Seven-figure savings strategies for fiftysomethings. Thinkstock By the editors of Kiplinger's Personal Finance Updated January 2015 At age 55, you've Saved: 0$ To reach $1 million by 65 you need to save $5,466 per month. (This assumes an 8% annual return, invested in stocks.) If You've Saved: $50,000 To reach one million by age 65 you need to save $4,859 per month. If You've Saved: $100,000 To reach one million by age 65 you need to save $4,253 per month. If You've Saved: $200,000 To reach one million by age 65 you need to save $3,040 per month.See Also: Retire a Millionaire Successful Savings Strategies Take advantage of your peak earning years to top off your savings. Add an extra $6,000 in catch-up contributions to your 401(k) savings and an extra $1,000 to your IRA. As you near retirement, reallocate your portfolio to 70% stocks and 30% bonds. Estimate your retirement expenses and your projected income. If you're coming up short, consider working a few more years.