How to Prepare for Retirement in Your 50s—Even if You Feel Behind

​If you are in your 50s and feel like you haven't saved enough, the first thing to know is that you are not alone. Many people in middle America find themselves focusing on their children's education or daily expenses, only to look at the calendar and realize retirement is approaching quickly.

​It Is Not Too Late

​While you cannot change the past, your 50s offer several unique tools to help you prepare for the next chapter.

• • ​Utilize Catch-Up Contributions: Once you turn 50, the IRS allows you to contribute more to your 401(k) and IRA than younger workers. This is a powerful way to accelerate your momentum.

  • ​Refine Your Budget: As children move out or mortgages get paid down, you may find "found money" in your budget. Redirecting these funds can make a meaningful difference.

  • ​Assess Your Risk: Now is the time to ensure your investments align with your timeline. You want to be positioned to weather market changes without losing ground.

​Creating a Transition Plan

​Retirement isn't an "on/off" switch. It’s a transition. This might involve working part-time for a few years or adjusting your lifestyle expectations. A professional can help you run the numbers to see what is possible.

​Takeaway: Total up your current retirement balances and your expected Social Security benefit. Knowing your starting point is the first step toward a strategy.