- - - 4 Ways Gen Xers Can Make More Money as They’re Nearing Retirement

Crystal MayerJuly 17, 2025 at 12:03 AM

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With the oldest Gen Xers turning 60 this year, the generation is inching ever closer to retirement. The “sandwich generation,” however, is not so sure they are ready for their next chapter. According to a survey by Natixis Investment Managers, 24% believe they will never retire. Additionally, nearly half (44%) think it would take a “miracle” for them to be able to retire.

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The good news is that hopeful retirees can still take steps to get on track. Here are four ways Gen X can make more money as they’re nearing retirement.

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Max Out Contributions

With retirement closing in, Gen Xers should be maxing out contributions if it makes sense financially. The experts at Ramsey Solutions suggest individuals max out contributions to their 401(k) if they can afford to invest more money toward retirement. There are limits, however, to how much a person can invest. For 2025, a person can contribute up to $23,500 in their workplace retirement plan.

Individuals 50 and older can also make catch-up contributions. The IRS limits catch-up contributions to an additional $7,500, meaning people 50 and older can contribute up to $31,000 to their 401(k) in 2025. Individuals ages 60 to 63 can make catch-up contributions up to $11,250 this year, bringing their maximum to $34,750.

While maximizing contributions to a workplace retirement plan is a good idea for people looking to boost savings, it may not be the right move for everyone, particularly individuals who have large amounts of debt or who may have pressing financial obligations. It is essential to speak to a financial advisor to ensure any money moves are the right ones based on individual needs and goals.

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Take Advantage of Employer Matching

Another way Gen Xers can boost retirement savings is by taking advantage of employer matching.

Many people are missing out on free money by not contributing enough to their employer-sponsored retirement plan to receive a matching contribution. According to Fidelity, the overall average employer contribution is 4.8%, but matching plans can vary significantly by employer.

Get a Side Gig

Gen Xers who want to increase their income before retirement can look into a side gig. Today, moonlighting is easier than ever. Without having to leave the comfort of their home, “latchkey generation” kids can pick up freelance work that can bring in a decent amount of money each month.

For individuals worried about having enough money after they quit their 9-to-5, having a side hustle can help to supplement their retirement income. From virtual assistants to dog walking, Gen Xers have a wide range of opportunities to pursue.

Change Investment Strategies

Finally, Gen Xers can consider changing investment strategies to boost retirement savings. Being too conservative by cutting back on stock investments in favor of steadier bonds can hurt future retirees.

The experts at Charles Schwab caution against going “too conservative, too soon” in favor of a more moderate approach. As with any investment strategy, it is critical to work with a financial professional who can assess individual financial goals to ensure the right approach.

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Source: “AOL Money”