investments to Luxury - Pacific Palisades, CA
Outstanding Agent Referrals-Nationwide

Great topic, I'll need a great deal if I want to remain within walking distance to the beach.

Always something that needs more attention in planning for most.

Jun 14, 2014 04:41 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Bill, retirement is a major problem for those of my generation and those who will follow.  I am within 5 years of wanting to semi retire.  I believe I can make it on what I have but cannot imagine myself not doing something.  So my semi retirement will likely include some loan origination, or go into my other love, politics.  Politics would give me an opportunity to make a little extra income, and give other Politicians fits.  That would be a win win in my book ...... LOL

Jun 14, 2014 08:05 AM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Bill you presented a sad but accurate situation in our country...we never focused on the aging and it is not getting better either...Japan is the only country that I know in the world that respects and takes care of their elderly, Endre

Jun 14, 2014 10:51 AM
Bill Roberts
Brooks and Dunphy Real Estate - Oceanside, CA
"Baby Boomer" Retirement Planner

Pete, I can help you get there (or stay there). Just call me.

Bill Roberts

Jun 15, 2014 02:42 AM
Bill Roberts
Brooks and Dunphy Real Estate - Oceanside, CA
"Baby Boomer" Retirement Planner

George, If you're half-way there and you still have five years, then I can help.

Bill Roberts

Jun 15, 2014 02:43 AM
Bill Roberts
Brooks and Dunphy Real Estate - Oceanside, CA
"Baby Boomer" Retirement Planner

Endre, I'm glad to meet you here. Thanks for pushing me to write this.

 Bill Roberts

 

Jun 15, 2014 02:48 AM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Bill,

I feel your pain. Everyone Boomer has a story. I have one that's unique too. The stories are all the same in that we can't retire on Social Security and the cost of living today is worse than ever! The price of gas is going up because of what's going on in Iraq. Soliders that sacrificed (many 10 or more consecutive years) can't get jobs and they have health problems. Zillions of Baby Boomers were retired or lost their jobs and never got a new job or a job that paid well after they turned 50. And even though the state of the economy stinks, local, well-known Fast Food Restaurants still stayed in business. The employes still had wages, even if they were low. Many of those low wage earners never lost their jobs and they had multiple streams of income (legal and illegal).

Jun 21, 2014 08:42 AM
Bill Roberts
Brooks and Dunphy Real Estate - Oceanside, CA
"Baby Boomer" Retirement Planner

Hi Pat, Thanks for commenting. I think you could turn this into a post of your own.

Bill Roberts

Jun 22, 2014 01:01 AM
Lisa Friedman
Great American Dream Realty - Essex, VT
35 Years of Real Estate Experience!

Bill, we are blessed to be in an industry where the sky is the limit.

Jun 28, 2014 12:55 PM
Bill Roberts
Brooks and Dunphy Real Estate - Oceanside, CA
"Baby Boomer" Retirement Planner

Lisa, All limits are self-imposed. Every industry is "unlimited" if the practioner so decides. Real estate is my industry so I try to "maximize" it for my purposes.

Bill Roberts

Jun 29, 2014 02:02 AM
Wayne Johnson
Coldwell Banker D'Ann Harper REALTORS® - San Antonio, TX
San Antonio REALTOR, San Antonio Homes For Sale

Bill-The story of preparing for the golden years has been told for years, yet few take early action to get ready. Which is too bad.

Jul 14, 2014 10:11 AM
Bill Roberts
Brooks and Dunphy Real Estate - Oceanside, CA
"Baby Boomer" Retirement Planner

Wayne, Some even refuse to take late action. But if they don't want to work until they die THEY MUST TAKE ACTION.

Bill Roberts

Jul 15, 2014 01:26 AM
Anna Hatridge
R Gilliam Real Estate LLC - Farmington, MO
Missouri Realtor with R Gilliam Real Estate LLC

I love being active, but have no intent to work until I'm dead.  I have been preparing for the life change that is coming and preparing others to accept those changes too!

Oct 07, 2014 04:44 AM
Bill Roberts
Brooks and Dunphy Real Estate - Oceanside, CA
"Baby Boomer" Retirement Planner

Anna, I'm glad to hear that you are getting prepared. If I can help, just let me know.

Bill Roberts

Oct 08, 2014 01:43 AM