How to Prepare for Retirement in Your 50s
The fifth decade of life is a pivotal time in retirement planning and preparation. By the time you hit 50, you're no more than two decades from your likely retirement date. That means you're at an ideal point to revisit your retirement plans -- close enough to retirement to have a realistic idea of how you can spend your golden years, but far enough away that you still have a chance to make any necessary course corrections.
Hopefully you've long since calculated how much you need to save for retirement (if not, now is a great time to do it). Look at your retirement savings account statements and compare their balances to how much you plan to have by the day you retire. Are you on track to hit your goal? If not, it's time to crank up those contributions a bit higher.
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Source: Fool.com
