Not Taking Advantage of Catch-Up Contributions
Once you reach the age of 50, it’s important for you to do everything you can in order to solidify your savings. That means paying attention to catch up contributions.
These will help add a significant amount of funds towards your retirement. But you also have to be mindful of how to budget yourself going forward. That’s because you’ll be allowed to add an additional $1,000 to your IRA and $6,500 to your employer-sponsored account.
Please, keep in mind that these numbers change on a yearly basis, so always stay on top of how much you can add next year, and so forth.
