20 Ways to Generate Passive Income in Retirement
Find out how to earn passive income during retirement through this helpful list.
- Cyra Sanchez
- 6 min read
Earning money doesn’t stop at retirement. Even in old age, most people would still find ways to have a stable income. You can consider earning passively instead to avoid the usual stress or exhaustion from working. Here are the 20 best ways you can generate passive income in retirement.
1. Rent out your property
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One of the most popular ways to generate passive income before retirement is to rent your property. You can gain monthly income as a landlord by making wise real estate investments.
2. Vlogging
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YouTube has always been a great source of passive income for all kinds of people, so if you enjoy taking videos of yourself or other things you might be interested in, consider growing a YouTube channel. A beginner YouTube account with over 1,000 subscribers may earn around $30 to $300 monthly through AdSense. As your account grows, your earnings may reach $1,000 to $3,000 monthly, maybe even more if you become extra famous!
3. Affiliate marketing
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At first, affiliate marketing may be confusing for beginners, but once you get the hang of it, you can relax and enjoy your passive income. Typically, you’ll get paid for redirecting customers to a client or a company. Your earnings may vary Depending on your agreement, so if you’re curious, you can look up more info about affiliate marketing and start as soon as possible.
4. Selling educational courses
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You can create a digital course sharing your knowledge or expertise in a particular field; think of it as recording a lesson. You only have to advertise your course to students or interested companies who may need it. This course can be sold as often as possible, saving you the time and energy to work actively.
5. P2P lending
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Peer-to-peer (P2P) lending is also an option but can sometimes be risky. However, that’s usually the case with most money-related investments. In P2P lending, you can lend your money to other people or businesses, passively allowing you to gain more in return through the interest rates.
6. Investing in saving accounts
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Saving accounts can help grow your money, making it another form of passive income. The growth of your savings may vary depending on how much you invest. To find the best options, looking up the most reputable banks in your area is a good start.
7. Selling stock photos
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Do you love creating art or taking a lot of photos? Some websites or companies may be willing to buy your images, allowing you to earn passive income through royalty fees. This means you’ll get paid every time someone uses your photos.
8. Publishing eBooks
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If you enjoy writing, you can consider publishing an eBook through apps or sites like Amazon Kindle, Barnes & Noble Press, and Apple Books. If your eBook can capture an interested reader’s heart, you’ll earn passive income.
9. Taking advantage of annuities
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Annuities are contracts with life insurance companies. You’re free to decide on the contract you want, and the company will pay you for a fixed amount of time. They return your investments, which means your money will grow through the interest rate, letting you enjoy a guaranteed passive income.
10. Invest in dividends
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Buying dividends means investing in companies. The more shares you own, the more you can earn as the company grows, returning your investments by paying you without managing the company yourself. Like many investments, the risk only comes from choosing the right company to invest in.
11. Franchise investments
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Buying existing businesses can save you a lot of effort compared to starting a business from scratch. You can let other people run the business, as you only pay for the franchise, earning passive income while fully enjoying your retirement.
12. Consider vending machines
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If you want a simple passive income, investing in vending machines can be a good option, too. Depending on your target location, the income you’ll get from this may vary, so make sure you plan the spot wisely and that it’s somewhere you can legally install the machine.
13. Buy a blog or start one
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Turn your passion for blogging into passive income by buying an existing blog or starting a new one. As your blog grows, your income will improve; learning blogging techniques may also help you grow your website to gain more traffic and earnings.
14. Real estate investment
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You can buy multiple properties and let the value increase before selling them later or putting them out for rent. Either way, making strategic real estate investments is one way to keep income flowing passively into your account after retirement.
15. Invest in bonds
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Bonds are similar to holding dividends; you get paid in the form of interest rates for the bonds you own. Alternatively, you can also sell your bonds to other interested bondholders. Make sure you sell the bond for more than the initial price you spent so there is no loss.
16. Rent out your assets
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House properties aren’t the only things you can put out for rent. You can also rent other assets such as tools, garage space, bed space, cars, and other belongings that others could borrow for profit.
17. Storage services
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If you have plenty of space in your properties, you can turn them into storage areas to offer storage services. It’s the same as renting your property, but your main selling point would be securing other people’s or company’s belongings. This helps you earn passive income depending on the space they’ll occupy or how many items they’ll place in your storage buildings.
18. Sell your print designs
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For retirees who love designing, you can earn passive income as often as possible by selling digital prints online. Some websites can accept your designs and pay you for each purchase made on their site. A few examples would be RedBubble, Etsy, Amazon, eBay, TeePublic, Fiverr, DesignCuts, and many more.
19. Review books
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If you love reading books, you can also turn your hobby into a money-making opportunity; get paid to review books from websites like US Review of Books or Kirkus. These apps or sites hire freelancers from time to time to proofread or review books.
20. Become a livestreamer
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It may surprise you, but even older adults can become popular live streamers nowadays. You can do just about anything: play a game, tell a story, share your knowledge, perform a dance, sing, play an instrument, and so much more; though you still have to perform a couple of things, the workload isn’t the same as working a full-time job. Plus, the more subscribers and supporters you have, the more passive income you’ll gain in exchange.