Tag: catch-up contributions

Never Too Late: Retirement Savings After 70
May 28, 2025 Off

Never Too Late: Retirement Savings After 70

By The Admiral Staff

There is no age limit for contributing to an IRA as long as you have earned income. Contributions are limited to $7,000 in 2024, plus an additional $1,000 catch-up contribution for those over 50. Traditional IRAs require you to begin taking required minimum distributions (RMDs) at age 73, while Roth IRAs do not while you own them. Tax deductibility of contributions depends on income limits, which vary

Time to Reinvent Retirement
April 3, 2024 Off

Time to Reinvent Retirement

By The Admiral Staff

Many Americans (56%) feel behind on retirement savings, but it’s not too late to catch up, even in your 50s. Experts recommend maximizing employer 401(k) matching contributions, using retirement calculators, and being mindful of hidden fees. Key strategies include making “catch-up” contributions (an extra $7,500 annually for those 50+), creating a retirement income plan, reevaluating spending habits, considering a side gig for