Three Key Strategies for Retirement Planning Over Age 50
- 1Savers over age 50 can exceed the $7,500 maximum IRA contribution limit for savers under age 50 by utilizing the additional $1,100 IRA catch-up contribution limit for savers age 50 and older this year.
- 2Medicare does not pay for long-term care services that assist with daily living.
- 3Social Security benefits can be received starting from age 62.
So what's the key point?
Savers over age 50 can save an additional $1,100 in retirement accounts. When preparing for retirement, it is important to look closely at additional savings, medical expenses, and the timing of pension benefits.
Source The Motley Fool +1 · View original ↗
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