Baby boomers can benefit significantly by switching to high-yield savings accounts, where they could earn an additional $8,000 a year through higher APYs.
While stocks may offer higher returns for young investors, baby boomers turning to high-yield savings accounts can prioritize preserving their wealth with low-risk investments.
The Federal Reserve's interest rate hikes have opened up opportunities for baby boomers to find high-yield savings accounts with APYs exceeding 4.00%.
Many baby boomers may not know that by comparison shopping, they can move some of their savings to higher-yield accounts and enhance their financial security.
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