Can I Really Catch Up On Retirement If I'm Over 50

Can I Really Catch Up on Retirement If I’m over 50?

In this video I am talking about if you Can Really Catch Up On retirement If You Are Over 50? We provide online professional account management with the goal of supercharging your 401k performance. Stop leaving money on the table each and every year in the form of lost returns. Let us help you!

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For investors behind on retirement and over 50, it may seem as if there is little they can do to catch up.

The good news is that you may be able to get closer to your retirement goals than you think. Below are 9 ways you can catch up on retirement over 50.

#1 Revisit Your Retirement Plan
When was the last time you looked at your retirement plan? Do you even have one in place?

This is where you want to start. Because if you don’t know where you are and where you want to be in retirement, chances are you’ll never get there.

If you want to catch up on retirement over 50, you need a solid plan in place ASAP, and you need to work the plan.

#2 Delay Retirement a Few Years
After reviewing your retirement plan, you may discover you need to extend your working years and delay retirement.
While you may not like the idea, doing so may make a big difference having money to just get by and having enough during retirement.

#3 Stop Lending Money to Family
If you are behind on retirement over 50 and you continue to lend or give money to family members (or take on student loan debt so your grandkids can go to college), you aren’t going to have enough money in retirement.

#4 Watch Your Spending
If you’re over 50, chances are you’re at a point in your life where you want to splurge a little -- after all, you deserve it for all the hard years of work, right?

If you’re behind on retirement savings and over 50, avoid big “reward” purchases and do whatever you can to stay focused and on track with your savings goals.

#5 Open an IRA
In addition to contributing to your 401(k), open and fund an Individual Retirement Account (IRA) to diversify your investment portfolio while reducing your taxable income.

Currently the contribution limits for pretax and Roth IRAs for 2021 is $6,000. The catch-up contribution for people age 50 and over remains the same additional $1,000.

#6 Take Advantage of 401(k) and IRA Catch-Up Contribution Limits

The annual 401(k) contribution limit for 2021 is $19,500. This applies to 401(k), 403(b), most 457 plans, and the federal Thrift Savings Plan.

For those age 50 and older, the 401(k) catch-up contribution is $6,500.

If you’re 50 or older and need to catch up on your 401(k) retirement savings, the total amount you're able to save is $26,000. If you turn 50 anytime during December of 2021, you’re still eligible to contribute the additional $6,500.

#7 Downsize Home and Invest the Difference
There are many pros to downsizing over 50. Not only can it help reduce expenses and stress, but you can also use it to invest a large chunk of cash in your retirement savings.

#8 Reconsider Target Date Funds
Perhaps when you signed up for your 401(k) plan, you were automatically enrolled into a target date fund (such as a 2030 or 2040 fund).

Download our guide 5 Ways Target Date Funds Fail to Live Up to Their Promise: https://bit.ly/31Rw4h0

#9 Seek Professional Managed Help
A May 2014 study conducted over a 6-year period compared those who had Help with managing their 401(k)s and those who did not. The study revealed...

“On average, the median annual returns for participants in the study who got Help were more than 3% (332 basis points, net of fees) higher than people who didn’t get Help.”

Use our calculator to see how professional account management may improve your 401(k) account performance: https://bit.ly/2C1zjbk

If you’d like to take control of your financial future and have more income at retirement, we strongly suggest getting third-party advice.

401(k) Maneuver provides professional account management with the goal to help you grow and protect your 401(k).

Our goal is to increase your account performance over time, manage downside risk to minimize losses, and reduce fees that harm your account performance.

Simply connect your account to our secure platform, and we regularly review and rebalance your account for you, when necessary.

We regularly post videos with financial information and updates. Check us out on YouTube here: https://bit.ly/2BXTM06

Check out our no-cost guide on The Different Types of Licenses Financial Advisors Have and What They Mean to You. https://bit.ly/3dSqWM5

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