Money How to Earn Steady Monthly Income in Your Retirement

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

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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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If you receive survivors benefits, the additional earnings could help make your retirement benefit higher than your current survivors benefit. How Much Can I Earn And Still Get Benefits?

Quotes in the article

Riocan Real Estate Investment Trust

RIOCF

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Here's how to generate retirement income with minimal effort. A little effort up front could set you up with a steady retirement income stream.

Looking for a steady stream of income during retirement ? Along with Social Security and pensions, most Americans are counting on employer-sponsored 401(k) plans and individual retirement accounts. However, these options come with contribution limits.

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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Even if you've saved diligently, converting that money to a monthly paycheck is no slam dunk. So we asked retirement planner ING Financial Services to help us analyze what it takes to produce ,000 a month in steady income to augment a pension and/or Social Security

The size of your monthly check will depend, in large part, on when you elect to start taking benefits. This can generate a steady stream of income if you are willing to take on the sometimes grinding role of being a landlord. How the ,000-a- Month Rule Will Save Your Retirement .

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.

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This retirement calculator first calculates how much money you will spend over the course of your retirement based on the level of income you will need. For example, if you feel you'll just enjoy retirement more knowing that you'll have steady income flowing in even if the financial markets are

The sharing economy allows folks in retirement to earn extra income on their own schedule. For retirees with a creative flair, blogging offers a fairly steady gig that allows you to work from home with flexible hours. Here's how to find a balance between an over-scheduled retirement and boredom.

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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