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Top 7 ways Gen Xers can turbocharge retirement savings before it's too late

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The first edge of Gen X, which ranges in age from 44 to 59, is on the cusp of retirement, and they still have time and a handful of strategies to significantly improve their savings and retirement. Here's how Gen X — and plenty of other Americans — can turbocharge their savings.
The article from AOL Finance titled "Top 7 Ways Gen Xers Can Boost Their Retirement Savings" outlines several strategies for Generation X individuals to enhance their retirement funds. It emphasizes the importance of starting or increasing contributions to retirement accounts like 401(k)s or IRAs, especially by taking advantage of catch-up contributions if over 50. Other recommendations include downsizing or reducing living expenses to free up more money for savings, delaying Social Security benefits to receive higher payments later, and exploring part-time work or side gigs to increase income. The article also suggests looking into annuities for guaranteed income, reassessing investment strategies to possibly take on more risk for higher returns, and finally, considering long-term care insurance to protect retirement savings from potential future health care costs. Each strategy is designed to help Gen Xers, who are often caught between supporting their children and aging parents, to secure a financially stable retirement.

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