At 54, I have a $320,000 IRA and will soon be self-employed earning $120,000 a year. How much of that should I save for

A 54-year-old individual with a $320,000 IRA is preparing to become self-employed, earning $120,000 annually, and is seeking advice on how much of that income to allocate toward retirement savings.

• Individual retirement savings question
• Self-employment income planning