Rodney Brooks | July 10, 2018 Become an entrepreneur. Copyright 2018 © U.S. News & World Report L.P.
Medicare won’t cover you abroad, so you will need to purchase another health insurance policy. 2. Invest in dividend stocks. You can keep investing throughout several decades of retirement, and you should keep an eye on your portfolio to make sure it’s performing well. Dividend stocks provide current income and have the potential to generate capital gains. They will start paying you right away, and can be a good way to generate extra income in retirement. Of course, dividend payments could be reduced or eliminated if the company isn’t performing well. Owning a variety of different dividend stocks can help to mitigate some of the risks.
If you already own a business, even if it’s currently just a side business, consider ways you can turn your active income passive. Start hiring writers to create content for your website, or begin training reliable managers to handle your family business. Then when you get to your retirement years, you can continue to reap the rewards of business ownership without all the daily maintenance running a company often entails.
Whether you want to cushion your retirement fund or make some extra spending money, here are six ways you can earn passive income.
Law Firms Financial Advisors 4 Ways to Create a Passive Income in Retirement 3. Create a side business. Creating a side business during retirement can be a good investment of your time early on, especially if you start the business with a plan to turn it into a passive income stream in a few years. Whether you run a local brick-and-mortar business or a website, you should start with the goal of eventually hiring others to run the business for you.
However, passive income has many benefits for retirees. It can provide you with the security of an additional income stream. You also have the freedom to pick the hours and projects that fit your lifestyle.
Loans 3. Sell your photos. If you have a knack for taking good cell phone pictures, you could make money selling your original images. Foap is a free smartphone app that allows you to list photos for sale. If someone buys your image for $10, you’ll walk away with $5 after Foap takes its cut. If you upload many different images, you could catch the eye of someone in the market for a particular photo. You can also add tags to your image to increase your chances of having your photo picked up. For example, you could tag a photo of your dog as “dog”, “pet” and “beagle” to boost its chances of showing up in searches. Also, instead of heavily edited or filtered photos, you’ll want to focus on taking crisp, yet realistic images.
Buying the wrong home in retirement could be disastrous, both emotionally and financially. Passive income is often generated by a rental property or a business that you own but don’t actively participate in. However, you may already be generating a passive income by investing. When you make good investment choices, your money generates more money with zero to very little effort on your part.
Rachel Hartman | June 27, 2018 Retirement Savings Ahead of the Curve? Debt People in their 60s and older often have the ideal combination of attributes to launch a business, including experience, an extensive social network and a working knowledge of the products or services people who work in your industry need. Just don’t invest money that you can’t afford to lose in a business.
Those who understand the 401(k) rules can take care to minimize penalties and fees. Share Kathleen Peddicord | June 26, 2018 If you’re looking to pad your bank account or stretch your retirement savings without working longer hours, passive income could be a good option for you. Passive income is money you earn that isn’t directly tied to the hours you work.
Contact 4. Rent out your extra space. If you have an extra room or space in your home, consider renting it out. Retirees who live in major cities or popular vacation destinations should be able to find a regular stream of customers. You can manage the listing yourself or outsource that responsibility to a management company. However, some ongoing effort might be required on the part of the homeowner. Some hosts clean and prepare the rooms, while others outsource the job. It’s up to you whether to spend time with your guests or be a tour guide.
BACK Investing × Popular Stories Investing If you already own a business, even if it’s currently just a side business, consider ways you can turn your active income passive. Start hiring writers to create content for your website, or begin training reliable managers to handle your family business. Then when you get to your retirement years, you can continue to reap the rewards of business ownership without all the daily maintenance running a company often entails.
Passive income streams are ideal for retirees, because they help diversify your sources of income. And since passive income streams are relatively hands-off investments, they shouldn’t cut into your leisure time too much. Here are four options for earning a passive income in retirement:
Passive Income for Seniors
Share on StumbleUpon Kathleen Garvin is an editor at The Penny Hoarder, a personal finance website that covers a variety of ways you can save and make money. You can follow her on Twitter @itskgarvin.
4. Rent out your extra space. If you have an extra room or space in your home, consider renting it out. Retirees who live in major cities or popular vacation destinations should be able to find a regular stream of customers. You can manage the listing yourself or outsource that responsibility to a management company. However, some ongoing effort might be required on the part of the homeowner. Some hosts clean and prepare the rooms, while others outsource the job. It’s up to you whether to spend time with your guests or be a tour guide.
Personal Finance Emily Brandon | June 28, 2018 x of x Share (Getty Images) Kathleen Peddicord | July 17, 2018 Edited by Emily Brandon.
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10 Retirement Lifestyles Worth Trying The Most Important Ages for Retirement Planning: Age 65 Identify easy-to-overlook expenses to preserve your nest egg in retirement. 5. Put ads on your car. Imagine making extra money as you drive around town. Carvertise pays approved drivers to place removable advertisements on their vehicles. Typically, drivers need a clean driving record and must be on the road a certain number of miles a day. If you drive a lot in retirement, this gig could defray some of your travel costs.
Most passive income streams require effort up front. You have to save up for the rental property or build up the business. Or you have to invest enough earned income to generate a decent stream of interest-driven income. But once you do the work, some types of passive income streams will provide you with regular payments with a minimal amount of continuing effort.
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