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Turning 50 is a major milestone. Halfway to the century mark, you're more than halfway to retirement. It’s time to take stock of where you are in relation to your retirement income goals. If you haven't been serious about planning for retirement up until now, that needs to change. You should review your current retirement savings and determine whether you're saving enough. If not, the good news is you have time to make changes that can get you there. 

This is also the time to think about the issues you'll face once you’re no longer working. There's a big difference between saving and spending. It's much more difficult to recover from financial mistakes as you get older.

If you don't have as much saved as you should, there are ways to contribute more now to have enough later. Once you turn 50, the IRS allows you to increase the maximum annual contribution you can make to both your IRA and 401(k) accounts. This is called a “catch-up” contribution. The limits can change annually, so double-check how much you can add. 

It can be tempting to chase higher returns, but those usually come with higher risk levels that you may not be able to tolerate at this stage. You may also be interested in starting to reduce expenses. At the very least, it's good practice for when you get older and have a smaller income. The money you save from not being as extravagent can also go towards retirement income.

Try to reduce any outstanding debts. If you have a mortgage, consider paying it off early to get that expense out of the way before you retire.

This pre-retirement stage is an exciting time. But it can also seem complicated. We haven't even really scratched the surface on this page - there are Social Security, Medicare, defined benefit pensions, 401(k)s and much more to consider. We can help you navigate that world; we live in that world every day. 

You may be at the peak of your career and enjoying working; you may begin wrapping up your career and transitioning to retirement. In either case, now is your chance to make sure you have everything in place for when you do retire and to make sure you are able to enjoy it.