Your 50s are a pivotal time in the grand scheme of retirement savings. At that point, you may be pretty close to bringing your career to an end. And you may be making big plans for your senior years that include travel, a second home by the beach, or other things you've always wanted.
It's important to take advantage of that final decade in the workforce so you can kick off your retirement on a solid note. Here are three retirement savings mistakes you should make every effort to avoid next year if you're in your 50s.
1. Forgetting you can make catch-up contributions
Making catch-up contributions in your IRA or 401(k) is a great way to give your retirement savings a boost. And you do not need to be behind on savings to take advantage of catch-up contributions. All you need to do is be 50 or older by the end of the calendar year.
In 2026, IRA savers 50 and over can make a catch-up contribution of $1,100, bringing the total allowable contribution amount to $8,600. If you have a 401(k) plan, your catch-up contribution can total $8,000, and your total allowable contribution next year is $32,500.
There's also a special catch-up contribution of $11,250 instead of the $8,000 noted above for 401(k) savers ages 60 to 63 in 2026. For people in this age range, the maximum 401(k) contribution in 2026 is $35,750.