8 Proven & Practical Ways to Catch-Up With 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.

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1. Capitalize on Contribution Levels

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3. Consider Investing Outside Your Existing Retirement Plan

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If you don’t use up all of your minimum distribution to fund your living expenses, you can reinvest the amount to make you more money.

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4. Make the Most of the Available Tax Incentives

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8 Proven & Practical Ways to Catch-Up With 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.

1. Capitalize on Contribution Levels

Contributing towards a salary deferral or investing in an automatic plan is a great way to fund your retirement. You can make the maximum permitted contribution under your IRA to maximize your long-term investment portfolio.

3. 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

If you don’t use up all of your minimum distribution to fund your living expenses, you can reinvest the amount to make you more money.

4. 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.

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