 TITLE: How Much Money Should You Have Saved by Age 50? CONTENT: Factors to Consider When Saving for Retirement\n----------------------------------------------\nStart with a gut check. Suppose you want to retire at 67. By the time you reach this age, Fidelity suggests that you have 10 times your salary in retirement savings at the time you retire and plan to withdraw 4.5% of your total savings per year (based on the total amount you have saved when you start retirement). If your salary is $80,000, your numbers might look something like this:\nSource: Fidelity Investments\nTo get a rough picture of what your own retirement finances might look like, ask yourself these basic questions:\n**What are your expected sources of retirement income?**\n*   Estimate your Social Security benefits. How much you receive depends on your eligibility, earnings over the years and your age when you begin drawing benefits. Using our example of someone earning $80,000 per year, Social Security benefits would be $1,630 monthly at age 62, $2,454 monthly if they retired at 67 and $3,100 at age 70. You can get a personalized estimate of your projected benefits on the Social Security Administration's website.\n*   Get details on any pension program(s) you qualify for.\n*   Add in any sources of passive income (and consider developing passive income if you don't have any yet).\n*   Take inventory of your retirement accounts: 401(k)s, IRAs, Roth IRAs and regular savings you've earmarked for retirement.\n**What are your baseline monthly expenses?**\n*   Review your budget or create one.\n*   Think about which expenses are likely to continue in retirement and which ones you can eliminate.\n*   Factor in the cost of any dependent children who will require support or college tuition.\n**What is your plan for housing?**\n*   Will you have rent or a mortgage payment?\n*   Are you thinking of downsizing your home? Would you make money by doing so?\n*   Would you like to move?\n*   Are you eligible for a reverse mortgage?\n**Is health a concern?**\n*   Honestly assess whether chronic health conditions might be a factor in how long you work or whether you're likely to require prolonged medical care.\n*   Consider the ongoing cost of maintaining your physical and mental health, including everything from long-term care insurance to medical care, a gym membership or prescription medications.\nEven if your estimates are vague—or you expect to alter your plans by the time you retire—it's helpful to think through what your retirement might look like and how much it might cost. At 50, you still have time to save more, adjust the timing of your retirement or otherwise alter your plans. END