Financial Planning for Women Over 50: Key Strategies for a Comfortable Retirement

Are you a woman in your 50s wondering if you’re on track for a comfortable retirement? You’re not alone. For many women, this stage of life sparks a mix of excitement and concern as they start to think seriously about how to balance their dreams with financial realities. The good news? It’s never too late to take charge of your financial future and set yourself up for success.

Let’s explore some tailored strategies for women over 50 to secure a comfortable retirement and live the life you deserve.

1. Evaluate Your Financial Picture

Before you plan, you need to know where you stand. Review your current assets, liabilities, income sources, and expenses. Understanding your net worth is the first step to creating a retirement plan that aligns with your goals.

Why it matters: Women often face unique financial challenges, like career breaks for caregiving or longer life expectancy. Knowing your numbers ensures you address these factors in your strategy.

2. Maximize Retirement Contributions

In your 50s, you’re eligible for catch-up contributions, which allow you to add extra funds to retirement accounts like 401(k)s and IRAs.

Action step: If you’re 50 or older, you can contribute up to $31,000 annually to your 401(k) (as of 2025) and $8,000 to an IRA. This can help you close any savings gaps.

3. Reassess Your Investment Strategy

Your 50s are a time to balance growth and preservation. Consider diversifying your portfolio to reduce risk while still pursuing returns that outpace inflation.

Tip: Consult a financial advisor to determine the right mix of stocks, bonds, and other assets for your situation.

4. Plan for Healthcare Costs

Healthcare is one of the largest expenses in retirement, and it’s crucial to plan for it now.

Action step: Look into Health Savings Accounts (HSAs) and long-term care insurance to offset potential costs. If you’re still working, take full advantage of employer-sponsored healthcare benefits.

5. Eliminate High-Interest Debt

Entering retirement with debt, especially high-interest credit card balances, can eat away at your financial security.

Why it matters: Reducing or eliminating debt ensures that more of your income and savings go toward enjoying retirement, not paying off old balances.

6. Create a Retirement Budget

Think about what your lifestyle will look like in retirement and estimate your monthly expenses. Include essentials like housing and healthcare as well as discretionary spending on travel, hobbies, or family.

Pro tip: Use this budget to determine how much income you’ll need to cover your needs and whether your savings and investments can support it.

7. Protect Your Legacy

Estate planning isn’t just for the ultra-wealthy. Ensure that your loved ones are cared for by creating or updating your will, assigning power of attorney, and considering a living trust.

Action step: Work with a financial advisor to ensure you have a comprehensive estate plan in place that reflects your wishes.

8. Delay Social Security Benefits if Possible

While you can start collecting Social Security at 62, waiting until your full retirement age (or even 70) can significantly increase your monthly benefits.

Tip: If you can afford to delay, you’ll maximize your payout and create a stronger income stream for later years.

9. Address Longevity Risks

Women generally live longer than men, meaning your retirement savings need to stretch further. This requires careful planning to ensure you don’t outlive your resources.

Strategy: Consider annuities or other guaranteed income products as part of your financial plan.

10. Work with a Financial Advisor

Navigating financial planning can be complex, but you don’t have to do it alone. A financial advisor can provide personalized strategies to help you optimize savings, manage risks, and achieve your goals.

Your 50s are the perfect time to take control of your financial future. Whether you’re catching up on savings or fine-tuning your strategy, the choices you make today will shape your tomorrow.

Let’s work together to create a financial plan that empowers you to enjoy the retirement you’ve worked so hard for. Schedule a call today, and let’s start building the future you deserve!

Disclosures:

Money Matters Wealth Solutions is a dba of The Wealth Boutique, a registered investment advisor with the Securities and Exchange Commission. The Wealth Boutique and each of the DBAs are not under common ownership but owned and operated separately. All financial planning and advisory services are provided by The Wealth Boutique. All investments involve risk and unless otherwise stated, are not guaranteed. Be sure to consult with a tax professional before implementing any investment strategy.| Full Disclosure | CRS

This content was generated with AI assistance. While we strive for accuracy, AI may not capture all current laws and market conditions. This information is for informational purposes only and should not be considered personalized financial advice. Always consult a licensed financial advisor for decisions tailored to your unique situation and goals. AI is used to enhance insights, not replace professional guidance.