# Retirement Income Streams



## SadieRenee (May 12, 2012)

Hello All! 

I'm looking for suggestions and seriously debated which forum would be appropriate. My decision was made when the "work at home" group seemed to have more time to establish their endeavors than I feel we do. My husband is retired and I will be in about 8 years. We are looking for ways to make our homestead of 5 acres (field, no trees) support the inevitable taxes and insurance, and would appreciate ideas. Our house is quite small and since I work full-time at the moment, my time is limited, especially when garden season arrives (we live in mid-Ohio). We moved out of town to this beautiful place only 5 years ago and are still developing the property so creativity is a plus with this topic. Yes, I realize this is a very open-ended question and that is intentional so that your thoughts are not directed or boxed-in. This group has a wonderful tendency to branch in all directions! 

Thank you in advance.


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## anniew (Dec 12, 2002)

Part of a realistic answer depends on your (and your husband's) interests your skills, and your equipment for whatever. Give us a little more info, please.


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## TnAndy (Sep 15, 2005)

One side of the equation is income, the other is spending. I chose over the years to attack that latter part. For example, we have no water/sewer bill since we have a spring on the place and a septic system. Not to say there aren't occasional costs, but no regular (and ever increasing) bill.

I installed enough solar so that we have no bill and actually run a credit most months (offsetting the months we don't). Currently they owe us 500 bucks.

I built a tower for internet that is used by a local ISP...they pay us enough yearly to cover the property taxes (also ever increasing apparently) plus provide us a free connection (income + not spending in that area).

We raise much of our own food, all our meats, home process them all. Save money plus much better food.

We cut all our wood off the place that heats the house, so zero spent in heating. (yes, there are some costs associated with it, but far less than buying fuels)

I do 99% of any repairs around here. The Maytag repairman is sure getting his sleep.

I just bought a digital outdoor antennae....came today in fact. If it works out well, Dish, and their recent price increase, is $60/mo that won't go out of our income stream.

Took some money out of savings that was earning very little interest and bought a couple acres with a small rental on it that now provides 3 times the interest income + some good tax deductions.


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## Alice In TX/MO (May 10, 2002)

That is an awesome reply!!!!


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## SadieRenee (May 12, 2012)

anniew said:


> Part of a realistic answer depends on your (and your husband's) interests your skills, and your equipment for whatever. Give us a little more info, please.


Our interests are simple such as woodworking and cooking. The income level will soon be social security only and our savings went to purchase the land on which we built our small home. Equipment is minimal at this time which is actually helping us stay fit since we do so much without the help of machines. The suggestions made by TnAndy are fantastic but I'm fairly certain we wouldn't have enough time left to pay off such investments. We are on a 2-year plan to completely be debt free and I'd love to stay that way! So, that being said, I have about 8 years left of my current external income with which to prepare for our retirement. We have electricity, heat with a wood stove, a standard water well/pump. Should we consider small livestock, or grow lavender, or buy a van to be an Amish-driver? Ideas, Ideas, Ideas! ...or even pitfalls…


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## Fishindude (May 19, 2015)

Question for TnAndy ........ Approx how large is your solar panel system to supply all of your power needs? Approx. how many square feet of panels?

Five acres isn't enough ground to farm or raise enough livestock that will generate income. Best bet for making money on the home place would probably be doing some type of service in a shop on the property; welding, sharpening, repair work, auto detailing, crafts or food that you could sell, etc., etc. 

Nothing wrong with working a part time job in retirement to generate a little extra income either.


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## anniew (Dec 12, 2002)

Not sure what you meant by external income, but if it is good for 8 years, and you'll be debt free in 2, then the other six could go toward saving what you'd been using to get debt free.
I think the best bet is to make sure you do as much for yourself as you can, then don't have to pay for those products or services. Garden, do as many repairs as you can yourself, make less trips to town or wherever...shop only what you need maybe once a month, and buy in bulk. Maybe you can also barter some things with neighbors/friends/relatives, so if someone raises their own meat, you could barter veggies or fruits for some meat. whatever you don't pay out means you need less coming in.


