How to catch up on retirement savings if you didn't start early - Business Insider

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At the end of the day, inaction is the only force working against you

if you need to access money before retirement. And if you leave your job, you can roll over your workplace plan balance into an IRA and manage it from there.Retirement accounts come with a bevy of tax advantages. Because of this, they impose annual contribution limits so that highly paid workers don't benefit more than average workers.

For 2021, you can put up to $19,500 in a traditional or Roth 401, plus an additional $6,500 if you're over age 50. Traditional andYou don't have to contribute the maximum amount allowed every single year to make progress toward your retirement goal. And you shouldn't feel like a failure if you come up short. Just make sure you're contributingmaximum — that is, the most you can afford to set aside after taking care of necessary expenses.

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