Top 4 Retirement Income Opportunities That Build Wealth, According to Experts

Just because you’re done with the daily grind of 9 to 5 doesn’t mean your income has to stop. These days, many retirees focus on creating multiple sources of passive cash flow to supplement their hard-earned retirement savings. After all, a little income never hurts when you live on a fixed income.

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GOBankingRates consulted financial experts around the world to find out about the top income opportunities available to today’s retirees. Whether you want to leverage your investment portfolio or build on the skills and assets we’ve accumulated over the years, you’ll find a variety of profitable strategies to keep your retirement full of extra cash.

Paul Tyler, chief marketing officer at Nassau Financial Group, emphasized how retirees can turn to annuities for guaranteed income.

“Higher guaranteed interest rates from guaranteed multi-year annuities can tax retirement savings accounts over the long term,” he said. “Guaranteed income checks from fixed-index annuities can take a lot of the pressure out of figuring out how to pay everyday bills.”

There’s nothing more rewarding than being paid just for owning a for-profit company, says John Stevenson, contributor expert at Annuity.org. Investing in dividend paying stocks from blue chip fixed assets allows you to collect recurring payments by holding stocks in your portfolio. However, equity investors need to be aware of rate changes and fixed payments during downturns.

Besides stocks, investment funds, such as mutual funds and exchange-traded funds, can pay dividends and dividend distributions, providing another source of passive cash flow for retirees — as long as retirees balance the levels of risk in their post-work lifestyle. After all, retirement doesn’t mean you’re giving up on managing your money.

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Real estate is a classic income generator, and Scott Lieberman, founder of Touchdown Money, has noted the potential of unused rental properties for retirees.

“If you own a property that you are not going to use, renting it out can be a great way to give yourself another source of income,” she said. “You’ll have to spend a little money to keep it clean, but you’ll more than make up for it in rental costs.”

Stevenson agreed, saying that buying a rental property and collecting monthly rent checks can lead to a good retirement income.

But being a landlord also comes with potential headaches, such as dealing with blind tenants, expensive repairs and periods of vacancy that disrupt your cash flow, so proceed with caution.

In the age of peer-to-peer lending, you don’t need to be a bank to make money by lending money and collecting interest payments, Stevenson said. Today’s retirees can join forums that connect them directly to individual borrowers or small businesses that need money.

But be sure to carefully check any platforms you plan to use.

Retirement opens the door to romantic ventures that can pay dividends, Lieberman says.

“Just because you’re retired doesn’t mean you don’t have other ways to make money,” he explained. “If you have time on your hands, writing a book can set you up for an income once you publish it. If your book sells, you’ll get profits from every copy, which can add up to infinity.”

Another option is to create video courses based on technical areas.

“If you have some information, you can capture it and share it for profit,” Lieberman said. “Create a course once, and you can get paid no matter how many times it’s downloaded.”

Stevenson added that if the upfront investment in products is made, these assets can continue to generate sales years down the line with little extra effort.

For retirees who have written books, composed hits or produced any other intellectual property over the years, royalty checks can continue to roll in decades after the original hard work was done. What would be cold, hard cash from your creative past?

From stocks and real estate to lending and creative activities, retirees have many ways to create multiple income streams that can continue to pay long after the initial job is done. With smart planning, you can turn hobbies and existing assets into viable sources of cash flow to add to your retirement savings.

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This article originally appeared on GOBankingRates.com: Top 4 Fixed Income Opportunities for Retirees to Build Wealth, According to Experts.