50 plus? How to save an extra $2,000 (or more) on your next tax bill

You may already know about the "catch-up" provision that lets you put an extra chunk of money into your retirement account if you're age 50 or older. You may not know that your employers may not  adjust your 401k contribution automatically when you hit 50.

And that's why you need to take action.

Physicians can squeeze an additional $5,500 into their 401k's in 2011, and an additional $1,000 into their IRA's. This move may save your family over $2,000 at tax time.

To make the change, contact your HR department or your payroll administrator. If your 401k is with Fidelity and you work for a very large medical practice or hospital, you may need to do this online by logging into your account, or asking your financial advisor to do it for you.

Get more details about the 50+ catch-up provision.