Iuliia Zavalishina / iStock.comWhile retirement should be a period where you don’t have to worry about your finances, it never hurts to bring in some passive income to supplement your monthly Social Security benefit and your savings.Check Out: I’m an Economist — Here’s My Prediction for Social Security If Biden Wins the 2024 ElectionRead Next: 7 Common Debt Scenarios That Could Impact Your Retirement — and How To Handle ThemThe Federal Reserve recently reported that Social Security remains the most common source of retirement income. However, 79% of retirees have one or more sources of private income. This included 56% of retirees with income from a pension, 42% with interest, dividends, or rental income, and 32% percent from labor income.If you’re looking to join the many Americans who have more than one passive income source in retirement, there are many ways to do just that.Learn More: Barbara Corcoran’s 5 Best Passive Income IdeasWealthy people know the best money secrets. Learn how to copy them.6 Ways To Passively Generate At Least $100 a Week This SummerHere are six ways to earn an effort-free $100 a week (or more) this summer season, according to USA Today.Create an online course: If you’re an expert in a particular subject matter and you’re passionate about your previous career, consider creating an online course on a platform like Coursera or Udemy. For example, if you’re a seasoned content marketing guru, you can create a video course teaching what you know — then sell the video to users. Once it’s created, you can earn passive income from the sale of your course.Utilize high-yield savings accounts: This one is a no-brainer. If you have cash saved, it should certainly be held in a high-yield savings account. These virtually risk-free accounts pay a much higher APY on your money than savings accounts at traditional brick-and-mortar banks. While interest payments are typically issued monthly, you can use some of the payment each week to hold you over until the following month.Invest in dividend stocks: Investing (which always carries risk) typically yields a better financial return over the long term compared to parking your money in a high-yield savings account. Some stocks pay monthly or quarterly dividends just for owning shares of a company. This is a great way to ensure a consistent, generally reliable source of income once you call it quits at your 9-to-5.Invest in bonds: Bonds are issued by the government, local municipalities, and corporations. The idea is that you agree to keep a certain amount of money locked up for a predetermined period of time, whether it’s a few months to many years. Then, you earn an interest payment on your money once the period ends. Bonds tend to be safe investments and can generate a decent passive income.Invest in REITs: REITs (real estate investment trusts) are entities that finance or operate income-generating commercial real estate across various property sectors. These include traditional real estate like retail and apartments to more modern-day real estate like cell towers and data centers. REITs are required to pay out a large percentage of their earnings to shareholders, which can result in consistent dividend payments in retirement.Rent out your real estate: If you have a large home with empty rooms to spare, or if you have a second home that sits unused for most of the year, consider renting out your space to earn more passive income. You can utilize a platform like Airbnb to host short-term guests, or you can rent out your space to longer-term tenants. Either way, you’ll be earning cash on your otherwise unused space.Story continuesMore From GOBankingRatesThis article originally appeared on GOBankingRates.com: 6 Ways Retirees Can Earn $100 A Week in Passive Income This Summer
https://finance.yahoo.com/news/6-ways-retirees-earn-100-152014054.html
6 Ways Retirees Can Earn $100 A Week in Passive Income This Summer
