Starting next year, workers aged 60 to 63 can contribute a higher catch-up contribution of up to $11,250 to their retirement accounts, allowing for potentially significant savings.
The additional contribution is intended to help those nearing retirement age make up for past savings shortfalls, addressing a vital concern as the U.S. population ages.
With the growing number of companies eliminating pensions, it's becoming increasingly crucial for older Americans to increase their retirement savings before the traditional retirement age.
Only 10% of households headed by those aged 55 to 64 have adequate retirement savings, highlighting the urgency of providing more options for increased contributions.
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