You're almost there! Save as much as you can
Like a marathoner hitting the final stretch, now is the time to give your retirement savings all you've got.
Uncle Sam will make this easier for you after age 50, when you're eligible to make catch-up contributions to employer-sponsored plans and IRAs. (For the 2023 tax year, you can contribute up to $7,500 to IRAs; for 401(k) and 403(b) plans, up to $30,000 for the 2023 tax year, if your plan allows catch-up contributions.)
If you're able, this is also the time to begin maxing out your employer plan. In 2023, you can save up to $22,500 (plus any catch-up contribution) in a 401(k) or 403(b).
Sacrificing now to save more could pay off big in the long run. If you can save an extra $10,000 a year for the next 10 years, your balance could be about $140,000 higher when you retire.