From teenagers seeking recurring revenue on social media to retirees turning their nest eggs into reliable income streams, more people are interested in creative ways to create passive income than ever before.

Despite this broad interest, securing passive income is especially critical for retirees. This is because over the past several decades, the responsibility has increasingly fallen on individuals to  fund their own retirements. Gone are the days of working for the same company for 40 years and retiring with regular pension payments. Sure, an employer may set up and even contribute to your retirement plan, but beyond that, it’s all up to you. Social Security may cover a portion of your needs, but more than likely, most of your retirement income will come from working, saving, planning, and executing a sound income strategy.