This is how much you should have saved by 50 - are you on track?

According to Edward Jones, benchmarks for retirement savings vary significantly by income, suggesting those earning $50,000 should have $250,000-$300,000 saved by age 50.

Employing the 15% rule, which advocates saving 15% of your gross income, retirees can better gauge how much they should have saved by age 50.

If you're behind on your savings benchmarks, you can catch up by recalculating retirement goals and considering lifestyle adjustments to increase your savings rate.

Consulting a financial planner can help those unsure about retirement options navigate complex savings accounts and maximize their financial preparedness for retirement.

Read at 24/7 Wall St.