For many Americans in their mid-50s, reaching the $1 million mark in retirement savings is a common goal. With $500,000 in a 401(k) and a debt-free, $400,000 home, it’s possible to hit that target by age 65. The key is discipline and strategic saving in these crucial final years. While $1 million may seem like a substantial amount, it may fall short of the $1.26 million needed for a comfortable retirement. By contributing 10-15% to a 401(k) and making smart investment choices, reaching that goal is within reach. Utilizing catch-up contributions for those over 50 can also help secure a financially stable retirement.

Read more at Yahoo Finance: I’m 55 with $500K in my 401(k) and hope to retire with $1M in 10 years. Is that realistic?