Take Advantage of Catch-Up Provisions
“The government encourages saving in the final years leading up to retirement by allowing catch-up contributions to retirement accounts,” said Daniel Zajac, partner with Simone Zajac Wealth Management Group. “For those 50 years of age and older, the IRS allows a pre-tax deferral of $24,000 into an employer-sponsored retirement plan.”
IRA participants who meet income requirements can also contribute an extra $1,000 per year. “I’ve never heard a retiree complain that they saved too much for retirement,” Zajac said.