Retirement Retirement Planning

Are You Behind on Retirement Savings? Here's How Much You Should Have By 50

Are you on track to retire on time, or do you need to up your savings game?

By Chris Lewis, CEPF , Edited by Laura Hohenstein

Updated Aug. 28, 2026

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By age 50, you've had a few decades in the workforce to build real wealth. Now that you're closer to retirement than you are to the start of your career, it's time to think seriously about whether you're on the right financial path to retire on time.

Calculating how much money you'll need to retire is far from an exact science. However, understanding the recommended retirement savings balance for other 50-year-old Americans can help you assess your own financial fitness, then make changes to get back on track.

Keep reading to see how J.P. Morgan recently determined what your savings account should look like by the time you're 50, and get tips on how to keep growing your savings from now until retirement.

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How much should you save by age 50?

The amount of money you need to retire depends on the cost of living in your area, the age at which you plan to retire, and your typical spending habits. Rather than telling you to aim for an exact dollar amount, many financial experts recommend having saved at least a few times your current salary by the time you turn 50.

In their 2026 retirement guide, J.P. Morgan Chase offers a recommended savings schedule for 50-year-olds based on their annual income:

Annual household income:	Saved by age 50:
$30,000	$100,000
$40,000	$160,000
$50,000	$200,000
$60,000	$255,000
$70,000	$305,000
$80,000	$350,000
$90,000	$400,000

This model assumes that you're able to save 5% of your gross income, that you plan to retire at age 65, and that you'll live for 35 more years after retiring.

It also assumes a 2.5% inflation rate and that you expect to enjoy the same quality of life you do in retirement as you do now, which typically means your spending habits will stay the same even though prices go up.

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What if you haven't saved enough by age 50?

While 50 can feel scarily close to retirement, you still have plenty of time left before you need to rely on savings as your primary source of income. If you've saved less than the recommended amounts above, you still have time to turn your finances around and start building those retirement savings today by following these steps.

Prioritize meeting your catch-up contribution limits

The government regulates how much money you can store in a tax-advantaged savings account like a 401(k). To help you rapidly boost your savings, the IRS increases the amount you can contribute per year from $24,500 to $32,500.

If you’re over 50, take advantage of massive discounts and financial resources

Over 50? Join AARP today— because if you’re not a member you could be missing out on huge perks. When you start your membership today, you can get discounts on things like travel, meal deliveries, eyeglasses, prescriptions that aren’t covered by insurance and more.

Start your membership by creating an account here and filling in all of the information (Do not skip this step!) Doing so will allow you to take up to 25% off your AARP membership, making it just $15 the first year with auto-renewal.

Reduce your cost of living now instead of waiting until retirement

Are you planning to retire from a high-cost-of-living area to a cheaper part of the country? If your career and circumstances allow for it, consider making the change now instead of running out the clock. Your dollar will go farther, and you'll be able to put more money in savings than you would otherwise.

Think carefully about health insurance

High-deductible insurance plans typically include the option to use a health savings account (HSA), which is a bank account where you contribute tax-free dollars to be spent only on medical care.

For the 2026 tax year, individuals can add $4,400 to their HSAs (families can add $8,750). When you turn 55, you can contribute an extra $1,000 as a type of catch-up contribution.

Tackle credit card debt now

The longer it takes you to pay off high-interest consumer debt, the more money you end up losing to the credit card company via interest that far exceeds the original cost of whatever you bought on credit.

If you prioritize paying off credit cards well before retirement, you'll have more wiggle room in your budget for saving. Plus, you won't have to deal with the fear of debt spiraling out of hand once you're retired and living on a fixed income.

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Check in on your investments

How well do you know your investment portfolio? You should be checking it periodically to make sure the risk levels match your age: the older you get, the less time you have to make up for any losses.

At this point in your life, you should be prioritizing stable investments over high-risk, high-reward gambles, so check with your accountant to make sure your portfolio aligns with your age.

Cut expenses and reallocate to your savings

If you're well and truly behind on savings, it's time to scour your budget for any expenses you could convert to savings. Are there any subscription services you've forgotten to cancel? Can you turn your heat up or down a few degrees depending on the weather?

Put the money you save by slicing expenses directly into your savings account. Thanks to interest rates, every penny you save can become a cornerstone of your eventual retirement.

Bottom line

Aiming to save a set amount of money by age 50 is a smart financial strategy, but remember that no retirement plan is static. While you can use the amounts here as guidelines, don't be afraid to set individual savings goals that make more sense for your lifestyle.

If an unexpected move or a sudden work opportunity radically alters your retirement plans, make sure to re-evaluate and update your savings goals so you can leave the workforce right when you want to and not a moment later.

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