Catch up on retirement savings
Like many people, you may feel behind in saving for retirement. Here are some tips to help you catch up.
Max out your contributions
Contribute as much as you’re allowed to your workplace retirement plan. If you’re over 50, you can contribute even more! Review this year's Internal Revenue Service (IRS) limits.
Save outside your plan
If you’re maxing out contributions to your workplace plan, you can save more by putting money into an Individual Retirement Account (IRA) for yourself or your spouse. Even nonworking spouses can have IRAs. If you’re over 50, the limit is higher! See this year’s IRA limits.
Pay off debt
Pay off student loans and credit card debt while you're still employed, and you'll need that much less income in retirement. Remember to pay off your highest interest debt first.
Plan to work longer
One way to help strengthen your savings is to work longer. Even one extra year of contributions can make a difference.
Consider asset consolidation
Have money in old workplace retirement plans? If you move those assets into your current plan, you may simplify planning and help yourself see the big picture.
Keep in mind that you have other options. You can leave your assets where they are, move them into an IRA (separate fees may apply), take a cash withdrawal (be aware of possible taxes and penalties), or use a combination of these options. In addition, you should carefully review retirement plan costs and expenses before moving assets into the plan.
Small changes add up!
See the amount you may add to your retirement savings by cutting back on splurges.