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Late Start on Retirement Savings? How to Try and Catch Up in Your 50s

WiserAdvisor

For the year 2024, individuals aged 50 and above can contribute an extra $7,500 to their 401(k) accounts in addition to the standard contribution limit. Similarly, catch-up contributions for IRAs enable individuals aged 50 and older to save an additional $1,000 beyond the standard contribution limit, totaling $8,000 for the year 2024.