Turning 50 could cause you to take another look at your retirement savings. If your balance is lower than expected, you may wonder whether you’ve fallen too far behind to reach your goals. The good news is that your current balance is only part of the picture. Depending on when you expect to retire, you might still have options to grow your nest egg.
What the Math at 50 Can Tell You
The next 10 to 20 years may have a larger effect on your retirement savings than you expect. Every contribution you make still has time to grow, and each year you continue working gives you another chance to add to your retirement accounts.
Your 50s can also bring changes that create other opportunities to save. Higher earnings, a paid-off mortgage or fewer family expenses might all free up more of your income for retirement contributions than was possible earlier in your career.
Beginning at age 50, many workplace retirement plans and IRAs allow eligible savers to make catch-up contributions. For 2026, you may contribute an additional $8,000 to a 401(k), 403(b), governmental 457(b) plan or Thrift Savings Plan. 1 You can also add an extra $1,100 to an IRA, and if you’re between ages 60 and 63, you may qualify for an even higher super catch-up contribution up to $11,250.
A financial advisor can help you evaluate different retirement strategies and determine which ones support your goals.
What 15 Years May Build for Your Nest Egg
Using SmartAsset’s retirement calculator, let’s assume that you’re 50 years old, earn $100,000 per year and plan to retire at 65. You have $250,000 in a 401(k), $100,000 in cash and plan to save 20% of your income ($20,000 per year). Your goal is to live off $70,000 in annual retirement income and claim Social Security at 65.
Following those assumptions, the calculator projects that you could accumulate about $2.16 million in 15 years. That’s close to the estimated $2.17 million the calculator estimates you’ll need to support your retirement income goal through age 95.
| Starting Inputs | What the Calculator Adds | Your Projection at 65 |
|---|---|---|
| $250,000 in a 401(k), $100,000 in cash and $20,000 in annual retirement contributions | Annual contributions, projected investment growth and estimated Social Security benefits | $2,157,963 projected wealth |
| Retirement at age 65 with a $70,000 annual retirement income goal | Inflation-adjusted assumptions and tax-advantaged contribution limits | $1,331,765 projected retirement savings and 99% of the estimated $2,170,000 retirement goal |
Making three changes to this example could give your nest egg an additional boost. If you retire at 67, increase your annual retirement savings to 25% of income ($25,000) and wait until 67 to claim Social Security, the calculator projects that your total wealth at retirement will go up to roughly $2.81 million.
| Updated Assumptions | What Changed | New Projection at 67 |
|---|---|---|
| Retirement at age 67, $25,000 in annual retirement contributions and Social Security claimed at 67 | Two additional working years, higher annual savings and a larger estimated Social Security benefit | $2,810,277 projected wealth |
| Retirement income goal remains $70,000 per year | Same planning assumptions, with more time to save and grow assets | Exceeds the estimated $2,030,000 needed to support the retirement income goal |
Which Retirement Levers Can You Pull Now?
After turning 50, you have several opportunities to increase your retirement savings. Catch-up contributions let you save more in workplace retirement plans and IRAs each year. Increasing your overall savings rate and working a few additional years can also improve your retirement outlook.
Another key decision is when to claim Social Security. Waiting longer generally increases your monthly benefit, while claiming earlier provides income sooner at a lower amount. You can use SmartAsset’s retirement calculator to estimate how these changes may affect your projections.
If you prefer more personalized guidance, a financial advisor can review your retirement savings, expected timeline and income goals to help you develop a plan.
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