Here’s what your net worth should be by age 50 in America — are you on track or falling behind?

How does your net worth measure up?

Your net worth equals your total assets minus your debt — and it can serve as a useful tool in helping you assess whether you’re meeting your financial goals.

To figure out your net worth, add up your assets (cash, investments, retirement accounts, vehicles, property and valuables such as collectibles) and subtract your debts or liabilities (credit card debt, student loans, auto loans and mortgages).

Once you’ve calculated your net worth, you can compare it to the median for your age group. If you want to retire by age 67, many financial advisers recommend having a net worth that’s five to seven times your annual income by the time you turn 50.

Of course, this will depend on what you plan to do in retirement. Maybe you’ll be getting a pension, moving to a cheaper state or planning to work part-time past age 67. All of those will have an impact on your net worth.

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If you’re falling behind, what can you do?

The median weekly earnings of full-time American workers aged 45 to 54 is $1,275, or $66,300 a year. If you multiply that by seven — so seven times your annual income — you should be aiming for a net worth of around $464,100 when you turn 50.

However, if the median net worth is $247,200 for this age group, many Americans haven’t reached that goal. So if you’re 50 and your net worth isn’t anywhere near $464,100, you’re not alone — and you have the power to change your situation.

One way to boost your net worth is to pay down debt. For those between ages 50 to 59, non-mortgage debt averages $23,719. By tackling credit card debt, student loan debt and car loans, you’ll have fewer liabilities to subtract from your assets.

Another way to boost your net worth is to save more — whether you cut back on unnecessary expenses or earn more money. Consider asking for a raise, upskilling for a higher-paying position, looking for a new job, taking on extra hours at work or picking up a side gig.

Boost those savings by contributing to tax-advantaged retirement accounts and investing in stocks, bonds, ETFs or alternative investments. Take advantage of any employer matching of your 401(k) contributions and open an individual retirement account (IRA) where contributions aren’t taxed until you withdraw them in retirement.

If you’re already saving (and you’ve paid down your debt), see if you can start increasing those contributions. You can automate contributions through automatic bank withdrawals, so you can save without having to think about it.

As you save, your net worth increases. Since your net worth changes over time, you may want to recalculate the numbers every year or so (especially after a major purchase).

Understanding your net worth can help you understand whether you’re on track to meet your goals (such as retiring early) and build long-term wealth — or whether you need to make some changes to your financial habits.