/Falling Short on Retirement Goals? Here are Four Tricks

Falling Short on Retirement Goals? Here are Four Tricks

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!