Q: I am 60 years old, still working, and will be for at least the next 5-7 years. My annual salary is approximately $45,000. I have a 401k for $10,000 and have savings around $13,000. What should I be doing to quickly increase my retirement savings?
A: Thanks for your email.
To maximize your savings, I suggest you take a look at our CIA Savings Hierarchy. This chart attempts to help you understand how you should allocate cash, filling up each bucket from the top down before moving to the next. If you can get to the point where you are maxing out your 401K, you will be well on your way.