3 Stress-Free Sources Of Passive Income For Retirees
One of the best things about being retired is that your identity is no longer tied to things you do to make money. When you are retired, you get to spend your time doing the things that you find the most meaningful and enjoyable, whether that means visiting family and friends, sharing the products of your garden and kitchen with the people around you, doing volunteer work, or any of a wide variety of other pursuits. Of course, simply being able to live off of your retirement savings is becoming a less and less attainable goal for the generations of Americans who are currently of working age. Unless you are very wealthy or have started a retirement plan early in your career and stuck to it consistently, chances are that you will need some source of income after you reach retirement age. Delaying retirement is an attractive option for people who love their current jobs, but not for those who are eager to leave behind the daily grind of going to work. A Central Florida estate planning lawyer can help you find ways to achieve financial stability during your retirement years, whether through strategic allocation of assets, reducing your expenses, or tapping into sources of passive income that rely on capital you already own instead of requiring additional work.
Renting Out Your Empty Nest
Selling the house where you raised your children is not your only option; your paid-off family home can continue to serve as a source of income. You can move to a smaller house or condo in a retirement-friendly area while renting out your house to someone who needs the additional space and the proximity to commuter routes. If your house is in your ideal location and you don’t want to leave, you could rent out a room; depending on the current layout of your house, you may or may not need to do renovations to accommodate boarders.
Rent Out Vehicles or Other Valuable Pieces of Equipment
You might not want to part with the elegant car you used to drive to work, but you are probably doing less driving now that you are retired. You can turn your fancy ride into extra cash by renting it out through a vehicle-sharing app like Turo. Similar apps exist for recreational vehicles, boats, bikes, and camera equipment, among other types of valuable equipment.
Peer to Peer Lending
The fact that investing your money is an option will surprise no one who has started researching their estate plan, but peer to peer lending can be a community-focused way to get a quick return on your investment. You can lend money to small businesses in your area, at interest rates of about 5 percent. Like any type of investment, peer-to-per lending is not risk-free, so choose carefully how much you can afford to lend.
Contact an Attorney Today for Help
A Clearwater estate planning lawyer can help you find the best ways to keep enough money coming in after you retire. Contact William Rambaum, PA for help today.