How to Truly Max Out Your Retirement Savings

Many investors struggle to find any money to save toward retirement, but a few fortunate investors have more favorable financial situations that allow them to save as much as they can. For them, taking full advantage of tax-favored retirement savings can make a huge difference not only in their long-run financial planning but also in managing their taxes right now.

Here, you'll find the tax-favored savings opportunities that retirement savers can use to maximize the amount they put aside for the future.

The first thing that anyone can do to save for retirement is to open an IRA. The contribution limits for IRAs are adjusted from year to year for inflation, and in 2017, you can set aside up to $5,500 in an IRA. Those who are 50 or older get to make an additional catch-up contribution of $1,000, bringing the total to $6,500.

Source: Fool.com