Take Advantage of ‘Catch Up’ Contributions

Say you’re already over 50 and worrying about all the money you’ve ‘lost’ along the way. Luckily, you can still take action (as we mentioned earlier) by taking advantage of catch up contributions.

What does this mean? You can usually contribute up to a certain amount to your 401(k). This set amount changes on a yearly bases. For 2020, it’s $19,500. But if you’re over 50 you can make additional contributions fo up to $6,500. The same goes for IRA, though the ‘catch up’ sum is $7,000.

See, it’s never a good time to give up on your retirement savings!