This is the Ideal Savings Amount at Age 50 According to Financial Experts

Living a peaceful retirement without financial worries is a dream for many. To achieve this, one must have sufficient retirement savings. What is the ideal amount? According to retirement plan provider Fidelity, ideally, a person should have savings worth six times their annual income by age 50, especially if they plan to retire at age 67. For example, if your total annual income is Rp100 million, that amount should be multiplied by six, resulting in a total of Rp600 million. However, this figure is not absolute. According to Nathan Sebesta, a certified financial planner and founder of Access Wealth Strategies, the amount of savings needed depends on several factors: when you want to retire, how much you will spend in retirement, and where you live. What should be done if the savings fund is still far from the target? If your retirement savings are far behind, Sebesta suggests lowering retirement income expectations. Focus the remaining 10-15 years ahead on paying off debts, reducing expenses, and considering moving to a location with a lower cost of living. As a last resort, you may need to continue working upon entering retirement age. “No one dreams of having to keep working in retirement,” said Sebesta. “However, for those who started late and cannot catch up, this can be the only realistic option.”