Retirement is meant to be some of the most relaxing times of our lives. We work every day to make enough money to not just survive but thrive in our retirement. And yet, many Canadians likely feel an immense amount of pressure when it comes time to pull the retirement trigger.
That’s why today I’m going to go over three passive income streams retirees can use. These are easy, lucrative methods of making passive income, and I sincerely stress the ease of these. Health problems, travel, and other important life events can pop up in retirement. So you want passive income streams that will work for you no matter what.
Here are the top three I would recommend today.
There is very little set up required for retirees looking to create passive income from car advertising. This involves companies paying you to put advertisements on your vehicle! So whether you’re riding around buying groceries, or taking a road trip across the country, you’ll be paid to do it!
Prices can vary depending on the company, as well as the type of vehicle you own. So definitely do your research beforehand. However, once done you can put multiple advertisements on your vehicle. This could turn around even $1,000 per month if you have a large vehicle that can hold around three or four advertisements!
And again, this is an easy set up with no costs involved, and once done can be repeated over and over. So it’s definitely a passive income stream retirees can look into further.
Rent out storage space
Retirees who are planning on travelling a lot, or simply wanting to organize their home, can find a lucrative reason to get things going. Should you own a home that has a storage shed or other lockable storage space, empty it out. By doing so, you can undercut local storage companies, and rent out storage space to small businesses.
This method of creating money is used by other Canadians who have got into the side hustle industry. But rather than start selling your passion projects, which really just turns into a part-time job, take advantage of these small business owners, while also helping out!
You can rent out storage spaces for anywhere between $100 and $300 per month. And these can be long-term contracts of often times years! So this too can create a lucrative passive income stream. Just remember, you’ll have to make sure that this space is lockable so that both your customers and yourself have privacy.
Invest for even more income!
Finally, investing in assets can create more easy passive income, especially if you hold for the long term. Instead of investing in stocks designed mainly for returns, you can look into stocks that perhaps offer slower returns, but higher dividend income.
A great example are real estate investment trusts (REIT) such as Slate Grocery REIT (TSX:SGR.UN). Slate stock provides a stable revenue source by investing in the competitive area of grocery chains across the United States. These essential properties have allowed Slate stock to expand rapidly, providing a high level of passive income in the process.
Right now, investors could bring in a dividend yield at 9.13%! That’s substantial passive income that could only increase from here as the dividend rises. Plus, you can buy it at a valuable 6.6 times earnings as well. So don’t waste your time worrying about money in retirement. Find lucrative passive income streams like these ones, and get started today!