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3 Ways to Earn Passive Income, including from Dividend Stocks
I missed a blog entry last weekend as I focused my energy on studying for the the final exam for my financial planning course. It’s never a bad idea to generate one’s income from diversified sources.
One interesting concept from the course was earning passive income from a life annuity. Retirees, especially may favour the predictability of the passive income generated from annuities.
Life annuity for passive income
Investopedia explains a life annuity as
a financial product that features a predetermined periodic payout amount until the death of the annuitant. Annuitants pay premiums or make a lump-sum payment to secure a life annuity. Life annuities are commonly used to provide or supplement retirement income.
A life annuity is a good way to get passive income to supplement one’s retirement income, including Old Age Security (OAS) payments and Canada Pension Plan (CPP) income. An advantage of life annuities is that they have no market risk, and you would get that predictable, set payment through your life.
For example, if you bought a life annuity that pays you $1,000 a month, you will get that $1,000 monthly no matter what the financial markets do.
You also don’t need to do anything to get…
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