Higher income equals higher taxes. Many people experience their highest level of income during their 50s. Earning more leaves you exposed to more taxes. A financial professional can assist you in ways to reduce the burden of taxes, allowing you to save more for your retirement years.
Take advantage of employer matching. If you're saving through a company retirement plan and your employer offers matching, this is the time you want to make sure you're taking advantage of that full potential. In addition to employer matching, this is also the time you should be maxing out your retirement accounts and saving as much as possible. If you're already maxing out your existing retirement accounts and have the desire and means to save more, you always have the option of opening additional accounts.
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Catch-up contributions. Life has a tendency to throw us curves and make us rearrange our priorities. If life has gotten in the way and you've fallen behind with your retirement savings, individuals over the age of 50 have the opportunity to make catch-up contributions to compensate for missed contributions in prior years. Different types of retirement accounts have different catch-up contribution amounts.
Evaluate your expenses. As stated before, this is the time you should be making catch-up contributions, not slacking on your saving efforts. It is more important now than ever before to not let expenses get in the way of your retirement. Budgeting is a great way to get a feel of where your finances are and keep them on track.