Retirement Planning in Your 50s

In your 50s you get extra 'catch-up' contribution room and a clearer view of the finish line. Time to firm up the plan and reduce risk thoughtfully.

Use catch-up contributions

• Starting at 50, the IRS lets you add extra to your 401(k) and IRA above the normal limits. If cash flow allows, this is one of the most powerful moves available.
• Kids leaving home and a paid-down mortgage can free up serious money to redirect into savings.

Start mapping Social Security and income

Create a my Social Security account and review your estimated benefit. Delaying past full retirement age increases your check — often a valuable, guaranteed raise.

Sketch out where retirement income will come from: Social Security, retirement accounts, pensions, and any other sources.

Adjust risk — carefully

Begin shifting toward a mix you can stomach in a downturn, but don't get too conservative too early — this money may need to last 30+ years.

Educational information only — not financial, tax, or legal advice. Consider speaking with a qualified professional about your situation.

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