By age 50, the average American should have six times their annual salary saved for retirement. In other words, someone earning $70,000 a year would have more than $400,000 saved.
But millions of Americans fall short of that threshold. If you’re one of them, consider these four retirement tips:
#1: Use the IRS’ Age-50 Rule
The Internal Revenue Service (IRS) allows Americans age 50 and over to funnel an additional $6,000 a year to a workplace retirement plan—in addition to 2018’s $18,500 contribution limit. You can also add an extra $1,000 annually to an IRA, totaling a $6,500 cap.
Use the IRS rule to make up for lost time!