{"id":291041,"date":"2025-11-30T07:25:33","date_gmt":"2025-11-30T07:25:33","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/291041\/"},"modified":"2025-11-30T07:25:33","modified_gmt":"2025-11-30T07:25:33","slug":"i-asked-financial-experts-how-boomers-can-still-grow-their-net-worth-heres-what-they-said","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/291041\/","title":{"rendered":"I Asked Financial Experts How Boomers Can Still Grow Their Net Worth: Here\u2019s What They Said"},"content":{"rendered":"\n

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. <\/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

Read More: Here\u2019s the Minimum Net Worth Considered To Be Upper Class in Your 70s<\/a><\/p>\n

Learn More: 9 Low-Effort Ways To Make Passive Income (You Can Start This Week)<\/a><\/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

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

Find Out: How Much Should the Average Middle-Class Baby Boomer Have in Savings?<\/a><\/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

Story Continues <\/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

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

Working longer can guarantee you greater income. If you\u2019re financially stable enough to delay Social Security<\/a> payments until age 70, it can boost your monthly income by up to 8% annually after you reach full retirement age.<\/p>\n

\u201cIn 2025, the maximum monthly benefit amount difference between collecting at age 62 is $2,831 vs. age 67 is $4,018 vs. age 70 is $5,108, representing almost doubling your money by waiting between five and eight years,\u201d Orestis said.<\/p>\n

Lastly, we need to talk about the biggest threat to a retiree\u2019s assets: healthcare costs. You should always explore alternatives to Medicare\/Medicaid plans and try to minimize out-of-pocket expenses whenever possible.<\/p>\n

\u201cFor people between the age of 60-69, it is not too late to secure long-term care insurance coverage and avoid the need to spend down income and assets to below the poverty level to qualify for Medicaid,\u201d Orestis explained.<\/p>\n

If you have a high-deductible health plan and are still employed, you might want to think about opening a health savings account (HSA), as it provides triple tax benefits (tax-free contributions, tax-deferred growth and tax-free withdrawals for qualified medical expenses).<\/p>\n

Like every decision involving a big expense, you have options. \u201cIf a person is in need of care but did not get long-term care insurance coverage in place, they can turn to options such as a life insurance policy settlement and a reverse mortgage to help pay for care and be able to age-in-place,\u201d Orestis said.<\/p>\n

More From GOBankingRates<\/p>\n

This article originally appeared on GOBankingRates.com<\/a>: I Asked Financial Experts How Boomers Can Still Grow Their Net Worth: Here\u2019s What They Said<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Ask any successful investor the best way to grow wealth, and they\u2019ll tell you that starting early and…\n","protected":false},"author":2,"featured_media":291042,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[72271,5063,84,117878,4176,1088,117879,4174,4175,4204,47117,56,54,55],"class_list":{"0":"post-291041","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-adam-hamilton","9":"tag-baby-boomers","10":"tag-business","11":"tag-chris-orestis","12":"tag-finance","13":"tag-passive-income","14":"tag-paul-ferrara","15":"tag-personal-finance","16":"tag-personalfinance","17":"tag-retirement","18":"tag-retirement-plan","19":"tag-uk","20":"tag-united-kingdom","21":"tag-unitedkingdom"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/291041","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=291041"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/291041\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/291042"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=291041"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=291041"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=291041"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}