How to Catch Up on Retirement Savings at Every Age
Retirement savings are crucial for securing your financial future. Unfortunately, many struggle with this, as many express concerns about not having saved enough for retirement. But no matter your current situation, understanding how to catch up on retirement savings at every age gives you the power to take control. Catch-up contributions are a great way to boost your savings if you’re behind schedule. These are extra amounts allowed by the IRS beyond regular contribution limits, specifically designed for those aged 50 and above. By taking advantage of catch-up contributions, you can increase your nest egg as you get closer to retirement. Saving for retirement is important at every stage of life. Whether you’re in your 20s just starting out or in your 60s facing new financial realities, there are strategies tailored to help you build or accelerate your retirement fund. Early saving takes advantage of compound interest, while later efforts focus on maximizing available limits and ...
