Reaching your fifties with little or no retirement savings can feel unsettling, especially when the retirement finish line seems to be approaching at full speed. You may find yourself wondering whether you’ll be able to step back from work at all. The good news? You still have time—and options. What matters most now is having a strategy that’s tailored to your reality and goals.
This guide explores steps you can take if you’re over 50 and behind on saving for retirement. While everyone's financial picture is different, and this article doesn’t offer investment advice, it does offer practical and thoughtful direction to help you move forward with confidence.
Start by Getting a Clear Picture
The first step is often the hardest—but also the most necessary. You need to take stock of what you have, what you owe, and what you earn. If you’re avoiding opening statements or checking account balances, now is the time to change that. You don’t need perfection—you need clarity.
Create a simple breakdown of your monthly expenses and current debts. Identify any recurring costs that can be reduced or eliminated. At the same time, look at your assets. Maybe you have a home with equity, or a side business with value. Taking inventory gives you the foundation to build a realistic plan.
Consider Delaying Retirement
If you’re healthy and able to work, delaying retirement can offer a double benefit. Not only does it give you more time to save, but it also shortens the number of years you’ll need to rely on those savings. Even a two- or three-year delay can have a significant impact—especially if you’re aggressively reducing expenses and saving more during that window.
Some people also find meaning and purpose in working longer, particularly if they shift into a new role that’s more fulfilling or less demanding. If you’ve dreamed about teaching, freelancing, or turning a passion project into income, now could be the time to explore that path.
Maximize Catch-Up Opportunities
One upside of being over 50 is that you gain access to “catch-up” contributions for certain retirement accounts. This allows you to contribute more than younger workers to tax-advantaged plans like a 401(k) or traditional IRA. Whether you’ve been contributing regularly or not, the opportunity to stash extra funds—especially if your employer offers matching—can help accelerate your efforts.
Talk to a CPA to understand what contribution limits apply to your situation. And remember, even small amounts add up when contributed consistently.
Revisit Your Housing Situation
Your home can be one of your biggest assets—or your biggest drain. If your mortgage, maintenance costs, or property taxes are eating into your monthly income, it may be worth exploring other options.
Downsizing doesn’t have to mean settling for less. Many people find greater freedom in smaller homes, simpler upkeep, and lower bills. Others choose to rent in walkable communities or consider living with extended family.
If you have substantial equity in your current home, that value might be used to improve your retirement outlook. Before making any decisions, speak with a CPA to evaluate the long-term tax and lifestyle implications.
Look Into Supplemental Income
Retirement doesn’t always mean stopping work altogether. Many retirees continue to earn income through part-time work, consulting, or seasonal jobs. The key is to find something that suits your energy and lifestyle.
Options might include:
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Remote administrative work
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Driving for delivery or rideshare services
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Freelance writing or design
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Teaching lessons or tutoring
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Selling crafts or specialty goods online
Supplemental income can help cover living expenses and give your savings a chance to grow. It can also provide structure and a sense of purpose during retirement years.
Rethink What Retirement Looks Like
The traditional image of retirement—a complete exit from the workforce followed by decades of leisure—isn’t the only model. More and more people are adopting phased or “soft” retirements, where they gradually reduce hours, change careers, or blend work with personal pursuits.
This approach not only stretches savings but also allows for smoother transitions. Think about what matters most to you. Is it travel? More time with family? Pursuing a long-held interest? Use your answers to shape a plan that fits your life, not just a calendar date.
Cut Unnecessary Expenses
If you’re starting late, one of your most powerful tools is spending control. It’s often easier to reduce what goes out than to increase what comes in. That doesn’t mean cutting every comfort—it means being intentional.
Look for subscriptions or memberships you no longer use. Explore switching service providers for better rates. Consolidate or eliminate debt where possible. Every dollar you free up can be redirected toward your future.
Work With a Professional
Navigating retirement decisions alone can be overwhelming. A certified public accountant can help you understand your financial picture, identify tax strategies, and walk through various “what-if” scenarios. Whether you’re concerned about health care costs, Social Security, or how to make the most of a late start, having guidance can take the pressure off.
Many people think they don’t need professional help unless they have significant wealth. In reality, a good advisor is most valuable when things are uncertain. Consider setting up a consultation to map out your next steps.
Stay Mentally and Physically Engaged
Financial preparation is only part of the retirement equation. Mental and physical health also play a major role in quality of life, and can reduce medical expenses later in life. Staying active, involved in your community, and curious about new opportunities can keep you energized—no matter what age you retire.
Some people find volunteering deeply fulfilling, while others find new hobbies or social circles that give their days meaning. These connections and activities won’t pad your retirement account, but they can greatly increase your sense of satisfaction.
Don’t Let Shame or Regret Stall You
If you’ve hit your fifties without retirement savings, it’s easy to dwell on missed opportunities. But shame is a poor financial advisor. What matters now is what you do next.
Plenty of people have started from scratch in midlife and created financial stability. It won’t happen overnight—but it can happen with consistent effort and support. The worst move is to do nothing. So if you’re ready to act, begin today. You may be surprised by how much progress you can make when you stop looking back and start looking ahead.
by Kate Supino