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.
Contributing towards a salary deferral or investing in an automatic plan is a great way to fund your retirement. You can make the maximum permitted contribution under your IRA to maximize your long-term investment portfolio.
From 2020 onwards, the contribution limit for those under the age of 50 is set at $6000 with a catch-up contribution limit of $7000 for those who have crossed the age of 50.