10. Use the catch-up provision
If the desire to improve your retirement plan comes later in life, you are not out of luck.

Folks over the age of 50 can take advantage of a catch-up provision the IRS allows. In addition to this year's contribution cap of $16,500, they can also arrange to have up to an additional $5,500 added to their account via savings or deferrals.

With 10 to 20 years of work still ahead for most, these additional savings will increase your retirement plan by the sought-after $50,000 long before it is time to start drawing down the assets.

-- Written by Joe Mont in Boston.

>To contact the writer of this article, click here: Joe Mont.

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