54% of Future Retirees Share This Major Worry

There's lots to be concerned about financially when it comes to retirement, including inflation, rising property taxes, and investments underperforming. But in a new Nationwide survey, 54% of future retirees aged 50 and over cite paying for healthcare as a major cause of retirement stress. If you share the same worry, here are a few critical steps to take sooner rather than later.

The more money you manage to sock away in an IRA or 401(k) plan, the easier it'll be to manage any retirement expenses that come your way, healthcare included. If you're 50 or older, you get an even greater opportunity to fund a retirement savings plan thanks to catch-up contributions. For IRAs, you get a $1,000 catch-up that raises your 2020 contribution limit to $7,000. If you have a 401(k), you get a $6,500 catch-up that brings your total allowable contribution to $26,000. But if you can't max out your catch-up contributions, do the best you can. Setting aside an extra $200 or $300 a year will help, too.

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Source Fool.com