We're in our 50s with over $2 million in retirement accounts - should we keep maxing them out?

Many people in their 50s feel insecure about their retirement savings, with an AARP survey finding that 20% of Americans aged 50 and over have no savings for retirement.

While maxing out IRAs and 401(k)s offers tax benefits, individuals should consider their financial flexibility and retirement plans before deciding to continue this habit.

Maxing out retirement contributions is traditionally advised due to tax benefits; however, penalties for early withdrawal and required distributions complicate the decision.

Individuals should weigh the importance of immediate financial needs against potential future tax implications when deciding whether to maximize retirement account contributions.

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