When you are in the first few decades of adulthood, time is always on your side financially, so you have time to recover from mistakes and poor planning. But as the years go by, it is easy to wonder if you will have enough.
The best way to answer this question is by sitting down with a fee-based financial planner. One of the most critical pieces of advice you will get at this point is to focus on retirement, which is only a decade or so away for many. Maxing out all retirement plans as well as taking advantage of any catch-up contribution rules is essential.
The benefit of this age is that it is typically in your peak earning years. In addition, kids are often out of the house by this point, so expenses may start to go down. This combination of factors should, in many cases, free up some funds to be distributed into retirement plans up to the allowable limits.
How you allocate those funds is critical. It is important to remember that retirement is not a point in time, but rather a stage of life, so you need to allocate your funds in such a way that you ensure income for the start of retirement as well as growth over time for the years ahead.
Bottom line: the 50s are a stage of life where retirement is staring you down. Even if you have done a poor job saving up until now, there is still time to do something about it, but it can’t wait any longer. Contact your financial professional for advice specific to your situation.