A great investment to make in retirement is in undeveloped land. In general, you could use this land however you see fit, but if you want to make money from it you should find a way to put it to work for you that you’re passionate about. It’s a better way to spend your time than researching different Medicare supplement plans, isn’t it?
Undeveloped land can be turned into several different revenue generating things. You could start a farm and work it yourself if that’s how you want to spend your time and you’re passionate about it, or hire employees to work it for you. It could be a vegetable farm, dairy, orchard, vineyard, etc. Farms are hard work and margins tend to be tight, but many people love the work anyway.
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Instead of a farm, you could build a business on it, or develop the land into a community of several businesses or houses. Whether you want or plan to run any of the businesses on the land is an entirely separate decision, but if the location is good enough chances are someone will want to develop something on it. And you’re in the perfect position to lease it to them to develop with virtually zero additional effort on your part. Simply sit back and collect your checks. Rental income is some of the easiest, most profitable, and most tax efficient ways to make money. Certainly a very smart position to be.
If you do decide you want to be a little more involved in work and you want to run an actual business on top of the land you own, it’s certainly a great way to occupy your time. If you’re passionate about a business or industry in particular, doing something you love and making money doing it means it’s not actually work anyway. Build something that contributes a product or service to the world, or leaves it better than it was before your business was created.
Maybe you’d like to leave a legacy behind in your name for future generations of your family in hopes they continue to run it someday. Or use it to contribute to charity in a field you’re passionate about. Profits from your business could go to charity directly, or perhaps the product or service you provide directly benefits a charitable cause. The rewards from what started out as some undeveloped land could be endless.