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    • scaredofdebt
    • By scaredofdebt 4th Dec 17, 1:30 PM
    • 926Posts
    • 368Thanks
    scaredofdebt
    Ideas For Generating an Income in Retirement
    • #1
    • 4th Dec 17, 1:30 PM
    Ideas For Generating an Income in Retirement 4th Dec 17 at 1:30 PM
    I am hoping to early retirement in a couple of years and am looking at my options now.

    I won't have enough saved up to retire without having to work, so I am looking at investing my savings into a business or some other method to generate an income.

    I don't have a problem working, I am lucky to be fit and healthy and would actually look forward to working for myself and would rather do this than another 10-15 years slog in the office!

    The easiest option would be for me to buy some property to rent out, but BTL has been done to death and I am aware of the risks. I could buy enough property to generate income around £2,000 a month net, which is enough for me to be fairly comfortable.

    Other ideas are to buy a franchise, but I have read most of these need 50 hours a week plus put into them to generate a decent amount, £2k would be about the minimum I would want.

    Another idea is to go into property development, but it's not something I have experience of doing, so risky!

    I currently have my own webdesign business that I do part-time on a freelance basis but it only generates a few hundred a month, I could expand that perhaps.

    What other business ideas are there that I can get into for around the £150k mark, ideally less.
Page 1
    • lincroft1710
    • By lincroft1710 4th Dec 17, 3:11 PM
    • 10,031 Posts
    • 8,086 Thanks
    lincroft1710
    • #2
    • 4th Dec 17, 3:11 PM
    • #2
    • 4th Dec 17, 3:11 PM
    If you have enough money to buy property which would generate an income of £2K net a month, this would suggest you have a large amount of spare capital. I would have thought you might have enough to live on.

    On a pessimistic note, you may be fit and healthy now, but in another 3 years time things could be very different.
    • Pennywise
    • By Pennywise 4th Dec 17, 3:44 PM
    • 9,416 Posts
    • 17,125 Thanks
    Pennywise
    • #3
    • 4th Dec 17, 3:44 PM
    • #3
    • 4th Dec 17, 3:44 PM
    I could buy enough property to generate income around £2,000 a month net, which is enough for me to be fairly comfortable.
    Originally posted by scaredofdebt
    Don't forget to factor in the income tax on that. Catches out a lot of people.
    • scaredofdebt
    • By scaredofdebt 4th Dec 17, 3:56 PM
    • 926 Posts
    • 368 Thanks
    scaredofdebt
    • #4
    • 4th Dec 17, 3:56 PM
    • #4
    • 4th Dec 17, 3:56 PM
    At my age the cash would only buy an annuity of around £6k per annum so that's not going to cut it.

    Peer to peer is an option but risky.
    • motorguy
    • By motorguy 4th Dec 17, 5:06 PM
    • 15,788 Posts
    • 9,078 Thanks
    motorguy
    • #5
    • 4th Dec 17, 5:06 PM
    • #5
    • 4th Dec 17, 5:06 PM
    Personally i would be running with a BTL. Income while you need it, and once you reach your twilight years you can sell it and recover your lump sum.
    You are not special. You are not a beautiful and unique snowflake.
    • enjoyyourshoes
    • By enjoyyourshoes 4th Dec 17, 5:14 PM
    • 807 Posts
    • 986 Thanks
    enjoyyourshoes
    • #6
    • 4th Dec 17, 5:14 PM
    • #6
    • 4th Dec 17, 5:14 PM
    Seems like the development of your website business might be a viable option as you currently have the skills and expertise.
    Debt is a symptom, solve the problem.
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