Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • scaredofdebt
    • By scaredofdebt 4th Dec 17, 1:30 PM
    • 998Posts
    • 427Thanks
    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.
    Make 2018 in 2018 Challenge - Total to date 1,099
Page 1
    • lincroft1710
    • By lincroft1710 4th Dec 17, 3:11 PM
    • 10,654 Posts
    • 8,896 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
    • 10,037 Posts
    • 18,612 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
    • 998 Posts
    • 427 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.
    Make 2018 in 2018 Challenge - Total to date 1,099
    • motorguy
    • By motorguy 4th Dec 17, 5:06 PM
    • 16,605 Posts
    • 9,794 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.
    "We have normality. I repeat, we have normality. Anything you still can't cope with is therefore your own problem."
    • enjoyyourshoes
    • By enjoyyourshoes 4th Dec 17, 5:14 PM
    • 1,061 Posts
    • 1,300 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.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

87Posts Today

2,290Users online

Martin's Twitter
  • It's the start of mini MSE's half term. In order to be the best daddy possible, Im stopping work and going off line? https://t.co/kwjvtd75YU

  • RT @shellsince1982: @MartinSLewis thanx to your email I have just saved myself £222 by taking a SIM only deal for £7.50 a month and keeping?

  • Today's Friday twitter poll: An important question, building on yesterday's important discussions: Which is the best bit of the pizza...

  • Follow Martin