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## TnAndy (Sep 15, 2005)

Fishindude said:


> Question for TnAndy ........ Approx how large is your solar panel system to supply all of your power needs? Approx. how many square feet of panels?


Never really figured it by sqft. Watt wise, it's 11,000 watts. First 20 panels installed were 175w each, I think they ran around 36" x 54" (13.5sqft each) x 20 panels = 270sqft. Next 30 were 250w each, they ran around 39x66 (21.45sqft) x 30 = 643 sqft, so combined, around 913sqft.

Photo at some stage: There is another array of 8 panels behind the lower 8 you can't see, and since this was taken, I've come out the left with 10 more 250w to the ground mounted array.










And to be clear, it does not supply all our needs, but we have no bill because the power company pays a premium for solar infeed that cancels the rest of the bill.


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## TnAndy (Sep 15, 2005)

SadieRenee said:


> Should we consider small livestock, or grow lavender, or buy a van to be an Amish-driver? Ideas, Ideas, Ideas! ...or even pitfalls…



Going to depend on your interests, and what will sell in your area. Clearly "Amish-driver" must be a local opportunity as I've never heard of it.

I believe the Dept of Agriculture still has money available for building green houses. You could start with a small one (say 20x40) and grow fresh greens for sale to local restaurants/farmer's market. If that goes well, and suits you, scale up to whatever time you want to spend doing it. You could start with small covered ground beds quite cheaply. World of YouTube videos on the subject. Key is to develop you market before you get too heavy in the growing side. (growing is easy, selling is the trick)


We grow an awful lot of food (for us) in our little homemade 3 season 20x36 house, and it doesn't have to be built as fancy with the concrete floor and raised beds. (that was for us personally to be able to keep gardening a long time into old age)


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## reneedarley (Jun 11, 2014)

A strange coincidence that lavender was mentioned. The locals scoffed when a couple started this business in the village near where I was born. It is a HUGE success but don't know if the idea could be adopted to your area.https://woldswaylavender.co.uk/?doing_wp_cron=1547671451.8537840843200683593750


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## po boy (Jul 12, 2010)

If I wasn't on my last lap, I would be TnAndy's neighbor,


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## TnAndy (Sep 15, 2005)

po boy said:


> If I wasn't on my last lap, I would be TnAndy's neighbor,


Mon' up....You may have more laps in you than you think


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## po boy (Jul 12, 2010)

TnAndy said:


> Mon' up....You may have more laps in you than you think


Tell me about your medical staff


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## TnAndy (Sep 15, 2005)

I'm your man. Some leftover pain meds if you hurt, Ivomec if ya got worms, bottle of vet pennecilin and a cow size needle if ya got a fever. What else does a body need ?


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## ed/La (Feb 26, 2009)

Become a successful beekeeper. Sell honey and bees. Takes several years to learn so start soon if that might appeal to you.


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## dsmythe (Apr 21, 2013)

If your husband enjoys wood working he can build "stuff" and sell it. I build yard swings, I have a simple plan that is comfortable. I sell them just word of mouth. I do some wood turning, pens and other small projects, get a catalog from pennstateind.com There are plenty of ideas in there that should give you both some help. Bird houses sell very well around here, NEGA. Adirondack chairs is going to be my new "line" this spring. There is a whole world of things that people want and need, they just don't know it yet. Go SELL it to them! I built a set of shelves for a friend of mine who did not like the way HE finished them I took them to the fleamarket with me and sold them the first thing. The best advice I can give anyone who is going to retire is: Get everything done that you can BEFORE you retire cause you won't have time after you retire. Good luck on getting out of debt and saving all you can. Dsmythe


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## AmericanStand (Jul 29, 2014)

Do what you would like to do anyway. 
In my case I am landscaping with edible stuff. 
Sugar maples every 50 near the fence line. 
Paw paws and persimmon 
Pears plums and millinery strategically placed in the yard
I favor native and rarer perennials. 
Can anybody think of a fruit productive Evergreen?


