In 2018, you can add an extra $6,000 to a 401k, 403(b) or 457 plan for a maximum contribution of $24,500. Additionally, you can boost traditional and Roth IRA contributions by $1,000, bringing the total amount you can set aside in these accounts to $6,500.
People in their 50s shouldn’t shy away from equities, either. Fidelity Freedom Funds, which are target date funds that automatically adjust asset allocation based on a retirement date, still include equity investments for those in their 50s. Being too conservative can hurt your chances of getting the return you need to reach $1 million by age 65.
If you need help creating a plan to reach your savings goal, start by asking if your employer offers access to investment advice as part of your benefits package. Otherwise, consider meeting with a financial planner.
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