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It'll Be Easier to Catch Up on Retirement Savings in 2020

DATE POSTED:November 10, 2019

If you want a financially secure retirement, you have to save for it. But it's hard to get an early start on your retirement savings, especially with all the demands on your hard-earned money for immediate needs. Balancing current and future financial necessities can seem next to impossible.

Unfortunately, it's all too common for people to hit their 50th birthdays before they get serious about building up a retirement nest egg. Lawmakers know that, and that's why you'll find provisions in many different tax-favored retirement accounts that let you set aside a little extra cash if you're 50 or older. In fact, 2020 will see a sizable increase in the maximum contribution limits that older Americans are allowed to make to 401(k)s. So if you're fortunate enough to have a workplace retirement plan available to you, then you might be able to take an extra step toward your financial goals in the coming year -- and save yourself some taxes at the same time.

Image source: Getty Images.

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