A Tax-Savvy Way to Bolster Your Retirement

It can be difficult to stow away as much as you'd like for your golden years through qualified retirement plans.

Contributions to individual retirement accounts are currently capped at $4,000 a year. For employer-sponsored plans such as 401(k)s, 403(b)s or 457s, the maximum is $15,000 for people under the age of 50. (People over 50 can contribute an additional $1,000 a year.) For many nearing retirement, particularly those who weren't able to save a lot early on, this just isn't enough.

Eaton Vance is stepping into the void with a new Web-based product called a supplemental retirement account, or SRA -- a taxable account that can be used alongside qualified retirement plans to scale up retirement savings with minimal tax consequences. ...