Important Retirement Savings – Age 50

Do you have 90 seconds to enhance your retirement savings?

Retirement SavingsIf you have 90 seconds to spare, I found some awesome information that can enhance your retirement savings if you are at least age 50!

Did you know that the closer you get to retiring, there are changes in rules regarding contributions and withdrawals from  your IRA and 401(k) accounts? Once you turn age 50 you can save more in your 401(k) account than younger coworkers. By maxing out your 401(k), you can save a significant amount in taxes. After age 50, IRA accounts also allow you to make larger catch up payments and to defer taxes on more money than younger investors.

US News and World Reports has a great recap of these rules in short video located here. It’s really just over a minute long.

 

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