3 savings essentials for retirement
As we near retirement, it’s important to understand how Social Security and Medicare work, before we actually need them. Yet a good percentage of near-retirees don’t really have a good understanding of how they work.
Here are three tips that will help you boost your knowledge:
- Take advantage of catch-up savings — If you’re 50 and over, you can stash an additional $6,000 in your workplace retirement plan and $1,000 more in your IRA.
- Maximize Social Security — know your full retirement age (age you can start taking retirement benefits without a penalty)
- Manage Medicare premiums
Learn more about these essentials by reading the full article 3 retirement essentials that could keep more cash in your pocket on cnbc.com.