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6 Late-Stage Retirement Catch-Up Tactics

6 Late-Stage Retirement Catch-Up Tactics

People approaching retirement age with little in savings may have a bumpy road ahead. An individual who is 40 years old and who contributes $17,500 annually to a 401(k) could accumulate more than $1.3 million in savings by age 65. Note that for 2017, these figures are $18,000 and $6,000 (catch-up), for a total of $24,000 and even more earnings potential.The basic contribution limit rises another $500 for 2018, to $18,500.