4 money moves retired Americans in their 50s can make before claiming Social Security — how many of these will you do in 2025?

For those fortunate enough to retire well ahead of 65, money may not be a worry — but it certainly remains a concern. Decisions made now could shape the rest of your retirement. Temptations to blow the nest egg on monster-ticket items like a new Lamborghini (priced as much as $5.7 million, but let’s talk financing) are best put on hold. You may also want to consider ways to boost your income before you can start receiving Social Security benefits.

Not all of these money moves will be right for your specific circumstances, but it helps to know about them. Take the commonly held notion that retirement accounts are only for accessing after you turn 59 1/2 if you want to avoid a 10% penalty. That’s true but only partially, and below we’ll review the special privilege bound to make early retirees happy.

Employ the rule of 55

If you’ve retired ahead of 65 by as much as 10 years, the IRS allows for waiving the 10% penalty as you withdraw funds. This is known anecdotally as the rule of 55. If you leave your job and turn 55 or older the same year, this penalty vanishes.There are some important guidelines to note. This rule only applies to the employer-sponsored plan you were contributing to while you were working. It’s not available for any IRAs, and with employer-sponsored plans you must keep the funds there and not roll them over. You will also still have to pay taxes on your withdrawals.

Trade in your traditional account for a Roth

Speaking of retirement plans, converting your tax-deferred retirement account to a Roth IRA — where taxes are paid upfront — may be right for you and provide tax savings. Strategically making small conversions over time, in order to avoid entering a higher tax bracket, can ultimately help you avoid the required minimum distributions (RMDs) of a tax-deferred retirement account. Depending on how much income you expect to have during retirement, RMDs could push you into a higher tax bracket, cause your Medicare premium to rise, and trigger the 3.8% net investment-income surtax. The time to start a gradual Roth conversion process may be now, especially since President-elect Donald Trump plans to extend tax cuts. Consult a financial adviser to crunch the numbers.

Keep a side gig going at a low tax threshold

Besides providing you with more money to spend or save, having a part-time job or business can also have psychological and social benefits. Keep boredom at bay by choosing to do something you enjoy. So long as you make less than a total of $47,150 ($94,300 if filing jointly), including other sources of income like dividends and retirement savings withdrawals, you’ll stay in the 12% tax bracket for any money you earn. According to a recent poll of 3,000 retirees by MarketBeat.com cited by Barron's, seniors with side hustles earn an average of $379 a month.

Punch up passive income via real estate

Since you won’t be eligible to collect Social Security until 62, real estate deserves a closer look vis-a-vis generating income without holding down full-time work. An easy way to achieve this is to rent out any spare rooms or parking spaces you may own. You can buy a smaller second residence, move into it, and reap significant rental profits if the first home is paid off. A three-bedroom home in Chicago rents on average for $$2,523 a month: more than $30,000 per year.

However, owning property and being a landlord can come with many hidden costs and be a significant hassle. A simpler way to invest in real estate and reap the benefits is putting money in real estate investment trusts (REITs). Investors also have the option of crowdfunding platforms now but they should be aware of the risks and drawbacks like a lack of liquidity.