How Boomers Can Take a Page Out of Trump’s Book and Delay Retirement

President Donald J. Trump sitting in his office at the White House.
©Ken Cedeno / Pool via CNP / SplashNews.com

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Love him or hate him, President Donald Trump knows how to brand himself. Born in June 1946, Trump is still within the range of being a baby boomer. Rather than retire, Trump continues to stay active in business and, more recently, politics.

The past several years have been particularly optimal for Trump’s finances, as he currently boasts a net worth of $5.2 billion. The average boomer doesn’t have the resources Trump does, but it may be unwise to eschew some of the moves he’s made in terms of delaying retirement and building wealth. Here are four ways boomers can follow a similar mentality to benefit themselves.  

Redefine Retirement

Trump has worked well past his retirement age. Although he’s been in the limelight for years, the past decade has been beneficial to his wealth. Trump recently turned 79, which is significantly past the median retirement age of 62, according to the Employee Benefit Research Institute.

Older Americans may not achieve high-profile roles, but opportunities can abound when you rethink retirement. You can pursue opportunities like consulting or board roles that allow you to use your expertise in a particular area. Following this course can avail you of income opportunities to bolster your wealth.

Even for those on Social Security, it’s possible to earn and not impact benefits, as retirees can earn up to $62,160 without affecting payouts. You don’t need to sacrifice retirement, but a partial retirement could benefit you financially.

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Invest Strategically

Trump invests in many opportunities. He’s recently embraced crypto and, before that, social media to amass wealth. He began as a real estate developer and just recently signaled intentions to use his name for telecommunication services, according to Bloomberg.

Boomers may not be able to put their fingers in as many pies, but there’s a wealth of opportunity. They can pursue income-producing assets like rental property or dividend-paying stocks. Doing so could provide nice income streams for any boomers still planning their retirement.

Alternative investments like private equity, cryptocurrency and commodities all provide growth opportunities. Don’t pursue anything you don’t understand, and speak with a financial advisor if you need assistance.

Use Your Personal Brand

Trump uses his brand to make money. You may not have his connections to amass billions, but you can use a comparable approach.

The key is to leverage your personal brand, particularly in your career field. Consider speaking with your network to identify writing or speaking opportunities. Perhaps your brand allows you to work on a passion project in a part-time capacity.

If you have decades of experience, monetize it and your net worth will benefit. It may even be wise to delay retirement while you set up these income-producing opportunities so you’ll be better prepared when retirement does come.

Leverage Other People’s Money

Trump has used numerous levers to grow his wealth. He received $2 billion in loans from Deutsche Bank, according to The New York Times. That’s in addition to referring to himself as the king of debt before the 2016 election, Fox News reported.

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If you opt for this route, do so wisely. Don’t overextend yourself, as that can derail retirement plans, but wise use of leverage is a legitimate way to grow wealth and delay retirement. Opportunities include investing in income properties with a mortgage versus paying all cash, partnering with a younger businessperson to launch a business and taking a reverse mortgage to take advantage of investment opportunities.

Retiring is a personal decision, but opportunities abound for Americans who pursue a nontraditional decision. When done wisely, delaying retirement for a time can boost your net worth.

Editor’s note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.

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