It’s Not Too Late: How to Catch Up on Retirement in Your 50s
Let’s get something out of the way:
If you're in your 50s and feeling behind on retirement, you are not alone—and you’re definitely not doomed.
I can’t tell you how many women sit across from me, eyes wide and voice lowered, like they’re admitting a dark secret: “I’m 55 and I feel so behind. I don’t even know where to start.”
Here’s the truth: it’s not too late. You just need a strategy, not shame.
1. Pause the Panic
Before you start crunching numbers or Googling “how much I should have saved by now,” take a breath.
Those online benchmarks? They don’t know your story.
They don’t know that you took time off to raise a family. Or that you poured your energy into building a business. Or that divorce threw your financial plans off track.
Life happens—and none of that means you're beyond repair. You’re not late. You’re just ready now—and that’s what matters.
2. Know Your Numbers
Let’s skip the “you need $1.5 million to retire” narrative. That number means nothing without context.
What does matter?
How much do you actually want to spend in your future life?
Do you want to travel? Support your kids or grandkids? Work part-time?
What would a fulfilling, low-stress lifestyle look like for you?
Once you have that vision, the numbers start to take shape. And trust me—clarity feels a whole lot better than fear.
3. Max Out Your Catch-Up Contributions
Here’s a win for turning 50: the IRS gives you extra room to save.
In 2025, you can contribute $30,500 to your 401(k)
And $8,000 to an IRA (Traditional or Roth, depending on income)
If you have a Health Savings Account (HSA), you can also sock away $5,150 (plus catch-up if 55+)
Even if you can’t max it all out, bumping up your contributions—automatically—can seriously move the needle over the next 10–15 years.
4. Invest Smarter, Not Harder
I know the temptation—“I need to make up for lost time, so I should take more risk.”
But smarter investing doesn’t mean gambling. It means building a portfolio that matches your timeline, goals, and tolerance.
Even in your 50s, you likely have decades of investing life ahead. The key is balance: not too aggressive, but not too conservative either. The sweet spot is different for everyone—but it’s there.
5. Don’t Go It Alone
You don’t have to figure this all out by yourself.
And you definitely don’t need to compare your journey to someone else’s.
I help women like you every day—ambitious, busy, independent women who are done feeling ashamed about their finances and ready to feel empowered.
It starts with a conversation. No pressure. No judgment. Just a real talk about where you are and where you want to go.
You can’t go back—but you can move forward, with clarity and intention.
Let’s redesign what wealth and retirement can look like—for you.
If you’re ready to get serious about catching up on your retirement and want guidance on the best path forward, let’s chat! You can schedule a free consultation or send me an email.
This can feel overwhelming, but you don’t have to do it alone. I’m here to help you navigate it step by step!
Want more financial insights? Sign up for Redesign Wealth’s twice-monthly blog email to stay up to date with our latest posts.
DISCLAIMER:
The information presented on this post is believed to be factual and up-to-date, but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. Comments should not be construed as an offer to buy or sell, or a solicitation of an offer to buy or sell the investments mentioned. This is for educational purposes only. A professional CPA, Financial Advisor or Attorney should be consulted before implementing any of the strategies discussed. Investments involve varying degrees of risk, and there can be no assurance that any specific investment or strategy will be suitable or profitable for a client's portfolio. Read the full Disclaimer.