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## GTX63 (Dec 13, 2016)

SadieRenee said:


> O I have about 8 years left of my current external income with which to prepare for our retirement. We have electricity, heat with a wood stove, a standard water well/pump. Should we consider small livestock, or grow lavender, or buy a van to be an Amish-driver? Ideas, Ideas, Ideas! ...or even pitfalls…


No frills advice here- Start adapting to living on retirement income now. You can evolve from the learning/informational stage just as an urban dweller would as they prepare a move into the country.
If you earn 60k and you'll be retiring on half that, start socking that half away now. 8 years x 30k is still 240k above and beyond.
When you finally drop your time card in the slot for the last time, you won't have to transition, you'll already be there and the additional revenue streams won't be so life or death in importance.


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## oneraddad (Jul 20, 2010)

AmericanStand said:


> Can anybody think of a fruit productive Evergreen?




Pinyon pine


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## AmericanStand (Jul 29, 2014)

I just watched a video on pinyon, Unless it is order of magnitude more productive in domestication I dont think it would pay its way . 
But at least I know why they are so expensive at the trading post.


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## SadieRenee (May 12, 2012)

dsmythe said:


> If your husband enjoys wood working he can build "stuff" and sell it. I build yard swings, I have a simple plan that is comfortable. I sell them just word of mouth. I do some wood turning, pens and other small projects, get a catalog from pennstateind.com There are plenty of ideas in there that should give you both some help. Bird houses sell very well around here, NEGA. Adirondack chairs is going to be my new "line" this spring. There is a whole world of things that people want and need, they just don't know it yet. Go SELL it to them! I built a set of shelves for a friend of mine who did not like the way HE finished them I took them to the fleamarket with me and sold them the first thing. The best advice I can give anyone who is going to retire is: Get everything done that you can BEFORE you retire cause you won't have time after you retire. Good luck on getting out of debt and saving all you can. Dsmythe


Nice ideas!!! These suggestions may actually work in our area. We have a few "touristy" towns that could benefit from some of these items. I think if my hubby can make them, I can sell them. Thanks


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## SadieRenee (May 12, 2012)

TnAndy said:


> Going to depend on your interests, and what will sell in your area. Clearly "Amish-driver" must be a local opportunity as I've never heard of it.
> 
> I believe the Dept of Agriculture still has money available for building green houses. You could start with a small one (say 20x40) and grow fresh greens for sale to local restaurants/farmer's market. If that goes well, and suits you, scale up to whatever time you want to spend doing it. You could start with small covered ground beds quite cheaply. World of YouTube videos on the subject. Key is to develop you market before you get too heavy in the growing side. (growing is easy, selling is the trick)
> 
> ...


BEAUTIFUL!!! This is certainly something I'll check into.

As always, the HT folks are a goldmine of suggestions and information.


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## SadieRenee (May 12, 2012)

GTX63 said:


> No frills advice here- Start adapting to living on retirement income now. You can evolve from the learning/informational stage just as an urban dweller would as they prepare a move into the country.
> If you earn 60k and you'll be retiring on half that, start socking that half away now. 8 years x 30k is still 240k above and beyond.
> When you finally drop your time card in the slot for the last time, you won't have to transition, you'll already be there and the additional revenue streams won't be so life or death in importance.


This is actually what I'd like to do AFTER the debt is paid off. It is actually possible to get our outgo beneath his SS check and that is my goal while I am still working.


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## emdeengee (Apr 20, 2010)

reneedarley said:


> A strange coincidence that lavender was mentioned. The locals scoffed when a couple started this business in the village near where I was born. It is a HUGE success but don't know if the idea could be adopted to your area.https://woldswaylavender.co.uk/?doing_wp_cron=1547671451.8537840843200683593750



Vancouver Island has a huge lavender industry particular in culinary lavender. They hold a lavender fair every year andseveral farms have introduced Lavender Labyrinths. People love a maze and then you can sell your products.


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## emdeengee (Apr 20, 2010)

If you have a lot of snow and a big enough property you could also make a snow maze and charge admission.

https://www.cbc.ca/news/canada/manitoba/snow-maze-manitoba-record-1.4967680

We used to always create a huge snow running track for our dogs using the snow blower. Just a big oval run but with very high walls. Our dogs loved it as did all of the dogs of our friends who lived in the city and would come out to our place to give their dogs a good run. We never thought of charging them but why not? We had two entrances to the dog track - one on each side and we would let one dog in at each entrance. They would then race around trying to catch each other - never being able to see the other dog (or person) but knowing that they were there.


