"Investors can harvest their losses and gains to improve their retirement outlook. They can also participate in Roth conversions and being aware of IRMAA limits. The higher contribution limits for IRAs and 401Ks are a wonderful step in the right direction by the IRS to allow people to focus on their retirement. With the waning of traditional pensions people need to take on the responsibility of their own retirement and financial future. The two most important aspects to growing one's wealth are time and tax deferral," says James Locke.