Here’s a Simple Strategy to Make $70,000 in Passive Income | Personal Finance

Social Security isn’t an option for you if you retire too early. Even if you wait until you’re eligible, the benefits won’t be enough for most people. You’ll very likely need other income sources.

There are multiple ways to earn additional money. However, some of these approaches won’t generate the amounts of supplemental income that many people will need. Don’t despair, though. Here’s a simple strategy to make $70,000 in passive income per year.

You only need simple math to determine the critical prerequisites needed to generate $70,000 in annual passive income. Divide the amount by the percentage you expect to make from your investments. That’s how much you’ll need upfront if you don’t want to withdraw your initial capital.

The calculations are more involved if you plan to reduce your initial capital over time. You’ll need to factor in how much you want to take out…