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GOBankingRates’ editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services – our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines<\/a> and our products and services review methodology<\/a>.<\/p>\n 20 Years Trusted by Ask any successful investor the best way to grow wealth, and they\u2019ll tell you that starting early and contributing regularly is a foolproof way to make sure you will have the means to live comfortably when you wind down your work life and start your retirement<\/a> years. \u00a0<\/p>\n But what if you are starting later than you would have hoped? \u201cThe sooner people save, invest, and prepare for the realities of aging and declining health in retirement the better their golden years will be, but it is never too late to make moves to help boost savings, income, and protect your retirement from the unexpected twists and turns of life,\u201d said Chris Orestis, founder and president of Retirement Genius<\/a>.<\/p>\n<\/p>\n Baby boomers looking to grow their net worth should continue to save enthusiastically, spend sensibly and reduce major expenses, but they may also need to add a couple of different options to their financial playbook before it\u2019s too late. Here are some expert strategies for boomers who want to grow their wealth<\/a>.<\/p>\n Always Invest Wisely<\/p>\n Many experts recommend that seniors buy lower-risk investments like exchange-traded funds (ETFs) and dividend-paying stocks<\/a>, which offer the possibility of both growth and income. Others support a more aggressive approach by keeping a portfolio heavy on stock market content. For Paul Ferrara, senior wealth counselor and client relationship manager at Avenue Investment Management<\/a>, boomers can\u2019t afford to neglect the positive results that \u201cinterest on interest\u201d compounding provides.<\/p>\n \u201cCompounding works even during retirement as many boomers assume that they are at the growth stage when they have set up assets,\u201d Ferrara said. \u201cEven after having sold the income heavy portfolio and replacing it with a balanced combination of dividend equities and low volatility bonds, wealth may continue to grow even though risk remains within a comfortable band.<\/p>\n \u201cAn example that I frequently run in my hypothetical models is that a portfolio of the value of $1,000,000 with a yield of 4% reinvested year after year over a decade would yield an extra $480,000 without an increase in risk allocations,\u201d he explained.<\/p>\n Boost Your Retirement Contributions<\/p>\n You owe it to yourself to take advantage of catch-up contributions<\/a> to 401(k)s and IRAs if you are still employed. Compared with younger workers, those over 50 can make a substantial contributions, and those over 60 have opportunities not available to younger workers, according to Orestis.<\/p>\n \u201cBetween the age of 60 and 63 people can super-size their 401(k) contributions to add more to their accounts by maxing out to $11,250 each year, and with employee matching limits that would put $81,250 into your retirement plan over three years,\u201d he explained.<\/p>\n Create Additional Income<\/p>\n There are flexible possibilities in the gig economy that can accommodate most any lifestyle, like part-time work, consulting in your area of expertise or making money from your hobbies. Or, as Adam Hamilton, CEO of REI Hub<\/a>, recommended, look into passive real estate to keep yourself busy and augment your retirement income.<\/p>\n \u201cThat doesn\u2019t have to mean buying an investment property outright \u2014 though it certainly can,\u201d Hamilton said. \u201cPerhaps it just means converting your in-law suite or guest house into a short-term rental. Having passive income not only helps you build more wealth faster, but it can be invaluable to support your retirement lifestyle.\u201d<\/p>\n Delay Taking Social Security<\/p>\n![\"\"](\"https:\/\/cdn.gobankingrates.com\/wp-content\/uploads\/2023\/11\/icon-20.svg?webp=1&quality=75\"){kind=icon}
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