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.
2. Alter Your Existing Investment Plans for A Profitable MixBased on your investment’s tolerance for instability and the time-frame, you can determine an investment plan that allows for maximum growth.
If you have surpassed the age bracket of 50, you are eligible to put in an extra $6,500 to your existing retirement account over and above the contribution of $26,000.
The contribution limit for those under 50 is set at $13,500. Those above 50 years of age can make a catch-up contribution of $3,000 which will raise the total contribution to $16,500.