As a retiree, you’re probably looking for ways to generate some additional income without returning to work. Luckily, there are plenty of great passive income opportunities for those willing to do a little research and put in some initial effort.
Importance of Passive Income By Bill Schantz
According to Bill Schantz, there are a few key reasons you should focus on building passive income during retirement. To begin with, it can provide you with a much-needed source of extra cash flow. This can be especially helpful if you’re on a fixed income and your expenses are starting to pile up.
Furthermore, passive income can help to diversify your overall financial portfolio. This is important because it can provide you with a buffer against potential market downturns. And if your passive income stream is large enough, it could even entirely replace your traditional sources of income.
Finally, building passive income during retirement can give you something to occupy your time and keep your mind active. After all, idleness can lead to depression and other mental health issues. So, generating passive income is an great option if you’re looking for ways to stay mentally sharp in retirement.
Bill Schantz’s List of Passive Income Investments
Now that we’ve covered why you should focus on building passive income during retirement, let’s look at some of the best passive income investments for retirees.
Investing in rental properties is an excellent method to generate passive income. Not only will you collect regular rental payments from your tenants, but you’ll also benefit from appreciating your property’s value over time.
Of course, there is some work involved in being a landlord. But if you’re willing to put in the effort, it can be a great way to generate extra income during retirement.
According to Bill Schantz, another great passive income investment for retirees is dividend-paying stocks. These are stocks that offer regular cash dividends to shareholders. And as a shareholder, you’ll be entitled to receive these payments.
Dividend-paying stocks can provide an excellent source of extra income during retirement. Plus, they tend to be relatively stable investments, which is ideal for risk-averse retirees.
Peer-to-peer lending is another great way to generate passive income during retirement. With this type of investment, you’ll be lending money to individuals or businesses who require some extra cash.
In return for your loan, you’ll receive regular interest payments. And if all goes well, you should get your initial investment back when the loan is paid off.
Investment properties can also be a great source of passive income during retirement. By investing in a property, you’ll be able to collect regular rental payments from tenants. And over time, your property will likely appreciate in value, providing you with an excellent return on your investment.
Bonds are another great option for those seeking to generate passive retirement income. When you invest in bonds, you lend money to a government or corporation. In return for your loan, you’ll receive regular interest payments.
And if you hold onto your bonds until they mature, you should also get your initial investment back. Bonds tend to be relatively low-risk investments, which makes them ideal for retirees.
Bill Schantz believes mutual funds are another great way to generate passive income during retirement. With this investment, you’ll be pooling your money with other investors. The fund will then be used to invest in various securities, such as stocks, bonds, and real estate.
As a shareholder in the fund, you’ll be entitled to a portion of its profits. And over time, the value of your investment is likely to grow.
Bill Schantz’s Final Thoughts
So, there you have it: a list of some of the best passive income investments for retirees by Bill Schantz. Of course, this is just a starting point. Be sure to do your research before investing in any security. And always consult with a financial advisor to make sure you’re making smart investment decisions.