As a lawyer, there are not many things I can promise, but there are two things that we know will happen. The first is that one day we will die; the other is that if we are alive, we will get older. That is why we need to think not only of the pleasures of the moment, but also of tomorrow.
When we are young we have many strengths, we can work hard and earn our bread, but many do not think about old age when we are young. We have to know that not all the money that comes in can be spent and that we need to have a plan for when the years pass.
It is never too early or too late to start planning for an old age. Undocumented immigrants should be more attentive to this issue since they will not receive social security, medical insurance or the other assistance that most American people receive in this country. They will have to survive only from their savings, investments and the work of their children and family.
As we do not know what will happen these are some ways that you can prepare for retirement by being a documented or undocumented immigrant:
- Save 20% of your income every month as a retirement savings.
- Every two or three years invest in a property for rent. Peaceful income will be a great help in the future.
- Have a property, even if is a small one either in this country or in your home country. Thus, your retirement expenses will be minimized.
- If you have the possibility of financing, buy houses, and make a refinance every 3-5 years and use that income to buy more houses with 15-year loans.
Although in the beginning, you don’t get much of your investments, the houses will be paid by the tenants and when your retirement time comes you will have your house paid and several houses that give you monthly income for you to maintain your lifestyle. We all deserve to have peace when we get older, although the family is there to help the best help you can give it yourself, so start thinking about tomorrow today!
By Abraham Cepeda
Cultura Law
