The older I get, the more I have a desire to own a piece of something. I want more than just some electronic numbers on a screen that represent my retirement account, cash sitting in a bank account, or a home that's squeezed onto a city lot somewhere. I want something tangible; something I can utilize to increase income, cut costs, and serve as entertainment in retirement. I want land.
There are so many things that I could utilize on a piece of land to increase retirement income. I could sell timber, rent land to farmers or those raising livestock, potentially harness things like natural gas or oil deposits, subdivide and sell off parcels of the land itself, grow food to sell at area farmers markets, and look for all sorts of other ways to make money from the land itself.
In retirement, and with time on my hands, I can explore and try different income earning options. Adding in these income sources to things like Social Security, interest from savings, any part-time work income, and dividends from a retirement account, and I might not only increase income, but I could better hedge my income streams by increasing and diversifying these sources.
Finding ways to cut costs
There is any number of ways that utilizing land management can help us cut costs in our retirement. Just a few such options that we're considering include things like using wood from timber on our land to heat our home, growing our own crops to cut our food costs, and utilizing the lower property taxes that typically come with rural environments. In such ways, we could cut thousands of dollars off our retirement expenses and become more self-sufficient in the process.
Serving as possible entertainment and purpose in retirement
Finding things to do in retirement can lead to a lot of extra spending. However, having our own little resort area could lead to reduced costs in the entertainment budget. From fishing, boating, swimming, and horseback riding, to hunting, winter sports, hiking, bird watching, gardening, raising animals, and more, there are a variety of activities we could take part in on our own land and at our own leisure, possibly saving money on travel and other costs in the process.
According to a chart of where retirees spend money found at retiredbrains.com the average senior household spends nearly $10,000 a year on transportation and entertainment out of an annual total of just under $41,000. This is nearly 25 percent of total expenses. Therefore, being able to chop two, three or even four thousand dollars off this amount by creating our own at-home entertainment could add up significantly throughout our golden years.
*Note: This was written by a Yahoo! contributor. Do you have a personal finance story that you'd like to share? Sign up with the Yahoo! Contributor Network to start publishing your own finance articles.
More From This Contributor:
The author is not a licensed financial professional. The information provided in this article is for informational purposes only and does not constitute advice of any kind. Any action taken by the reader due to the information provided in this article is solely at the reader's discretion.
- Retirement Benefits
- Banking & Budgeting