How can I boost my retirement savings later in life?

How can I boost my retirement savings later in life?

There are several strategies you can consider, such as increasing your contributions, exploring catch-up contributions, and adjusting your investment strategy. Would you like to dive deeper into any of these options?

What are catch-up contributions?

Catch-up contributions allow individuals aged 50 and older to contribute additional amounts to their retirement accounts, like 401(k)s and IRAs. This can help you save more as you approach retirement.

How much can I contribute as a catch-up?

For 2023, you can contribute an additional $7,500 to your 401(k) and $1,000 to your IRA as catch-up contributions. This can significantly boost your savings!

What investment strategies should I consider?

Consider diversifying your portfolio, focusing on growth-oriented investments, and consulting a financial advisor to tailor a strategy that fits your risk tolerance and retirement goals.