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Planning for Retirement at a Later Age

A respected presence in the Manchester, New Hampshire, community, Edward (“Ed”) Marsi serves as a senior financial consultant with TD Ameritrade. When it comes to planning for retirement, Edward Marsi offers a host of knowledge-driven resources.

As many people age, they find that they have insufficiently planned for retirement and need to make up lost ground. Strategies for doing this vary and include higher levels of savings.
The recommended savings level throughout one’s career is at least 15 percent, and when this has not been attained, many people start to consider significantly upping savings levels. This can be accomplished through a combination of reducing expenses and moving savings into tax-advantaged retirement accounts.
The IRS offers a way of doing this through “catch-up” provisions. These allow larger contributions to 401(k)s and IRAs, beginning at the age of 50. In the current tax year, those over 50 can contribute as much as $24,500 into 401(k) plans and $6,500 into IRAs. This provides a significant boost to the ultimate withdrawals taken from the retirement account.

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