8 Proven & Practical Ways to Catch-Up With Your Retirement Savings Contribution

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.

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

1.  Capitalize on Contribution Levels

Based on your investment’s tolerance for instability and the time-frame, you can determine an investment plan that allows for maximum growth.

2.  Alter Your Existing Investment Plans for A Profitable Mix

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

3.  Consider Investing Outside Your Existing Retirement Plan

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

4.  Make the Most of the Available Tax Incentives 

5.  Participate in Salary Deferral Plans

From 2020, your plan allows you to contribute up to $19,500 towards your 401(k), 457, or 403(b) account.  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.

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