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$1.46 million the magic retirement savings number (according to a 2024 Northwestern Mutual survey), the reality is many are far short of that sum.Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's howDave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here’s what it is and 3 simple steps to fix it ASAPRobert Kiyosaki says this 1 asset will surge 400% in a year — and he begs investors not to miss its ‘explosion’As of 2022, the median retirement account balance among savers aged 45 to 54 was $115,000, according to the Federal Reserve's Survey of Consumer Finances. This means if you’re 50 years old with $500,000 in savings, you’re clearly pacing ahead of your peers.Ultimately, though, your best bet is to understand what $500,000 in savings will do for you in the context of the retirement you want. Here are some steps to take to determine whether you’re all set with $500,000 in savings, or if you ought to be boosting your nest egg considerably.It’s easy to get overwhelmed when dealing with a big number like $500,000, so it’s important to break down what that might mean in terms of annual retirement income. Financial experts have long advocated using the 4% rule, which has you withdrawing 4% of your savings balance your first year of retirement and then adjusting subsequent withdrawals for inflation.If we apply this percentage, a $500,000 nest egg allows for $20,000 of annual income initially. That figure will then increase modestly from year to year to account for inflation.Let’s imagine you’re looking at $23,000 a year in Social Security benefits like the typical retired worker today, plus $20,000 a year from your savings for a total of $43,000. Will that be enough for you to retire without stress? It depends on the type of retirement you want.Whether you’re looking for help drawing up a monthly budget or trying to increase the value of your nest egg, consider reaching out to a qualified professional who specializes in retirement planning and can help you make the most of every dollar.Advisor.com connects you with participating unaffiliated third-party registered investment advisors (RIAs) through its matching tool or provides personalized investment advice via its in-house wealth management service, Advisor Wealth Management.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5006,723.48 -72.81 (-1.07%)Dow 3046,894.49 -416.51 (-0.88%)Nasdaq23,080.36 -419.44 (-1.78%)Russell 20002,421.72 -43.06 (-1.75%)VIX19.87 +1.86 (+10.33%)Gold3,976.80 -16.10 (-0.40%)PortfolioSign in to access your portfolioSign inTop gainersBHF Brighthouse Financial, Inc. 65.75 +13.95 (+26.92%)HAE Haemonetics Corporation 63.30 +12.58 (+24.80%)SITM SiTime Corporation 350.18 +71.11 (+25.48%)APPN Appian Corporation 36.16 +6.83 (+23.29%)HCC Warrior Met Coal, Inc. 80.39 +14.33 (+21.68%)Top losersELF e.l.f. 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