As the stock market dips nearly 10% from its peak and economic uncertainties loom, retirees and near-retirees are urged to maximize their retirement savings. Key strategies include making full use of tax-advantaged accounts like 401(k)s and IRAs, especially catch-up contributions for those over 50. Despite concerns about time for growth, savings continue to accrue interest post-retirement, offering a critical opportunity for financial security. Experts emphasize that thinking of retirement savings as a long-term investment can aid in weathering the current financial downturn.
If you're near retirement, consider pushing your savings as close to the max as you can afford. The 401(k) already has high contribution limits, $23,500 in 2025.
People may not realize the importance of catch-up contributions. These allow older workers to save even more in their retirement accounts as they approach retirement.
Savings don't stop growing when you retire. If you retire at 65 and live to 85, those savings will continue to accrue interest for up to 20 more years.
Think of your savings as an investment that will grow "through" retirement, not just "to" retirement.
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