Investing in Your 50s, Part 3: Are You on Track to Retire? Let’s Find Out

Most people in their 50s wonder if they are truly on track to retire comfortably. We hear the same questions often. How much do I need? Am I saving enough? What if I want to retire earlier? The key is to look at your complete financial picture, not just your account balance. 

How to Know if You Are on Track 

1) Project your future retirement income 

Add up likely sources. Your TIAA or Fidelity 403(b), Social Security for you and your spouse, and personal savings. Decide when you wish to retire from the University. Next, project out your savings previously mentioned with a reasonable growth rate. 

2) Build a retirement budget that reflects real life 

Estimate the big items. Housing, food, travel, healthcare, and the extras that matter to you. Retirement is not one size fits all. A clear picture makes planning easier. 

3) Identify any gaps 

If projected income falls short, you have choices. Save more, delay retirement, adjust investment risk, or refine lifestyle expectations. Knowing this early gives you time to make calm, effective changes. 

Turning Balances into a Plan in TIAA or Fidelity 

• Use your provider tools. Both TIAA and Fidelity offer calculators to estimate future values and income based on contribution rates and time horizon. 

• Check assumptions. Growth rates, inflation, and Social Security start age can change results. Use conservative estimates so your plan is resilient. 

• Think in ranges. Look at base case, optimistic, and conservative scenarios so surprises are less likely. 

  
  

Common Levers if You Are Behind 

• Catch up contributions. At age 50 and above, add catch-ups to your 403(b) to accelerate savings. 

• Right size risk. A clear stock and bond mix helps you grow without taking on more volatility than you can live with. 

• Trim costs. Favor low cost index options at Fidelity and understand liquidity rules for TIAA annuity style choices. 

• Timing choices. Retiring a year later, or claiming Social Security a bit later, can improve your plan more than you might expect. 

• Healthcare planning. Price out coverage before Medicare begins and include out of pocket estimates in your budget. 

  
  

Practical Steps This Month 

1. Review your University retirement statements and Social Security estimates. 

2. Write down what a typical month in retirement would cost, then add a cushion for healthcare and inflation. 

3. Log in to TIAA and Fidelity to check your current contribution rate and run a simple projection. 

4. Set a calendar reminder to revisit your plan twice a year and after major life events. 

5. Document your assumptions so future updates are quick and consistent. 

   
   

The Bottom Line 

You do not need a perfect forecast to gain confidence. You need a clear view of income, expenses, and the levers you can pull in your 50s. With steady contributions, a right sized risk level, and a simple review rhythm, you can move from guessing to knowing. 

In case you missed it 

• Part 1: It Is Not Too Late, but It Is Time to Focus Catch ups, right sized risk, and a simple review routine to get momentum.  Read Part 1 

• Part 2: Managing Risk and Rebalancing in Your TIAA or Fidelity 403(b) How to set a target mix and keep it on track with scheduled rebalancing. Read Part 2