50+

You tend to be at the peak earning years in your career. You're paying down debt. Your children may be finishing up school or moving away from home. It's time to take a hard look at where you are -- and where you're going.

Evaluate and Save: What You Should Do Now

1. Run the numbers. How much have you saved for retirement? When do you want to stop working, and how much money will you need each month to support your lifestyle? Map it out. "You need to check your progress, and it's going to scare people," says Mark Wilson, a certified financial planner with Tarbox Group in Newport Beach, Calif.
   
   Give your plan a trial run with our SecondAct Retirement Budget Planner, which features an interactive worksheet. {Read more: 9 Ways to Pay For Retirement]
   
   Don't forget to think about your job strategy. This is key. The longer you work, the less you'll need to save for retirement, so consider long-term career options. Some folks start to think about early retirement in their 50s. Others point toward their 60s or 70s as a goal. Many baby boomers now turn to bridge jobs to fill the gap between full-time work and full-time leisure -- and enjoy rewarding second acts.
   
   
2. Save. Save. Save. It's never too late to augment your retirement savings -- or get back on track after a career detour. You should be stashing away as much as you can for retirement now, even if you've switched jobs and taken a pay cut.
   
   
3. Catch up in your retirement account. If you're 50 or older, Uncle Sam allows you to stash a little extra in your retirement accounts -- and you should take advantage of this boost. You can contribute an additional $5,500 in "catch up" contributions for a total of $22,000 in a workplace 401(k) account or Roth 401(k) account. For a traditional IRA or Roth IRA, you can add an additional $1,000 for a total contribution of $6,000.
   

Get disability insurance: If you become disabled and cannot work, this insurance generally pays up to 60 percent of your income until retirement age. These policies are complex and expensive. Your employer might offer disability insurance options, or you can shop around. (The federal disability program run by the Social Security Administration -- SSDI -- provides assistance, but you must meet a strict test of work disability.)

Think about long-term care insurance: You might assume that a family member will take care of you when you can't get out of bed or dress yourself any longer. But will they be there? The Urban Institute, a nonpartisan economic and social policy research group, estimates that two-thirds of Americans over 65 will need some long-term care before they die. Premiums are partly based on age, health and type of policy. Most experts recommend a policy that covers about $150 in daily expenses and also adjusts for inflation. Check to see if the policy covers in-home care. This insurance is expensive, so it's a good idea to at least start examining options.

Check your mix of investments: You need stocks to help your fund grow, but you want to temper stocks with other investments, such as bonds. If you need help, consult a financial expert. In general, consider a mix of 50 percent stocks and 50 percent bonds/cash in your retirement fund. Or, if you want a more aggressive approach, a mix of 70 percent stocks and 30 percent bonds/cash. To see what mix might work best for you, try this CNN Money calculator.

Pay off as much debt as you can: Get rid of credit card debt now. Consider paying off your mortgage before you retire. For some, switching from a 30-year mortgage to a 15-year mortgage might make sense. Greg McBride, a chartered financial analyst at Bankrate.com, offers this example: If you took out a $200,000, 30-year fixed rate mortgage in 2003 (at an interest rate of 6 percent), your monthly payment is about $1,199. Refinance your remaining balance of $179,279 for 15 years at a rate of 4.5 percent. Your payment increases $172 a month to $1,371-- but you'll save eight years of payments.

Re-evaluate your life insurance: Have family members left your household? Does your spouse have enough income to survive financially without you? Or perhaps you've taken on more expenses. Your life insurance policy should reflect those changes.

Make sure important paperwork is in order. Here are important areas to consider.

2. A living will.  You spell out your wishes about life-sustaining medical treatments.

3. A financial durable power of attorney. Designate who will handle money decisions if you can't.

4. A Living will. Consult a financial advisor about whether you need a living trust, which is established in your lifetime and is another way to help distribute assets at death.

Helpful Websites:

Comprehensive site on long-term care insurance and costs: Kiplinger.com.

How long will I live? Take this 10-minute test.

The basics of disability insurance: American Council of Life Insurers.

How does your 401(k) rate? Check out BrightScope.com.