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As retirees look tosupplement their incomewithout committing to traditional employment, passive income streams are often an excellent solution.
Real Estate Investments
Ben Johnston, COO ofKapitus, emphasized the potential of real estate investing.
One of the most common and successful passive income streams is derived from real estate investing, he said.
Renting Out Your Space
Johnston also thinks retirees should look into renting out their extra space.
Consider renting out a spare room, garage or storage space for additional income per month.
This is a great first step and an easy one towards generating passive income in the fall.
Utilize platforms likeAirbnb, Vrbo or Neighbor.comto rent out the aforementioned spaces.
The good news is that there are many investment opportunities that can generate passive income, he said.
Examples include dividend paying stocks, bonds, savings accounts, CDs and annuities.
Santiago also recommended high-yield savings and CDs.
Returns are generally lower, but they are asecure and safe wayto earn extra income, he said.
He gave the example of a retiree investing in municipal bonds or corporate bonds with monthly interest payouts.
Online Income Opportunities
Several experts pointed to the potential of online income streams.
Kullberg expanded on the idea of retirees sharing their expertise online.
This could essentially be a hobby for a retiree who has a particular passion they want to share.
Echo Wang, CEO and co-founder atEpicBooks, suggested an unconventional approach.
Johnston mentioned ride-sharing and freelancing as potential income sources, as well, though these are not passive.
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