Turning 50 is a major milestone. Halfway to the century mark, you're more than halfway to retirement. Take stock of where you are in relation to your retirement goals. If you haven't been serious about planning for retirement up until now, that needs to change. You should review your current retirement savings and determine whether you're saving enough. If not, the good news is you have time to make changes that can get you there. This is also the time to think about the issues you'll face once you’re no longer working. There's a big difference between saving and spending. It's much more difficult to recover from financial mistakes as you get older. According to the Employee Benefit Research Institute, 36 percent of employees have almost no retirement savings. If you don't have as much saved as you should, there are ways to contribute more now to have enough later. Once you turn 50, the IRS allows you to increase the maximum annual contribution you can make to both your IRA and 401(k) accounts. This is called a “catch-up” contribution. The limits can change annually, so double-check how much you can add. It can be tempting to chase higher returns, but those usually come with higher risk levels that you may not be able to tolerate at this stage. It also wouldn't hurt to start reducing expenses. At the very least, it's good practice for when you get older and have a smaller income. The money you save from not being as extravagant can also go into investments. Try to reduce any outstanding debts. If you have a mortgage, consider paying it off early to get that expense out of the way before you retire. This pre-retirement stage is an exciting time. But it’s also complicated. We haven’t even really scratched the surface on this page — there are Social Security, Medicare, defined benefit pensions, 401(k)s, and much, much more to consider. We could help you navigate that world; we live in that world every day. You may be at the peak of your career and enjoy it.