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Retirement Planning For Real Estate Agents

Welcome to the Retirement sub-community of the Real Estate Cohort, where Agents like you come to learn about Retirement related resources. Use the information shared here to build a plan of your own!

You’re surrounded. But not in a creepy way.

As Agents, we face unique challenges and will have similar considerations as we plan for our retirement. So dive in, visit the comments section with your thoughts and goals… and explore the resources I’ve compiled around here.

You’re sure to find intelligent insights on the retirement planning process, loads of tips and tools to help you devise your own plan, and the motivation to hold yourself accountable over time.

And all the while, we’ll be here to cheer you along.

So, now it’s time to create some big Retirement goals of your own! For what it’s worth, some of us are even hoping to achieve them early… like, well before our 60s. We’re rebels.

How Can RealEstateCohort.com Help You With Your Retirement Planning? Follow These Steps To Get Your Retirement Plan Started Today

How to guide for real estate agents to create a retirement plan

We have the resources you need for every step of your Retirement Planning journey!

Step 1: Define Your Goals

It’s time to dream big! Do you have a retirement age in mind? Aiming to retire early? What’s your target savings goal?

  • What is “your number”? Discover the math you need to know, as in, how much money do you actually need to retire?
  • Want to retire early by American standards? Like before age 65? We do!
  • Why should Real Estate Agents and other Self Employed Individuals care about retirement planning? Because nobody else is going to do it for you. Read more here.

Step 2: Create The Framework

Start building! You need the right foundation for your plan – so put in the time to build it right from the beginning. The plan is only as good as the quality of the inputs, so make sure you’re leaning on the right tools and making it as easy on yourself as possible.

  • How can I establish my actual spending needs? It’s time to put technology to work for you. Download the hardest working apps to get your planning kicked off. Find out more about all the tools we recommend.
  • Do you have the right accounts? Self-Employed individuals don’t typically have a cushy, corporate 401(k) plan. So find out what retirement accounts are best for agents, and set yourself up with the best options to maximize your retirement efforts!
  • Read more about the SEP IRA here.
  • Find out which account is like the Magic Time Machine of Retirement, for those who want to retire early! Post coming soon.

Step 3: Get Educated – Read Up!

Nothing replaces the advice of a trusted CPA or Certified Financial Planner… and this site does not offer individual advice… but where should you start when seeking professional help? What questions do you need to ask? It’s time to figure out the areas where you need help, and what you can do on your own. The resources here are abundant, and we’re adding more all of the time. Start reading up, and seek professionals to help you fill in the gaps. Here are some resources that might come in handy:

  • Now that I have my savings goals established, how can I stay motivated? Read our favorite book to kick-start your motivation to save. Trust me, it’s not your typical personal finance read… and it’s great on Audible!
  • What are the options for how to structure your Real Estate business for tax filing purposes, and how does that structure impact your ability to save for retirement?
  • Read more about the SEP IRA, and why it’s an incredible option for Agents and self employed individuals and how it allows you to save more than a traditional IRA each year!
  • Are there other retirement accounts that I should be considering? How does the SEP IRA compare to the i401(k)? Which retirement accounts are right for me?
  • What topics do I know nothing about? Where do I need to seek individualized help? Our guess is these areas might include having a tax strategy for your retirement drawdown plan, estate planning, and anything otherwise specific to your individual tax situation, or anything legal. Admit what you can’t tackle yourself, and you’ll be ready to approach the professionals with the right questions in mind.

Step 4: Commit To A Savings Plan!

It’s time to start putting it all together, to start saving! By now you should know what types of accounts you need to save money in, and how much you’re targeting for your retirement goals.

  • Put your savings plan on auto-pilot as much as you possibly can. Give every dollar of income a job, and apply my commission income buckets to ensure that you’re making the most of your cash flow from the moment you get paid.
  • Coming soon: Handling Commission Income: A Framework For Budgeting When You Get Paid In Lump Sums
  • Once you deposit those savings, how do you invest them? Read up on the 4% Rule for some guidelines on tried and true allocations that stand the test of time.
  • Follow up with this gem of a read… a quick and enjoyable way to wire your brain on the most effective investment strategy to ensure your savings grow predictably, and stand the test of time. You can also binge it on Audible, it’s narrated by the author himself!
  • Understand how to strategically invest your savings for the long haul. Think back on your goals, and understand the ideal investment allocation for meeting them. Required reading for this step is key.
  • Need some extra investment knowledge? Find the absolute best books for guidance on being a savvy investor (with zero brain damage). You don’t need a fancy investment advisor with high fees to accomplish great market returns over the long term!
  • Have a side hustle? Make sure that extra income is working hard for your goals – and avoid lifestyle creep!
  • Considering a new stream of income from investment or rental properties? Are you interested in Short-Term Rentals? What are the pitfalls? Make sure you know what you’re getting into, and that you’re in it for the long haul.

Step 5: Track Over Time + Get Support

Okay, so if I put my savings plan into action, what are my chances for retirement success? Did you know there’s an app for that? It’s time to fine tune your plan, and track your progress. We’re obsessed with Personal Capital, and think it’s the most user-friendly option out there. We’re sure you’ll agree.

You’ve already found a community of like-minded Real Estate Agents and Self-Employed individuals. Right here. We’re here for each other, so ask your questions in the comments section and let’s help each other out! What is working for you, and where do you need some extra support?

  • What is the likelihood of success for your individual retirement plan? Want to know, on a scale of 0-100? Wondering if you’ll reach your 90s with any money left? Did you know there’s an app for that?
  • Make sure you’re tracking every stream of income, investment properties, social security, and other sources of income that will impact your cash needs over the retirement years.
  • Read up for a deep dive on Personal Capital’s retirement planner, learn some of it’s key features, and why you need it now. And yes, it can answer all those questions for you. It’s incredibly powerful, and we know you’ll be hooked. Best part? It’s FREE.
  • What if I have other savings goals, like saving for a child’s education? Can I track that too? Spoiler. Personal Capital will track that as well.
  • Hold yourself accountable within this community, and make sure you stick to your target investment allocation over time. Read up on how to structure your portfolio to keep working for you so you never run out of money.
  • What if things change and I need to adjust my plan? Remember, this is life, and things come up. The most important thing is to give yourself the grace to take these changes in stride. Be adaptable, and do your best. Keep your head down and your eye on the prize. Financial freedom (or retirement, if you like that word).

Recommended Apps To Begin Your Retirement Planning

If You’re Ready To Start Planning, And You’re Not Already Using Mint and Personal Capital, That’s A Great Place To Start… Read On To Learn About The Functionality Of These Amazing (Free) Apps!

These tools are incredibly powerful, and make it easy to get started, when you’re attempting establish the inputs you need to develop the best retirement plan you can as a self Employed Individual / Independent Contractor.

A Detailed Post is in the works, including a deep dive on Personal Capital vs Mint. But for now, here are the links.

These 2 essential apps will help you establish a solid foundation for building your retirement plan.

Download them for free.

If you’re already set up on these apps, you’ll have an easier time with things when you actively begin your own retirement planning process.

Other tools can do the job too – these are just our favorites.

Ready to jump right in? Start reading here!

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