3 Passive Income Streams For Retirees Who Just Want To Relax

Retirement is supposed to be a time of relaxation and exploration. Whether it be travelling, playing golf, or pursuing hobbies.

Yet while many retirees want to achieve these goals, it can be quite difficult if they also want financial stability, with the freedom to indulge in these dreams. Especially if you're looking to put more cash towards savings, and less towards risky investments.

That's why creating passive income streams can be a strong solution. It's a way for retirees to supplement their retirement income, while also enjoying their retirement.

The key here is that passive income is passive. You're making money from doing hardly anything. So today, we're going to look at three options for retirees to consider, while also enjoying the relaxation that comes from decades of working towards their retirement goals.

Rent out parking

As of 2020, 80% of Americans lived in urban environments, according to the United States Census Bureau. Therefore, Americans looking to create extra cash can easily do so if they live in an urban environment. It's even easier if you're near either a tourist destination, or one with a high demand for parking. 

Retirees can leverage this demand by simply renting out their parking spaces when not in use. In fact, it's a very simple process. Simply research the cost of local parking in your area. Then, you can simply undercut the fees, bringing in a significant amount of income on a monthly basis.

What's more, retirees can find platforms that can handle payments. This makes it a hassle-free process, simply list the parking space on a popular platform such as JustPark, Prked, and SpotHero.

How much retirees can make will really depend on where they live, but on average the monthly rent for a parking spot will likely be around $100 in the United States. However, if you live in a dense urban environment such as New York City, this could bring in as much as $400!

This income stream alone will certainly help retirees create a steady flow of effortless income, especially if you're considering travelling for long periods of time. 

Rent out storage space

Another excellent option for retirees is to consider renting out any storage space available with your home. This would include attics, garages, and sheds. If living in an apartment building, consider offering up your apartment's storage unit as well.

Just as with parking, people are also on the hunt for valuable storage units that can be rented out to either individuals or even small businesses in need of extra storage. In fact, the number of small businesses increased from 28.1 million in 2013, to 31.7 million in 2020, according to the Small Business Administration. And many need cheap storage.

This will take a bit more work than renting your parking spot, granted. First, retirees will need to declutter and organize unused spaces to make sure they are completely clear and available to renters. Further, they will need to have a method of allowing access to renters at all times, even if they are not at home. So if there is another entrance to your home that can be locked with a code, for example, this will allow both you and the renter both privacy and security.

Yet just as with parking, there are online platforms that can advertise your storage space, and you can dictate the pricing. Consider looking at local prices and undercutting, but also be sure to take into consideration how large your space is. You may be able to charge more, or be forced to charge less depending on the size.

Again, there are online platforms retirees can use that will help you get started, and be paid seamlessly. These include Stow It, Neighbor, and StoreAtMyHouse. 

Overall, this can provide retirees long-term passive income from renters who will supply steady passive income, especially small businesses who are searching for a long-term solution.

Advertise on your vehicle

If you're a retiree planning a cross-country trip, then this method could literally pay you to enjoy your time. Using your car can be a lucrative passive income stream, without the need to be a delivery driver. Instead, many companies are willing to pay drivers for simply displaying advertisements on their vehicles, basically becoming moving billboards.

Even if you're not planning a trip, just riding around doing your daily chores will bring in passive income. But as with the other passive income streams, the amount you make depends on where you live, as well as the demand. Again, it's likely you'll make around $100 per month from this advertising method.

Also, it's important to note that you'll need to research whether advertising agencies and companies will want to advertise on your specific vehicle. Once approved, they'll send you vinyl decals, which you will need to have professionally applied to your vehicle. It's also important to note that companies will likely vary in how they base their payments. One might be how many miles you drive, another the duration of a specific campaign.

To find these methods of advertising, you can visit online platforms such as Wrapify  and Carvertise, which are some that Americans have been using for years now. This one might take a bit more leg work, but once complete it is yet another easy passive income stream for retirees to consider.

Bottom line

Retirement should be a time to relax and have fun, not worry about finances. While none of these passive income streams will amount to a full-time job, they will provide retirees with a bit of extra cash with minimal effort. By renting out storage, parking, or advertising on your vehicle, retirees can generate income for years while barely lifting a finger. This will allow freedom to maintain independence and flexibility, while saving towards all their future fun-filled retirement goals.