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There are generally two categories of income sources that you can choose to adopt in your retirement. You can choose to either pursue the active income sources or follow the preferred path by most retirees of passive income sources. Many retirees tend to shy away from the active sources of income due to the fact that they will require your daily presence and constant engagement; meaning that you will not have the peace of mind that you desire when you are retired. On the other hand, passive investment vehicles allow you to avoid the day to day management of the investment but still receive the benefit of generating sustainable income to keep you afloat all through your retirement years.
Among the top most preferred passive income sources for retirees is real estate investment. This is a natural choice for individuals who can afford to buy a property and rent it our so that they earn regular rental incomes every month. The best strategy here is to target a property being sold at a discount due to wear and tear and renovating it at a smaller cost then renting it out. You will also need to hire a property manager to take care of the property, collect rent on your behalf, ensure maintenance is well done, and all tenant disputes are resolved without involving you directly.
With access to the internet and a lot of free time on their hands, other retirees opt to venture into the world of online trading. Although in this case you will need to be actively involved in the trading itself, the level of effort is minimal since you only need to study market patterns online then take your position on each transaction you make based on how you expect the trends play out in a given period of time. 24option and other advanced online trading platforms provide training to their members and they have guidelines that will enable you get in as a novice and learn how to trade within a very short period of time. Their major objective is to ensure that you minimize your loses so that you can increase your number of transactions and the volumes you trade with per each transaction; hence they offer as much support as they can to their new traders.
Having worked for a number of years and gained substantial expertise in your profession throughout your career, you can also opt to be a consultant after you retire. The benefit with being a consultant in your area of specialization is that you have many years of experience from your previous job as well as market connections from your previous customers when you were still employed. Poaching your former boss’ clients will be unethical, but getting referrals from them will help you build your own client base and grow your consulting business over time.
Write a book
Another way to make money out your many years of experience in your profession is to write a book and sell it via online sites such as Amazon. Since you will be having a lot of spare time in your retirement, you can collect all your experiences and thoughts into a book and sell it. As you share your knowledge and skills through the book, you will be generating some passive income too which will help you live a comfortable retirement life.
Applying for research work to help build the body of knowledge in your area of expertise can also be a source of revenue in your retirement years. Many organizations and institutions both government and private ones always look for experienced personnel to support their research and development teams in creating new solutions and improving on the existing knowledge. As an experienced professional, you can take up the role of a research fellow and work with younger researchers in order to nurture them while generating income in the process.
Blogging in your free time can be a creative way to share ideas and create a community around yourself that you will be constantly be in touch with and avoid the loneliness that old age might bring. After gaining traction, a good number of followers and high hits per day, you can then commercialize your blog and start earning from corporate advertisements and google ads.
In the modern age, retirees have a wide range of choices of passive income which they can adopt and continue to generate income even in their old age. The personal preference will be determined by how tech savvy the retiree is and what they find to be personally appealing.