Reported about 1 year ago
Financial experts recommend having five to six times your annual salary saved by the age of 50, which amounts to approximately $350,000. Catch-up contributions allow individuals aged 50 and older to contribute more to their retirement accounts than the standard limit, with 401(k) contribution limits increasing to $23,000 in 2024. It is advised to focus on healthy spending habits, review assets and allocations, and seek professional advice to ensure a secure retirement future in one's 50s.
Source: YAHOO