8 Best Ways to Catch Up on Your Retirement Savings Contributions

Those of you who started saving for retirement really late in life, or have fallen behind with the contributions, can consider the following options to make the most of your investments.

Capitalize on Contribution Levels

Contributing towards a salary deferral or investing in an automatic plan is a great way to fund your retirement.

Alter Your Existing Investment Plans for A Profitable Mix

If you haven’t saved enough to fund your retirement, you can consider investing your assets in growth funds. 

Consider Investing Outside Your Existing Retirement Plan

Opening an IRA can give you the benefits of tax-deferred income. IRAs can be classified into two categories: Roth IRA and traditional IRA.

You can consult an experienced financial advisor to find out which IRA suits your specific situation and best fits your financial needs. 

Make the Most of the Available Tax Incentives

The maximum traditional and Roth IRA limits have been raised. You can now make more retirement saving contributions to support your golden years. 

If you have surpassed the age bracket of 50, you are eligible to put in an extra $6,500 to your existing retirement account over and above the contribution of $26,000. 

Participate in Salary Deferral Plans

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