Vanguard Says Retirees Could Add $100K or More to Retirement Savings With This Strategy

Imagine being able to add a six-figure sum to your retirement savings without making drastic changes to your daily routine. Sounds too good to be true? Think again, according to Vanguard's latest research.

The investment giant has identified a simple yet effective strategy that could help retirees boost their nest egg by $100,000 or more. So what's the secret?

• It involves taking advantage of catch-up contributions in retirement accounts.
• Those who are 50 and older can put extra money into their 401(k), IRA, or other employer-sponsored plans.
• For example, if you're contributing the maximum amount allowed for your age group ($26,000 this year), you could contribute an additional $6,500 in catch-up contributions.

The key is to start early and be consistent. Even small, extra contributions can add up over time. In fact, Vanguard estimates that by taking advantage of these catch-up contributions, retirees could see their retirement savings grow by tens of thousands of dollars or more.

So how do you get started? First, check with your employer to see if they offer a 401(k) or other plan with catch-up contribution options. Next, review your current retirement strategy and see where you can make adjustments to free up extra money for these contributions.

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