I Didn't Save for Retirement - What Now?

"The only way to decide on the best path forward is to take a close look at the numbers. The original poster (OP) explained that he is self-employed and will be getting a pension of around $1,300 monthly - which is obviously not enough to live on. He also has just $30K in savings. The bulk of his money he does have is tied up in real estate."

"Based on the Redditor's current situation, he would have around $2,600 per month coming in from his investments and pension, while he has a $3,200 monthly housing payment. This is not going to be sustainable to retire as the Redditor won't be able to cover the basics."

"He rents the properties for $1,650 per month, and he nets $1,300 monthly from both properties. He also pays $3,200 per month for the home he is currently living in, but he thinks he could rent it out for $4,700 if he decided not to continue living there himself and instead move to a cheaper rental."

A 47-year-old self-employed person faces retirement planning challenges with only a $1,300 monthly pension and $30,000 in savings. His primary assets are three properties: two rental properties generating $1,300 monthly net income and a primary residence with a $420,000 mortgage. He must decide whether to sell real estate to invest or retain these assets. Current projections show $2,600 monthly income from investments and pension against a $3,200 housing payment, creating a sustainability gap. The analysis requires examining whether liquidating real estate to fund retirement accounts or optimizing rental income through relocation provides the better path forward.

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