The average household with working-age members has only $3,000 set aside for retirement, according to the National Institute on Retirement Security. Given those paltry numbers, many retired or nearly retired individuals are on the outlook for some extra cash. Passive income opportunities can be a great way to earn a living without maintaining a working lifestyle. If you’re retired and looking for simple ways to generate passive income, here are four easy ways to get started:
Become a consultant
Consulting is a popular option for professionals in the latter stages of their careers. If you have years of experience in a particular industry, you can consult to businesses that need your expertise and guidance. Consulting can be a fairly easy business to set up, particularly if you have a large network of professional connections.
Start your own newsletter service
Industry newsletters are another great choice for professionals with extensive work experience. Services like those offered by Chargify.com can even help you set up simple, recurring payment systems to easily manage your subscriptions. As you publish useful, expert content to help businesses and individuals in their various pursuits, you will be able to grow your list of subscribers and earn a steady income.
Set up a high-yield savings account
On its own, a high-yield savings account might not earn much income. But these savings accounts can produce small returns. A high-yield savings account can also be useful to supplement other passive earnings.
Build a niche blog
The rise of social media and other self-promotion tools make it easier than ever to convert a blog into a revenue stream. According to Lifehack, blogs are still viable methods of generating passive income. It all depends on the writer’s approach.
As with newsletters, it helps to have expert insight driving your blog content. As you maintain the blog, you can sell advertising spots or even engage in affiliate marketing to earn commissions on products purchased through your links and promotional plugs. Blogs can generate passive income through several different means.