CONSOLIDATING RETIREMENT PLAN THROUGH RESIDENTIAL PROPERTY INVESTMENT

A REVIEW

Abstract

Retirement is a time of significant transition in one's lifetime. It is supposed to be a period of bliss, and tranquillity, and this can only be achieved with adequate preparation and planning. However, most times it is not so as many retired persons face serious economic, social and psychological challenges. It is
even worse when the retiree is not adequately prepared to face this inevitable phase of life. The study identifies investment in residential property as an ideal way of preparing for retirement. The study examines the different types of residential property available to an intending investor and the modalities for property acquisition and development. The study concludes that residential property investment is viable and can provide the additional funds that the retiree will require to augment his pension to run his life and provide for dependants. The study recommends that government should subsidize the acquisition and development of residential property by retirees through wide ranging measures such as free land allocation, payment of bonuses and low interest financial grants. These will boost housing supply and lessen the severity of housing problems.