Whether you are decades away from retirement, or it is staring you in the face, creating multiple streams of income is considered to be one of the best ways to secure your financial future. However, it is important to consider not only how much these streams can bring you, but whether or not they have the power to go the distance, both now, and throughout your retirement. No one wants to have to worry about going back to work to make ends meet, but with careful planning, you can create income streams that will last.
Let’s take a look at a few long term income streams that can keep paying off for many years to come.
Annuities –
While these may not have the highest return, and there is a little risk involved, for those that are cautious about investing, an annuity may be the perfect answer. However, special care should go into selecting an annuity, and the health of the company offering it should be inspected carefully. With proper due diligence and the right investment, an annuity can pay off handsomely. However, it’s never a good idea to put all of your eggs in one basket, so let’s keep looking.
High Yield Savings Accounts –
These are another solid choice that are generally much less risky than other investments. Again, the rate of return is a lot smaller, especially with the current interest rates, but for those that need a solid payment that can be relied on, this is usually a very good option. The selection of the account is very important and once again, due diligence is necessary to determine the health of the bank and whether or not they can stay the course for many years to come.
Investments in Stocks –
This is a risky alternative, but it can have a great pay off, especially if the company is in good financial stead and will be around for many years to come. Diversity is the key when it comes to stocks, and it is vital to perform a risk analysis to determine whether or not your investment is a smart one. Properly played, they can be very beneficial, but there is the potential to lose your shirt.
Income Property –
While this type of investment does require some maintenance and upkeep, you can generally rely on this income. Plus, if the renter decides to stop paying, you can always get a new one. That’s security that few funds can match. Try to look for properties that will provide you with a monthly income that exceeds your current one and make sure to keep that property well maintained. You may be able to sell it at a profit in the future, or just let those rent payments keep rolling in.
Long term returns are vital with any investment, especially if you are planning for retirement. Make sure you take the time to investigate your options and never rely on one means of income to secure your financial future.
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Originally posted 2008-12-12 05:50:06. Republished by Old Post Promoter
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