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Last Updated on November 21, 2020 by Work In My Pajamas
When the time has passed, there is no turning back. Most people plan for a peaceful and secure life after retirement. Unfortunately, as income changes into pension, most retirees find themselves in a tight financial situation. Due to lack of planning and management, majority of retirees fail to find security and stability that they always wished for.
Since you can’t go back in time, there is no way you can re-plan your post retirement life and realize your dream of a prosperous retirement. You can not go back and save for future. Yet, despite the age, you can find ways to generate income even after retirement.
Today, there are a plenty of money generating options that won’t require much hard-work. Some of these options make an excellent choice for the retirees as you won’t have to wait another twenty years for the return. Let’s take a look at five amazing money generating ideas for retirees.
Immediate Annuities – When you retire you realize that saving is not always a good option. Investing is much better as it also generates a stream for later years. Yet, it’s never too late for investing. Immediate annuities allow you to turn your money into an income stream. Immediate annuities are not affected by falling stock prices. The income payment remains constant and the principle amount is locked forever.
Laddering – You can buy laddered bonds or certificates of deposits. Laddering doesn’t stand for a specific type of bond. In fact, it is a strategy of buying bonds and CDs. You can make a bond ladder by purchasing multiple bonds that mature at a staggered interval. This prevents you from using up all your investment money at the same time. It rather generates a steady and timely stream of income.
Consultation and counseling – After years of working in a certain field, you are equipped with knowledge, wisdom and experience in that domain. This experience is generally missing in most new-comers and they seek consultation from experts. You can offer your advice and consultation services and charge some amount of money in return.
Online Work – Internet has plenty of opportunities for people of all ages. You can become an online blogger, article writer or earn money through affiliate marketing. Online work doesn’t even require you to step a foot out of your house. There are many young people who have completely left their day jobs and are earning a sufficient amount from their online jobs.
Cash your Hobbies – You might love gardening but there are plenty of people too busy or too lazy for to look after their gardens. You earn money by turning your hobbies into service. There are countless options in this aspect including writing, crafting, painting and sewing.
If you want to spend your retirement enjoying all life has to offer, you need money. If whatever you have set aside is not enough, your home can help you get the difference. A reverse mortgage is a retirement loan that allows you to take money from your home equity and spend it as you like. That may be in monthly installments, as a lump sum, or as a line of credit. There are many reverse mortgage lenders who maintain quality standards and good business practices and do offer reputable reverse mortgage options. However, you can only borrow against a set amount of equity determined by a reverse mortgage calculator tool. You must also agree to stay in the home and pay for its upkeep, such as property taxes, while the loan agreement is active. Leaving the home will result in its sale and the lender will keep the proceeds up to the balance owed, unless you pay that balance back, first.