If you’re over 50 and make $500k per year, you should have this much saved for retirement – are you on track?

Core Insights - Individuals with a $500,000 annual income need to replace a significant amount of income in retirement, requiring approximately $3.03 million saved by the mid-50s to maintain their current spending level [2][4]. Investment Strategies - To achieve retirement savings goals, individuals should consider aggressive saving strategies as they approach retirement age, especially if they have not yet reached the target savings amount [5]. - Maximizing contributions to tax-advantaged retirement accounts, such as 401(k)s or IRAs, is crucial for those earning a high income [6]. - In addition to tax-advantaged accounts, individuals may need to invest in taxable brokerage accounts to ensure adequate retirement preparation, particularly if early retirement is a consideration [7]. Financial Assumptions - The retirement planning estimates are based on a 15% pre-tax retirement contribution, a 28% effective tax rate, and an expected annual return of 6% prior to retirement and 5% after retirement [8].