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Published Nov 13, 21
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GETTING AHEAD ON RETIREMENT PLANNING The added benefit of creating multiple streams of income is that you are getting ahead in your preparation for retirement. In retirement, one of the biggest challenges for most people is converting all of the money they’ve saved into a stream of income. In order to retire, what you really need isn’t a big pile of money; it’s some way to pay for your annual living expenses.

True, this falls more in the category of semi-passive income due to the fact that you’ll have some work to do. But you can offload a lot of that work to a property management company if you’d like, helping to eliminate a lot of the headaches. Ultimately, I love how you can control the outcome of investing in Real Estate much more than you can with a lot of other investments.

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To be truly passive in the real estate world, you can invest in what’s called a Real Estate Investment Trust (REIT), which is similar to a mutual fund in that it holds a number of real estate projects. The nice part is that it’s managed by professionals, eliminating your need to get involved.

Bonds Good old-fashioned bonds. You give a company your money, they pay you interest for a certain length of time, and then give you your money back. With bonds, you have to engage in the balancing act of trying to find a decent interest rate that is with a stable company you don’t believe will go out of business.

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High Dividend-Paying Stocks This can have the benefit of both providing you an income and the potential for capital appreciation. Dividend Stocks also offer an interest rate much higher than what you’ll find at a bank. But, of course, there is added risk involved. Annuities I have a love-hate relationship with annuities.

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By giving over a chunk of your money to an insurance company, they will guarantee a certain amount of income to you for the rest of your life. Not too shabby. Just beware of the expenses involved, and be sure to check on the financial strength of the company you’re working with.