Countless retirement accounts are available, but the most important factor is saving in the first place
As retirement gets closer, Americans know they need to save more. But what is the best approach for the over 50 crowd? As you near the end of your working life, are you better off putting money in a company 401(k), an individual retirement account or a health savings account? The self-employed, who don’t have company 401(k) plans, have even more saving choices.
Use them all, experts say. What will matter most is that you save, not where you save.
“Put as much as you can in, and certainly take advantage of the catch-up provisions,” says Roger Wohlner, a financial advisor and freelance writer in Arlington Heights, Illinois, who blogs at http://thechicagofinancialplanner.com/”>The Chicago Financial Planner. Catch-up provisions allow Americans age 50 or older to contribute more to retirement accounts.
There are some situations in which it makes more sense to maximize contributions to one plan over another, but the choice almost always depends on your individual situation. If you have specific saving questions, consult your accountant or a financial advisor.