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.
