At what age should you have $200,000 saved?
Achieving $500,000 in retirement savings is a major milestone that many advisors suggest aiming for by age 50 or 55. This target assumes that you will continue to invest and contribute to your accounts for another decade or more, allowing the total to grow toward $1 million or more by the time you reach traditional retirement age (65). Reaching half a million dollars by this stage in your career provides significant psychological and financial security, as it offers a large cushion for your portfolio to weather market volatility. If you are behind this goal, increasing your retirement contributions—especially by utilizing "catch-up" contributions available after age 50—can make a substantial difference in your final retirement outcomes.
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