Retirement is often seen as the time to relax and enjoy life after a long career in the workforce. However, for many retirees in Canada, living on a fixed income from pension plans and government benefits can be challenging. This is where the concept of passive income comes in – earning money without actively working for it. Not only does it provide financial stability, but it also allows retirees to continue living comfortably and enjoy their golden years without worrying about finances.
Here are four passive income ideas for retirees in Canada:
1. Real estate rentals: If you own a property, consider renting it out for extra income. You can also look into becoming a landlord for vacation homes or long-term rentals.
2. Dividend stocks: Investing in dividend-paying stocks can provide a steady stream of income. This option requires research and careful management, but it can be a great way to receive passive income.
3. Peer-to-Peer lending: Platforms like Lending Loop allow individuals to lend money to businesses and earn interest on the loans. This can be a relatively low-risk way to generate passive income.
4. Renting out assets: Do you have a spare room or a car that is not being used? Consider renting it out for extra cash. Airbnb and Turo are popular platforms for renting out rooms and vehicles,
