3. Take advantage of retirement plan \u2018catch-up\u2019 contributions<\/p>\n
If your nest egg<\/a> isn\u2019t quite where you want it to be, make 2026 the year to prioritize catch-up contributions, suggests Matthew Argyle, a certified financial planner at Encore Retirement Planning in South Jordan, Utah.<\/p>\n The IRS sets annual caps on contributions to retirement accounts, but the limits are higher for taxpayers age 50 and older. These catch-up contributions are \u201ca chance to add more to retirement accounts just as your earnings and wisdom peak,\u201d Argyle says. \u201cFor many, those last 10 years of saving make a bigger difference than the first 30.\u201d\ufeff\ufeff<\/p>\n Catch-up contribution limits are adjusted annually for inflation. In 2026, the standard cap for 401(k) savers<\/a> under age 50 is $24,500, but most older workers can add as much as $8,000 more (up from $7,500 in 2024), for a maximum contribution of $32,500. Savers ages 60 through 63 have a higher catch-up cap \u2014 they can stash an extra $11,250 in a workplace plan, for a maximum contribution of $35,750.<\/p>\n For both traditional and Roth IRAs<\/a>, savers can contribute up to $7,500 for 2026, up from $7,000 in 2025. Those age 50 and older can put in an extra $1,100, for a max contribution of $8,600.<\/p>\n 4. Audit your insurance policies<\/p>\n Your insurance needs can change as you age. Often, it makes sense to drop certain policies<\/a> or take out new types of coverage as risks arise. \u201cInsurance should evolve with your life,\u201d Argyle says.<\/p>\n For example, more than half of adults reaching age 65 today will require long-term care at some point, according to the federal Department of Health and Human Services. A long-term care insurance policy<\/a> can help cover the costs of home health services or care in a nursing home or assisted living facility<\/a>.<\/p>\n \u201cThere is no such thing as preparing too early when it comes to long-term care,\u201d Cooper says. \u201cThe costs are unimaginable and typically involve individuals having to liquidate a majority of their investments or potentially selling their home to afford the care.\u201d<\/p>\n While you\u2019re assessing your insurance needs, double-check your life insurance coverage<\/a>, too. If you don\u2019t have dependents anymore, you may be able to save money by reducing your plan\u2019s death benefit or canceling the policy entirely. \ufeff<\/p>\n \u201cIf your children are independent and your debts are gone, you probably don\u2019t need life insurance,\u201d Argyle says. \u201cBut if a spouse depends on income that would vanish at your death, keeping coverage in place can still serve as a safety net.\u201d<\/p>\n 5. Shred debt and boost your credit score<\/p>\n If you\u2019re carrying a credit card balance<\/a>, personal loan or other high-interest debt, paying it off should be a top priority this year, says D\u2019Andre Clayton, cofounder of Clayton Financial Solutions in Greensboro, North Carolina.<\/p>\n Not only are debts reducing what you can stash away for retirement, but paying them down can also improve your credit score<\/a>, allowing you to qualify for better interest rates on mortgages<\/a> and auto loans.\u00a0<\/p>\n \u201cInsurance carriers, whether it be property, casualty, life or car insurance, they all look at your credit to see if you are a good steward,\u201d Clayton says. \u201cAnd oftentimes, your interest rates are changed based on that factor.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"3. Take advantage of retirement plan \u2018catch-up\u2019 contributions If your nest egg isn\u2019t quite where you want it…\n","protected":false},"author":2,"featured_media":403480,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[28,152,23684,194635,194633,2398,194632,194634,147,530],"class_list":{"0":"post-403479","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-finances","10":"tag-financial-goals","11":"tag-financial-goals-for-2026","12":"tag-financial-new-years-resolutions","13":"tag-financial-planning","14":"tag-financial-resolutions","15":"tag-money-resolutions","16":"tag-personal-finance","17":"tag-personalfinance"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/403479","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=403479"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/403479\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/403480"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=403479"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=403479"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=403479"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}