In their 50s, retirement savings become crucial. The average 401(k) balance is $635,320, but the median balance is $253,454. With a $24,500 contribution limit and $8,000 catch-up contribution for those 50 and older, saving $32,500 is possible. Consider the reality of retirement costs, where the median balance is more significant. The average U.S. household spends over $78,000 annually, depleting a $253,454 balance quickly. More saving strategies, like the mega backdoor Roth, can help boost retirement funds. Consider diversifying with fractional real estate investments to build additional income streams.

Read more at Yahoo Finance: Most People in Their 50s Have This Much in a 401(k). How Do You Stack Up Against Your Peers?