Are Your Retirement Savings on Track at Ages 55 to 60? Take Our Quiz

From $107.88 $24.99Subscribe to KiplingerFind out if your retirement savings are on track with our quick quiz. When you purchase through links on our site, we may earn an affiliate commission. Here’s how it works. Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.You are now subscribedYour newsletter sign-up was successfulWant to add more newsletters?Delivered dailyKiplinger TodayProfit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more delivered daily. Smart money moves start here.Sent five days a weekKiplinger A Step AheadGet practical help to make better financial decisions in your everyday life, from spending to savings on top deals.Delivered dailyKiplinger Closing BellGet today's biggest financial and investing headlines delivered to your inbox every day the U.S. stock market is open.Sent twice a weekKiplinger Adviser IntelFinancial pros across the country share best practices and fresh tactics to preserve and grow your wealth.Delivered weeklyKiplinger Tax TipsTrim your federal and state tax bills with practical tax-planning and tax-cutting strategies.Sent twice a weekKiplinger Retirement TipsYour twice-a-week guide to planning and enjoying a financially secure and richly rewarding retirementSent bimonthly.Kiplinger Adviser AngleInsights for advisers, wealth managers and other financial professionals.Sent twice a weekKiplinger Investing WeeklyYour twice-a-week roundup of promising stocks, funds, companies and industries you should consider, ones you should avoid, and why.Sent weekly for six weeksKiplinger Invest for RetirementYour step-by-step six-part series on how to invest for retirement, from devising a successful strategy to exactly which investments to choose.The mid-50s is retirement crunch time. You still have time to build your nest egg, but by now you should have a clear vision of what your golden years will look like. Will you age in place or relocate? Do you plan to keep working, or will you pivot to a hobby full-time?Every choice carries a price tag. To help gauge where you stand, JPMorgan crunched the numbers to create retirement savings benchmarks based on age and income. This model assumes a retirement age of 65, an annual gross savings rate of 5%, a portfolio of target-date funds and a retirement lasting 35 years.Household IncomeTarget Savings by Age 55Target Savings by Age 60$80,000$450,000$550,000$100,000$585,000$745,000$150,000$840,000$1.065 million $200,000$1.065 million $1.36 million$250,000$1.345 million$1.72 million$300,000$1.75 million $2.25 million Beyond funding your lifestyle, your number should account for the unexpected costs, specifically health care and long-term care. While you may be healthy now, needs change as you age.Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special IssuesProfit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.Profit and prosper with the best of expert advice - straight to your e-mail.There is also the reality that you could be forced to exit the workforce earlier than planned due to illness or the need to care for a loved one. Now is also the time to consider your estate and what you wish to leave behind versus what you want to use while you’re here.With so many moving parts, you may think your savings are on track, but are they? Take our quiz to see if you are on track, need alignment or are off course.Subscribe to the Retirement Tips newsletter, your guide to planning and enjoying a financially secure and richly rewarding retirement.Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.Donna Fuscaldo is the retirement writer at Kiplinger.com. A writer and editor focused on retirement savings, planning, travel and lifestyle, Donna brings over two decades of experience working with publications including AARP, The Wall Street Journal, Forbes, Investopedia and HerMoney. Kiplinger is part of Future US Inc, an international media group and leading digital publisher. Visit our corporate site. © Future US, Inc. Full 7th Floor, 130 West 42nd Street, New York, NY 10036.