When your wallet is pinched each time you fill your gas tank or grocery cart, it's tempting to cut back on retirement savings. In fact, in a recent AARP survey of workers 45 and older, one-third of those who responded said they had stopped contributing to their retirement plans and another 23% had tapped their retirement funds prematurely.
But the long-term impact of doing either of those things can be devastating -- especially if, like Rebecca Edgar of San Diego or Sam Ardery of Bloomington, Ind., you're already behind in saving for retirement. Edgar, 40, is recently divorced and is starting her nest egg from scratch. Ardery, 50, is still recovering from a failed real estate venture more than a dozen years ago.
But in both cases, they (and others interviewed by Kiplinger's) are able to tap sometimes-unexpected resources that can help them play catch-up. And you can benefit from their experiences. You may not be able to alter major economic trends, such as rising inflation, a volatile stock market and declining home values. But you can focus on key elements within your control: how much money you save, where you invest it and when you plan to retire.
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SOLUTIONS TO SIX NEST-EGG WOES
No. 1: Late Start on Saving
No. 2: Lack of Focused Strategy
No. 3: Big Nest-Egg Losses
No. 4: Little Savings for Retirement
N0. 5: Frozen Pension Funds
No 6: Saving in a Bear Market
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403(b) Contribution Limits for 2024retirement plans Teachers and nonprofit workers can contribute more to a 403(b) retirement plan in 2024 than they could in 2023.
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SEP IRA Contribution Limits for 2024SEP IRA A good option for small business owners, SEP IRAs allow individual annual contributions of as much as $69,000 a year.
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Roth IRA Contribution Limits for 2024Roth IRAs Roth IRA contribution limits have gone up for 2024. Here's what you need to know.
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SIMPLE IRA Contribution Limits for 2024simple IRA The maximum amount workers at small businesses can contribute to a SIMPLE IRA increased by $500 for 2024.
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457 Contribution Limits for 2024retirement plans State and local government workers can contribute more to their 457 plans in 2024 than in 2023.
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Roth 401(k) Contribution Limits for 2024retirement plans The Roth 401(k) contribution limit for 2024 is increasing, and workers who are 50 and older can save even more.
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Is a Medicare Advantage Plan Right for You?Medicare Advantage plans can provide additional benefits beneficiaries can't get through original Medicare for no or a low monthly premium. But there are downsides to this insurance too.
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What You Must Know About the Different Parts of MedicareMedicare Medicare can be complicated but we've got you covered. Here is a quick guide to the different benefits provided through each part.
