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How to Master Your 401k in Your 50s

GOBankingRates Logo By Cynthia Measom of GOBankingRates | Slide 1 of 15: When you're in your 50s, it's likely that you've been in the workforce for a number of years and are in your peak earning years. Retirement is no longer something way off in the future; it's real and will be upon you soon.At age 50, you should have at least six times your annual salary saved for retirement, according to Fidelity Investments; by age 60, you should have eight times your salary saved. Although you might not quite fit the savings profile described, it's not too late to make a difference. Click through to see what you need to know to maximize your 401k in your 50s.

When you're in your 50s, it's likely that you've been in the workforce for a number of years and are in your peak earning years. Retirement is no longer something way off in the future; it's real and will be upon you soon.

At age 50, you should have at least six times your annual salary saved for retirement, according to Fidelity Investments; by age 60, you should have eight times your salary saved. Although you might not quite fit the savings profile described, it's not too late to make a difference.

Click through to see what you need to know to maximize your 401k in your 50s.

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