Ideas For Generating an Income in Retirement

scaredofdebt

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.

lincroft1710

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

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.

scaredofdebt

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

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.

enjoyyourshoes

Seems like the development of your website business might be a viable option as you currently have the skills and expertise.