From Yahoo Finance: 2025-05-02 13:02:00

If you’re a baby boomer retiring in the next five years, now is the time to maximize your income and savings. With catch-up contributions, you can save an additional $1,000 in your IRA or $7,500 in your 401(k), making it a great time to earn extra money and boost your retirement savings. Passive income strategies can be a great option for pre-retirement boomers looking to generate extra income without taking on a second job. Rental real estate is a popular passive income idea for boomers, providing a hands-off way to earn extra money each month. Dividend stocks are another way to generate passive income, offering regular payouts and the potential for capital appreciation. Older workers can leverage their experience and expertise to create passive income streams through e-books, online courses, and other digital products. Your car can also be a source of passive income by renting it out or using it for advertising. Selling clutter online or at a garage sale can provide some extra cash, but consistent passive income strategies can make a bigger impact on your monthly earnings. These passive income ideas can help boomers retiring in the next five years boost their income by hundreds or even thousands of dollars per month, making a significant difference in their retirement savings.



Read more at Yahoo Finance: 4 Passive Income Streams for Boomers Retiring in the Next 5 Years