If your family brings in $100k per year, this is how much you need saved for retirement by age 50

Retirement planning requires a roadmap and regular checkpoints, especially for individuals in their 50s whose financial stability has been compromised by recent economic fluctuations.

With inflation rising, the cumulative increase has pushed basic living costs up 33%, necessitating serious reevaluation of retirement savings and strategies.

For someone aged 50 earning $100,000 a year, having savings between $500,000 and $600,000 is crucial; by age 60, nearly $1 million is needed.

Savings below target shouldn't be a cause for panic; there are practical steps, such as budgeting and living below means, to close the savings gap.

Read at 24/7 Wall St.