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

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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.

[{"selector":"#anim-ee5b32d5-91b8-4010-bff9-b884c95e3f4d","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Learn more

1. Capitalize on Contribution Levels

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

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

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

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5. Participate in Salary Deferral Plans

[{"selector":"#anim-140a6985-f3d8-48d2-995e-734ec5a0cd77","keyframes":{"opacity":[0,1]},"delay":500,"duration":1500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] 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. Learn more

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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.

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

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