Top 5 Retirement Savings Tips for 55-to-64-Year-Olds

3. Boost your 401(k) contributions

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Another way you can boost your retirement savings is to fund your retirement accounts to the maximum level. Considering that the ages 55 and above are your peak earning years, you are likely to be in a higher marginal tax bracket now. Moreover, by consistently funding accounts to the maximum allowed limits, you can benefit from compounded growth over time. This strategy harnesses the power of long-term investments, potentially multiplying the initial contributions. Additionally, contributing the maximum amount will allow you to take full advantage of any employer matches or tax benefits associated with retirement accounts.