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## hiddensprings (Aug 6, 2009)

I would say to find something you love to do and make a business out of it. Hubby and I have been throwing around ideas for retirement income ourselves. We still have 10 years before we do retire but as long as our health continues to be like it is, we'll never really retire. Hubby loves to do woodworking so that's where he'll be. I love goats milk soap, sewing, spoon carving, crafty stuff. So we'll simply take our stuff to shows and sell. I've done exceptionally well with my soaps and love doing it.


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## Alice In TX/MO (May 10, 2002)

Do not assume pecans will make money in your lifetime. Just sayin.


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## GTX63 (Dec 13, 2016)

emdeengee said:


> Vancouver Island has a huge lavender industry particular in culinary lavender. They hold a lavender fair every year andseveral farms have introduced Lavender Labyrinths. People love a maze and then you can sell your products.


We do a lavender field. My wife always wanted one and yes, there is money in lavender, you just have to dig a little.


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## SadieRenee (May 12, 2012)

GTX63 said:


> We do a lavender field. My wife always wanted one and yes, there is money in lavender, you just have to dig a little.


What do you do with the lavender? Do you sell the flowers fresh and dried, make potpourri pouches, distill the oil? We keep coming back to this thought because I have nowhere to buy lavender in any form in our area.


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## SadieRenee (May 12, 2012)

emdeengee said:


> If you have a lot of snow and a big enough property you could also make a snow maze and charge admission.
> 
> https://www.cbc.ca/news/canada/manitoba/snow-maze-manitoba-record-1.4967680
> 
> We used to always create a huge snow running track for our dogs using the snow blower. Just a big oval run but with very high walls. Our dogs loved it as did all of the dogs of our friends who lived in the city and would come out to our place to give their dogs a good run. We never thought of charging them but why not? We had two entrances to the dog track - one on each side and we would let one dog in at each entrance. They would then race around trying to catch each other - never being able to see the other dog (or person) but knowing that they were there.


Interesting direction.... my hubby has mentioned several times that we have enough space and decent location for a seasonal miniature golf course.


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## GTX63 (Dec 13, 2016)

My wife started out growing just a small batch because she loved the aroma. Then is began to take over, lol.
Yes, it can be dried and sold at markets and online. Places like Etsy can be a good place to start and build up like kind products.
There are different varieties depending on what you planning on doing with them. English lavender is the most common; I believe spike lavender is what she started last summer and it is better for essential oils. Like most rural homesteading money making ventures, it is supplemental and does take time and effort when first starting.


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## Scott SW Ohio (Sep 20, 2003)

Years ago I lived in East Tennessee and rented a tiny apartment. An older couple had put an addition on their small house, two rooms and a bath. By the time I showed up the husband had passed on but his wife had a steady income from renting the apartment. Not sure if this is practical for you but it might be worth a thought.


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## Alice In TX/MO (May 10, 2002)

I totally agree on renting small spaces. My "retirement" income streams include rental properties.


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## emdeengee (Apr 20, 2010)

Providing an activity or entertainment seems to be a fairly good way to earn a little extra money. People are always looking for things to do particularly with their kids. 

When I lived in Europe I used to take the children (I was their au pair) to the Parcour. Today this has become a very specific type of exercise but back then it was in and along a forest path and it was intended to be used as you wished either for serious training or just for fun. Every few yards there was an exercise activity or a piece of equipment to use - and of course there were challenges. The kids loved this and it sure burned off energy and developed their physical strength and endurance. We used it in all seasons. We recently heard of a parcour set up to include your dogs. 

Any activity involving the public would have to include insurance coverage for you.


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## ldc (Oct 11, 2006)

For American Stand: Here in zone 8, loquats are an evergreen fruit producer. There are pecans here, persimmons, blueberries. Don"t know your ag zone.

Loquat - once native to Brazil - are grown all over the world now, a huge favorite in Turkey, the Middle East, India. Sometimes called "Yellow Japanese Plum" in our area, but it isn't!


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