Use Catch-Up Contributions
Let’s say you haven’t made enough contributions to your 401(k) to fully satisfy your retirement needs- hey, these things happen to the best of us.
Luckily for you, the closer you are to your retirement, the more you can contribute in order to make up for all that missed time. If you’re over 50, you can make catch-up contributions.
In 2021, you can contribute an additional $6,500 per year, meaning that for this year you can contribute a total of $26,000 to your 401(k). By this point in your life and career, you should be able to make these additional contributions which will help tremendously during retirement.
