7 Tips for Boosting Retirement Savings in Your 50s
Once you reach the big 5-0, blowing out birthday candles can feel less like a celebration and more like fanning the flames on a pyre of financial obligations. This is the decade when the costs of health concerns, kids, aging parents, cars and homes converge, and questions about retirement begin looming large.
How much should you have saved by age 50?
By age 50, an individual should have 3.5 to 5.5 times their salary saved. That’s $245,000 to $385,000 for someone earning $70,000 a year.
Retirement saving benchmarks can put your portfolio’s value in perspective. But an even better check-in for midlife investors is to run a few different saving and investing scenarios through a good retirement calculator. The exercise will provide more…
