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Money How to Earn Steady Monthly Income in Your Retirement

04:20  11 january  2018
04:20  11 january  2018 Source:   fool.com

The best way to transfer RESP money to an RRSP

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Retirement brings many changes in one’s life, and the biggest one is that you’re no longer dependent on your monthly paycheques. Here are some of the most reliable dividend stocks you can consider to earn monthly income .

The steady path to a dream retirement . Whether you decide to consult in your former field or pursue a hobby you're passionate about, you can make up for that missing Social Security income by earning the money yourself.

person sitting on a bench in a park: retire© Provided by Fool retire

Getting financial freedom is one of the main worries for retirees during their golden years.

Retirement brings many changes in one’s life, and the biggest one is that you’re no longer dependent on your monthly paycheques. This is the time when you’ll start dipping into your investment funds for your monthly expenses.

A trusted way to solve this problem for retirees is to build a portfolio with stocks that pay monthly dividends. A diversified and tax-efficient portfolio, focusing on income-generating stocks, makes sense in this low-rate environment when savings accounts, GICs, and government bonds pay almost nothing.

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  Why can’t Canada keep up with other countries in child care? Many Canadian parents know that paying for child care for young children while they go to work is painfully expensive. But do they (and our federal government) know that child care costs in Canada are among the highest in the world? This not only hurts families, this hurts our children; it hurts Canada’s economy. If the Government of Canada truly wants to help the middle classes and women’s equality as its party line touts, then it must make higher direct investments to child care.The new report from the Canadian Centre for Policy Alternatives on the rising cost of child care fees concludes that the typical family with young children pays about a third of its income to child care.

Dividend investing can work very well not only as a retirement plan but as a way to build steady income . In other words, devote as much of your income to investing as you possibly can, but not more than you are earning . Prepare a monthly cash flow budget.

How to earn an extra paycheck each month . If you’re planning for, near or already in retirement , you’ll need this monthly income to continue living the lifestyle you want. Second, we share the secrets used by the wealthy so investors can lock in steady income on investments they won't find

Quotes in the article

Riocan Real Estate Investment Trust

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Is part-time teacher on track to retire in 9 years?

  Is part-time teacher on track to retire in 9 years? Sarah can do it, with a strategy that balances real estate with investmentsRight now, Sarah earns $55,000 annually—$50,000 annually from her teaching job and another $5,000 in income from her side jobs. Her assets total $775,000 with her largest being her $675,000 condo in Toronto. She’s a few months away from being mortgage free and hopes to put the $8,000 or so annually that she’s paying on her mortgage towards savings in 2018. Carrying costs and maintenance on her condo—including property taxes, insurance and maintenance come to about $9,000 annually.

Life Income Bible is jam-packed with ways to safely earn extra income from additional monthly Imagine how easy your retirement could be once you discover: How to earn an extra ,833.33 a When you rely on steady income , you want to make sure it keeps coming to you… no matter what

Now that retirement is approaching, how can you create a regular stream of income from your savings to help pay your bills? Jim plans to retire at the end of the year, and Barbara wants to continue working to earn income , but plans to shift to a part-time teaching schedule.

19.17
-0.56
-2.84%
AltaGas Ltd

ATGFF

22.84
-0.26
-1.13%
Chartwell Retirement Residences

CWSRF

13.23
+0.12
+0.95%
Inter Pipeline Ltd

IPPLF

20.51
-0.40
-1.93%

Here are some of the most reliable dividend stocks you can consider to earn monthly income.

Real estate investment trusts (REITs)

REITs manage properties that generate monthly cash flows. REITs have been structured to distribute the maximum cash to the shareholders. The biggest advantage of investing in REITs is the tax treatment these companies get from CRA. REITs pay distributions before they pay tax to the taxman, and that means more money in your pocket.

In Canada, we have many quality REITs that have solid portfolios of rental properties that churn out cash on monthly basis.

RioCan Real Estate Investment Trust (TSX:REI.UN) is Canada’s largest REIT, managing 300 retail properties across Canada, and it has some of the biggest retail names as its clients. Trading at $24.65, RioCan pays a monthly distribution of $0.1175 per unit, or a 5.7% annualized yield.

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  Morneau to make retirement official with Twins sendoff Canadian Justin Morneau, the 2006 AL MVP and Minnesota Twins first baseman whose career was derailed by concussion symptoms, is retiring after 1,603 hits and 247 home runs in 14 major league seasons. The Twins confirmed Morneau's retirement Monday. They scheduled a news conference with Morneau and team officials for Wednesday.Morneau, 36, of New Westwinster, B.C., didn't play in 2017. He appeared in 58 games for the Chicago White Sox in 2016.After the Twins drafted him in 1999, Morneau became a four-time all-star.

Bonds generally make interest payments twice a year, so a six-bond portfolio would generate a steady monthly cash flow. (To learn more about the how the FDIC is helping you keep your money in your pocket, read Are Your Bank Deposits Insured? ) A steady source of income during retirement is possible, but it takes planning. How To Earn The Most From CDs When Interest Rates Are Low.

Plan Your Retirement Future. Selling and Trading: How to Exchange Your Bitcoins. Fiverr officials say the site has tens of thousands of users who generate a steady secondary income stream through its gigs, money used to pay for various life expenses - everything from down payments on a home, to

Chartwell Retirement Residences (TSX:CSH.UN), the largest operator in the Canadian senior-living space, is another company to make stable monthly income. Chartwell manages over 175 locations across four provinces in Canada. Trading at $16.2, this REIT pays a stable monthly distribution of about $0.048 per unit with an annualized yield of 3.5% at the time of writing.

Energy infrastructure utilities

Just like REITs, energy infrastructure companies and utilities provide another safe avenue for retirees to earn stable monthly income.

In this space, Calgary-based Altagas Ltd. (TSX:ALA) and Inter Pipeline Ltd. (TSX:IPL) are two reliable names that pay monthly dividends.

With a 7.7% annual dividend yield, Altagas pays a $0.1825-a-share monthly distribution, which comes to $2.19 a share yearly. The amount of the distribution has increased ~50% during the past five years. The company plans to hike it payouts by 8% each year through 2019.

IPL pays a $0.14-a-share monthly dividend at an annual yield of 6.8% at the time of writing. IPL has never missed its dividend since it started the monthly distribution in 2003. The dividends have grown over time, doubling in the past 10 years.

1/3 Canadians can't pay monthly bills: survey

  1/3 Canadians can't pay monthly bills: survey CALGARY - A new survey suggests a third of Canadians can't pay their monthly bills, including debt repayments, against a backdrop of rising interest rates. The quarterly MNP consumer debt index survey finds the number of Canadians who can't cover their fixed monthly expenses is up eight points since September. It also finds Canadians who are making ends meet have less disposable income, with an average $631 left after paying bills and contributing to debt repayment. That's 15 per cent less money left over than in the previous quarter.

$ $ How much monthly income do you expect to earn from Social Security in today's dollars? $ $ How much are you currently saving monthly towards your retirement (including your employer's match, if any)?

WW Control how long a portion of your assets may last WW May receive a higher amount of monthly income than if you spread. Keep your principal balance in the TIAA Traditional Account while receiving a steady income stream from: WW Retirement Annuity WW Group Retirement

The bottom line

Retirees can slowly build a portfolio of dividend stocks that’s good enough to produce steady cash flows when they need them the most. Such a portfolio is important to avoid depleting your retirement funds and enjoy your golden years without financial worries.

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Fool contributor Haris Anwar has no position in any stocks mentioned. Altagas is a recommendation of Stock Advisor Canada.

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