Being close to retirement without enough savings can be a stressful situation. Fortunately, there are some options to consider to improve your retirement income.
Key Takeaways:
- Take advantage of catch up contributions. For 401(k) plans, those over the age of 50 can contribute $24,000 rather than the $18,000 limit for those under age 50.
- Delaying your social security benefits can increase your retirement income because monthly benefits rise 8 percent for every year that you wait.
- Deferring retirement altogether can make a big difference because it reduces the number of years you will have to rely on your retirement savings.
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