How Can You Catch Up on Retirement Savings?

May 6, 2019
If you're behind on saving for retirement, it can seem almost impossible to get on the right track. Can our built-in biases actually help make the catch-up process easier?

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After you listen

  • To learn more about retirement plans for small business owners, check out schwab.com/smallbusiness.
  • Of course with any major financial decision, you should probably consult with a financial planner or a CPA to help guide you through the process. You can find a Schwab consultant at schwab.com/consultant.
  • To learn more about retirement plans for small business owners, check out schwab.com/smallbusiness.
  • Of course with any major financial decision, you should probably consult with a financial planner or a CPA to help guide you through the process. You can find a Schwab consultant at schwab.com/consultant.

Saving for retirement can seem overwhelming—especially if you are 50 years old and haven't saved nearly enough. Fortunately there are some provisions in the tax code that allow you to make additional contributions to tax-advantaged accounts. In this episode, Mark Riepe examines some of those provisions as well as a few biases that might actually help you get back on track.

Mark is joined by Hayden Adams, director of tax and financial planning for the Schwab Center for Financial Research. They discuss the catch-up provisions available with employer-sponsored plans as well as individual plans.

  • You can read more about the specifics of each type of catch-up contribution allowed at IRS.gov.
  • The benefits of immediate rewards as they relate to long-term goals are explained in this article from the Personality and Social Psychology Bulletin.

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Important Disclosures

The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision.

All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.

Investing involves risk including loss of principal.

Past performance is no guarantee of future results.

The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.

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