Independently saving for retirement is important. Without savings of your own, you’ll risk falling behind on your bills as a senior — especially since Social Security won’t provide enough income for you to live on. If you don’t have access to an employer-sponsored 401(k), you may be housing your savings in an IRA. If so, make sure to avoid these mistakes in the coming year.
If you’re under 50, you’re limited to saving $6,000 in an IRA next year. If you’re 50 or older, though, you get a $1,000 catch-up that raises your limit to $7,000. Take advantage of this option if you’re behind savings-wise and feel your nest egg needs a boost. If you take a close look at your spending, you may find that eking out an additional $1,000 over the course of a year is more doable than you think.