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Ideas For Generating an Income in Retirement
scaredofdebt
Posts: 1,663 Forumite
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.
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.
Make £2018 in 2018 Challenge - Total to date £2,108
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Comments
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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.If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales0 -
scaredofdebt wrote: »I could buy enough property to generate income around £2,000 a month net, which is enough for me to be fairly comfortable.
Don't forget to factor in the income tax on that. Catches out a lot of people.0 -
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.Make £2018 in 2018 Challenge - Total to date £2,1080 -
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.0
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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.0
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