By age 50, workers should aim to have six times their annual income saved for retirement. Those behind can increase savings through budgeting, side gigs, or overtime. Individuals 50+ can make catch-up contributions, adding up to $7,500 extra to 401(k) plans, with higher limits for ages 60-63. IRAs also allow catch-up contributions but with lower limits. Avoid over-contributing to IRAs to prevent taxes. Employer matching contributions should be maximized for free retirement funds.
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