6 Ways Retirees Can Earn $100 A Week in Passive Income This Summer

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While 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.

The 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.

6 Ways To Passively Generate At Least $100 a Week This Summer

Here are six ways to earn an effort-free $100 a week (or more) this summer season, according to USA Today.

1. 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.
2. 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.
3. 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.
4. 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.
5. 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.
6. 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.

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