It you’re hitting the big 5-0 and your starting to think about retirement, you might be worried that you don’t have enough saved to ever stop working, let alone to actually enjoy yourself in retirement. But even if you’re a bit behind on your savings goals, don’t worry. This guide will tell you what you need to know about how to invest for retirement at age 50. Alternatively, you can consider enlisting the help of a financial advisor who specializes in retirement planning. Either way now is the time to get serious about your financial future, so you are ready for your senior years.
How Much Should You Have Saved at 50?
There isn’t a hard-and-fast rule about how much you should have saved by the time you get to age 50. Generally, most experts would say that five to six times your yearly salary is a good benchmark to aim for, but a lot of it depends on what you want to do once you’ve retired. You can’t change the past either way, so don’t worry about what you should have been doing and instead think about what you can do now to make sure you’re ready for retirement.
Figure out Your Retirement Goals
Before you actually start investing, you need to think about what your retirement goals are and what you want to do when you retire. At what age would you like to stop working? Will you continue to work in a part-time capacity once you’ve retired? Do you want to live in the city you currently reside in, or are you interested in moving? Do you want to travel or do anything else that you weren’t able to do while you were working?
Once you’ve answered some of those questions for yourself and your family, you’ll be in a better place to figure out how much you’ll need to save for retirement. You can use SmartAsset’s retirement calculator to see if you’re currently saving enough each month to be where you want to be when you retire. And if you’re not, you can start figuring out how to close any gaps.
What to Do If You Have No Retirement Savings
Once you’ve figured out what your approximate money needs in retirement will be, it’s time to figure out how to get there. You’ll want to boost your savings and make your money work for you so you have enough when you reach the age at which you hope to retire.