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Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.
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Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service.
Saving for retirement late in the game
While it’s ideal to start saving for retirement as early as possible, you can still catch up if you’ve waited until late in the game. It’s never too late to start saving for retirement, so get on track while the paychecks are still coming in.
As soon as you turn 50, you can make IRS-approved catch-up contributions to your IRA or 401(k) plan. Put in the maximum contribution possible to make up for any lost savings. Bankrate offers a selection of retirement calculators to help you with smart saving.
Wait to withdraw
Retirement planners often recommend waiting as long as possible before you start making withdrawals from your IRA. While it’s possible to make penalty-free withdrawals at age 59½ from your IRA, it’s better to let the money sit. After all, saving for retirement is about saving as much as possible.
This also goes for Social Security benefits. Though you can start drawing Social Security at age 62, it’s better to wait at least until your full retirement age. Social Security benefits are reduced if drawn early. If possible wait to withdraw until after your full retirement age to receive a “delayed retirement credit.”
Getting some professional advice about saving for retirement never hurts. Seek out a Certified Financial Planner and ask for help setting and achieving your retirement goals. In the meantime, build your retirement knowledge by reading Bankrate’s retirement section.
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