Baby Boomers The Most Important Ages for Retirement Planning Aging Cryptocurrency You don’t need to keep working to generate these sources of retirement income. Personal Finance
1. Rent out your property. Whether you buy a second property or rent out space in your own home, becoming a landlord can be a good way to generate passive income. Keep in mind, though, that becoming a landlord could also be a very active endeavor. Finding renters and maintaining a property can take a considerable amount of work. It all depends on how you structure things. One way to avoid the potential stressors of renting out a property is to hire a third party to manage the property for you. This will, of course, eat into your profits. But it will also let you make money from your rental properties with very little time investment during retirement.
Medicare won’t cover you abroad, so you will need to purchase another health insurance policy.
Think about your retirement dreams and realities to set a savings goal for the future.
Advertise Rankings & Tools Advice Retirement planning ideas and advice. Rankings & Tools [See: 10 Ways to Reduce Your Housing Costs in Retirement.] More from U.S. News
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.
6 Common Myths About Estate Planning Some 401(k) plans offer better benefits to plan participants than others. If you can sew, bake, work with wood or otherwise create something someone else would buy, you can make money selling your wares online, at craft fairs or even from the end of your own driveway. Once you build up some word-of-mouth, customers will come to you.
[Read: 10 Resume Mistakes That Make You Look Old.] 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.
Edited by Emily Brandon. [Read: 10 Resume Mistakes That Make You Look Old.]
Share Guidelines for Investing a Retirement Portfolio Buy and Hold Strategy Abby Hayes is a freelance blogger and journalist who writes for the personal finance blog, The Dough Roller, which covers topics ranging from credit scores and banking to how much money you should be saving. Abby has written on behalf of Dough Roller for Credit.com and Mint.com. She has been writing about personal finance for seven years, but also covers topics as diverse as bowling, credit union management and parenting.
Passive income accumulates while you relax. (Getty Images) Rachel Hartman | July 5, 2018 Kathleen Peddicord | June 26, 2018
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 | July 5, 2018 Get a part-time job. 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.
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.
Here’s how to get rid of excess stuff as you transition into retirement. Investing 101
Passive Income for Seniors
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.
100 Best Jobs Dividends When You Have a Lousy 401(k) Plan
Cryptocurrency Travel You might be able to lend your expertise to your former employer or other companies in the industry to make some extra cash. Let your former colleagues know that you would be open to taking on contract work when a need arises.
Tom Sightings | June 28, 2018 Funds Kathleen Peddicord | July 17, 2018 The Most Important Ages for Retirement Planning: Age 65
[See: 10 Costs You Can Eliminate in Retirement.]
Sponsored by 6 Common Myths About Estate Planning You might be able to lend your expertise to your former employer or other companies in the industry to make some extra cash. Let your former colleagues know that you would be open to taking on contract work when a need arises.
Some retirees earn an extra stream of income by renting out a property they own. But you have to be ready to do the work of finding tenants and maintaining the building, or to share the profits with someone you hire to take on those chores.
Boost your retirement income. Emily Brandon | July 16, 2018 Create a retirement that is sustainable and financially secure.
When You Have a Lousy 401(k) Plan Recommended Articles Financial Advisors Kayleigh Kulp | July 20, 2018 Funds Interviewing 4 Ways to Create a Passive Income in Retirement Sponsored by
Share in LinkedIn Get a part-time job. Emily Brandon | July 2, 2018 Employment Kathleen Peddicord | July 17, 2018
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