How much you should have in your retirement fund by the ages of 30, 40, 50 and 60

By the time you turn 50 – or in the first few years of this decade – your kids could be out of the house and you might not need that four-bedroom colonial style anymore. It might be time to downsize. If you’ve owned your home for years, chances are you are sitting on equity that you can put aside for retirement. Or, with today’s attractive interest rates, you could buy a cheaper home and cut your monthly mortgage payment.

And in case you haven’t already, Walsh suggested checking the fees you pay for running your retirement account.

“Fees affect all ages, but as you get older, your bankroll will get bigger and those fees will really add up,” he said. “Let’s face it – fees are confusing and many average investors don’t really understand what fees they are paying. A 1% or 2% fee might seem like a small number, but that’s $ 5,000-10,000 a year when you have $ 500,000. Instead of paying heavy fees on your investments, consider getting an active one Use an investment product that allows you to buy and sell investments yourself without paying commissions, or an automated investment product that invests your money for you with no advisory fees. “

Learn more: When Social Security Expires: What the program will look like in 2035

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