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These catch-up contributions can make a big difference.

For example, if you are age 50 and haven’t saved a penny yet for retirement but are able to max out your IRA and 401(k) contributions going forward, you can set aside ,500 annually beginning this year.

Financial professionals recommend that you save 15 percent or more of your income throughout your career for retirement.

While you are working, you aren’t drawing down your savings, so your investments get more time to grow.

Benefits are calculated so if you live to an average life expectancy, then you receive the same total award regardless of when you begin to collect.

By postponing your starting date from age 62 to age 70, you will get significantly higher monthly payments.

Ignoring investment gains during retirement, you would only have enough savings to last eight years if you continued to spend at your present rate.

But if you cut your spending in half, your savings would last 16 years.

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