If you're 50 and make $400k per year, you should have this much saved for retirement - are you on track?

To sustain your spending habits post-retirement, you'll need approximately $2.35 million by age 55, assuming factors like a 6% annual portfolio return and a 28% tax rate.

If your savings are falling short, don't panic. You can increase your 401(k) and IRA contributions, especially using catch-up limits available for those over 50.

Cut back on discretionary spending and redirect those funds towards saving. Even small adjustments can significantly impact your ability to save more for retirement.

Consider delaying your retirement for a few more years. This allows for additional savings and investment growth, although delaying past 70 may be unnecessary.

Read at 24/7 Wall St.