By the time you reach 40, retirement becomes a major focus, and it's essential to assess your savings progress 

It is recommended to check your retirement savings at 40 since it marks the halfway point in traditional retirement planning 

Saving for retirement becomes harder as you approach your 40s due to the diminished value of time and compounding interest 

The average retirement account balance for Americans aged 35 to 44 is $131,950, and for those aged 45 to 54, it's $254,720 (as of 2019) 

Financial experts generally advise having two to three times your annual income saved for retirement by the age of 40 

A good rule of thumb is to aim for a retirement account balance between $100,000 and $150,000 if your annual income is $50,000 

The specific savings goal for retirement varies based on factors like cost of living, lifestyle choices, and the desired retirement age 

Working with a professional financial planner can help create a personalized savings goal based on your retirement plans and expenses 

It's important to regularly revise your financial plan as life events occur and adjust it accordingly 

If you find yourself behind on savings at 40, consider investing more aggressively, cutting back on unnecessary expenses, and seeking advice from a trusted professional