Everyone who has spent time in business looks forward to retirement. The time to kick back away from work and choose what to do with your time is a time to be excited about, except if you aren’t quite ready to stop earning. Retirement is always cited as a time to slow down and enjoy the side of life that you worked hard for over the years. The answer? Setting up more than one passive income stream.
A passive income is the type of income many dream about. You can generate a decent income to keep you afloat without actually heading out to work. It can take some time and effort to set up, but once you do they can really serve you for the years to come. Some people find their passive income comes from selling a business or the sale of a house. The money sits in an account accumulating interest that they can then live off for a few years. Passive income is perfect for retirees, as you can enjoy hands-off investments that don’t cut into your leisure time! You can still head out on that cruise you’ve waited your whole life for, without compromising your cash reserves. So, what are your options for a passive income in retirement?
Dividends. Dividend stocks are a great idea for a passive income, as they have a huge potential for big capital gains. You can invest over and over again throughout your retirement, and once you have a solid portfolio built up you can just keep an eye on them. Owning more than one dividend stock means you can keep the risk at bay, too, so you can enjoy a passive income straight away.
Property Rental. Becoming a landlord doesn’t require you to head to an office, but it does require a level of interest and investment on your part. Let’s say you have a second house that is already mortgage free, sitting empty and ready for someone to move in. Advertising it will mean you have an extra income through rent payments. The best bit? If you don’t want to deal with people then you can hand the property over to a rental agency, who can manage the property on your behalf.
Side Business. You are in your retirement, which means you have ample time to have fun with your hobbies. If those hobbies see you unleashing your creative side, you can choose to set up shop online and flog your wares there. This type of income involves you doing something you love and advertising it easily online. It can be as big or as small as you want it to be, so if you choose to be a late-onset entrepreneur, you’ve got it in the bag.
Retirement is your time to sit back and look at your life and all you have achieved. Using your time wisely to prop up your retirement payments is a smart idea. Retirement holidays are far more enjoyable when you know you’ve got money in the bank!