6 Tips for Keeping Your Retirement on Track at Age 50

1. Maximize Current Retirement Contributions

Maximizing your current retirement contributions is a common tip offered by advisers. It’s one of the easiest steps to take to help increase the amount of money you’re saving.

You can max out contributions to both personal IRAs and company-sponsored 401(k) plans.

“Starting at age 50 you’re eligible to increase your 401(k) contributions by an additional $6,000 per year, and can increase contributions to IRAs or Roth IRAs by an additional $1,000 per year,” says Matt Hylland, a registered investment adviser at Hylland Capital Management. “At age 55 you’re eligible to save an additional $1,000 per year in a health savings account, which is a great retirement savings vehicle.”

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