At age 50, it's crucial to shift focus toward long-term financial goals, aiming for substantial retirement savings despite existing financial challenges.
Maximize your employer's 401(k) match contributions as doing so can significantly increase your retirement savings, especially when you leverage the full match offered.
Consider using a traditional IRA or Roth IRA for additional retirement savings. It's essential to consult a financial advisor to choose the best option.
Catch-up contributions for individuals aged 50+ enable significant savings above standard limits, helping you build a more secure retirement fund.
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