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But once you hit your 50s, the potential consequences of being unprepared forretirementhit much closer to home.
The good news is that its never too late to get serious about saving.
Keep reading to find outhow to catch up on your retirement planning.
While both account types have contribution limits, you could make extra, catch-up contributions beginning at age 50.
Max out your 401(k) first if your employer matches your contributions.
If youre aged 60 to 63, your catch-up limit increases to $11,250 for 2025.
You wont get a tax break for contributing, but youll withdraw the money tax-free in retirement.
Theindividual contribution limitis $4,300 in 2025.
The limit increases to $8,550 if you have a family plan.
The IRS allows an additional $1,000 catch-up contribution if youre 55 or older.
Annuities, which are insurance products that can guarantee income, also provide tax advantages.
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