Passive Income Opportunities to Pad My Retirement

It's hard to ignore the various passive income opportunities that are presenting themselves these days. While jobs might be scare, if you know where to look and how to take advantage of them, passive income options could be all around you. And while it might take some work to get these prospects up and running and to the level of income you'd like, you could be surprised at the results.

For many of us who are looking ahead to retirements that might not appear quite as bright as they did several years ago, these income streams could provide a glimmer of hope. Even a little extra income could make a big difference in a financially tight retirement, and once you get a few passive income streams up and running, you may discover that they could provide a steady flow of cash without requiring much trouble on your part.

While quite a few years remain until I hit my planned retirement threshold, there are a few forms of passive income I eventually hope to take advantage of to help make my retirement a little more secure.

Growing Income

I am not the world's best horticulturalist, although I have grown my own garden before -- quite successfully in fact. It's more the flowers and plants with which I have bad luck. In retirement however, I'd like to try my hand at a few passive income options that I can tend to and grow myself over time.

In an article I wrote entitled " Money Really Does Grow on Trees " one guest commenter by the name of "Mark" mentioned that it literally does. He explained that he grew English walnuts trees, and that their harvest each year provided him with a nice little residual income. It got me to thinking that this would be a great retirement activity and reminded me that this sort of activity runs in my family.

My grandfather had fruit and walnut trees, my mother grows fruit trees and has berry bushes and a grape arbor, and I think this is something that I would like to try my hand at, if not now, at least in retirement. I could sell my products at the local farmers' market or just give them as gifts. Due to some of the growth times on certain trees and fruits however, I think I would probably start my selections pre-retirement so that they are ready to go when I am.

Freelancing

People have all sorts of skills and talents that could be left sitting idle in retirement. As with many people, I never had enough time to devote to my passion (writing) when I was working a full-time job. However, with the restrictions of regular work lifted in retirement, many of us may be allowed all sorts of extra time to pursue our interests -- some of which could earn us money.

There may be a ton of freelance opportunities out there depending upon your particular skills, background, and interests. Many of these roles wouldn't fit into the passive income category though since they would require consistent work to earn money. Items like writing, blogging, writing music, and similar freelance activities in which rights to the work remain to create residual income over a long period of time however, are often better fit to the passive income type of freelancing.

The Internet

The Internet has opened up all kinds of passive income streams previously unavailable to most people. From freelancing and blogging to Internet resale and advertising revenue, options for new income have exploded, offering a world of alternative income streams to a huge portion of the population.

I can only imagine the options and opportunities that might be available by the time I retire. While right now I plan to keep my personal finance blog or something similar to it active in retirement, and will likely continue to freelance part-time, I also plan to stay open to and apprised of new and different prospects for earning passive income online.

Investments

Good and safe investments might be some of my favorite forms of passive income. From savings accounts and certificates of deposits, to bonds, stocks, and similar investments, there are all kinds of investments that can provide forms of income in retirement with little or no work on your part after they are properly set in place.

The level of involvement on your end may range from almost nil for a savings account, certificate of deposit, or savings bond, to more hands on for a rental property, real estate transactions or active stock trading. Your investing comfort level, risk tolerance, knowledge, and income needs can all affect the amount of involvement required of such investments.

More from this contributor:

Finding Inspiration in Your Personal Finances

Money Really Does Grow on Trees

Is the Recession Your Chance to Chance to Pursue an Entrepreneurial Dream?

Disclaimer:

The author is not a licensed financial or retirement professional. The information provided in this article is for informational purposes only and does not constitute legal or financial advice. For financial advice, readers should consult a licensed financial advisor. Any action taken by the reader due to the information provided in this article is solely at the reader's discretion.