BOSTON (CBS) – Before we begin our series this week on members of the Over the Hill Gang, we should establish just who is over the hill.

It is projected that half the U.S. population will be over 50 in a couple of years (2017) and by 2020 individuals age 65 plus will outnumber children under 5 for the first time in history.

We know we are an aging population. Ten thousand people turn 65 every day and will do so for the next 14 years until all of the Boomers reach 65. So does 65 qualify you for membership in the Over the Hill Gang?

I’m thinking age 55 and over. If you can get a senior discount you are over the hill!

So if you are a charter member of the gang or an almost-member you need to start planning for retirement. Number one thing on your planning list is to figure out if you have enough money to retire. Then you can figure out when you can retire.

Many folks want an early retirement but few can really afford it for they have not saved enough. According to Fidelity the average 401(k) balance at Fidelity for those 55 plus pre-retirees is $165,200. Which sounds like a small fortune but it will need to last 30 to 40 years in retirement.

There are some good websites out there where you can find financial calculators to help you figure out if you have enough saved for retirement or if you are saving enough for retirement. A good site, Choose to Save, has many different financial calculators on their website. Check out their Ballpark E$timate to see if you are on track. I like this calculator so much I have used it in my books.

And the large mutual fund companies have good educational retirement sections as well as calculators on their websites. Check out Fidelity and Vanguard. And of course, your retirement plan provider should have good information on their website.

If you can you want to start retirement debt free. So you need to plan to have the mortgage, the school loans, and your daughter’s wedding paid off before the retirement years begin.

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