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By age 50, aim to have five to six times your annual salary in savings, and by age 55, aim for seven times. Consider taking advantage of employer-sponsored retirement plans that allow for catch-up contributions, which can help you boost your retirement savings.
Given that individuals in their 50s are typically in their peak earning years, these years are also the time to assess your job situation and advocate for raises or promotions based on your experience and contribution to your workplace.
Preparing for Retirement in Your 60s
In your 60s, the median net worth increases to approximately $229,000 for those aged 60 to 64 and $272,000 for those aged 65 to 69. At this point, focus shifts to whether your savings will adequately support your desired lifestyle.