Cortburg Speaks Retirement

Is It Too Late to Save for Retirement in Your 50s? Here's the Truth

• Miguel Gonzalez, MBA, AIF®, CPFA®, CRC® • Season 2024 • Episode 244

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Think you’re behind on retirement savings in your 50s? It’s not too late. In this week’s episode, Miguel Gonzalez breaks down smart strategies to catch up and build a solid financial future—starting now.


Cortburg Retirement Advisors is a boutique financial planning firm committed to helping you grow, protect, and preserve your assets from your first job to retirement. We specialize in wealth management, estate and tax planning, group retirement, employee benefits, insurance, and retirement planning to navigate any economic climate.

Miguel Gonzalez, a Retirement Specialist with 20+ years of experience, offers expertise in retirement income planning, investment management, and retirement plan design. With an MBA from Columbia Business School, and professional experience with JP Morgan Chase, Merrill Lynch, and more, Miguel is a trusted advisor for his clients.


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Welcome to Cortburg Speaks Retirement Podcast
with Miguel Gonzalez, MBA, AIF®, CPFA®, CRC®

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Welcome to Cortburg Speaks Retirement

An audio podcast about investing in the stock market, financial planning, money management and retirement planning.  Each Wednesday, we help investors at all stages of life learn how to potentially grow and preserve their money from first job through retirement.

Now here is your host, Miguel Gonzalez

Good morning and welcome to the CORTBURG SPEAKS RETIREMENT audio podcast.   

This week, let’s talk about something a lot of people wonder in their 50s:
 “Is it too late to save for retirement?”

The answer? Absolutely not.
 In fact, your 50s can be a powerful decade for catching up—especially if you take full advantage of the opportunities available.

1. Use Catch-Up Contributions

Once you turn 50, you’re allowed to contribute more to retirement accounts than younger workers.

  • For 2025, the 401(k) contribution limit is $23,500, and if you’re over 50, you can add an extra $7,500, bringing your total to $31,000.
  • For IRAs, the limit is $7,000, with an additional $1,000 catch-up, for a total of $8,000.

These extra contributions can significantly boost your retirement savings—especially when compounded over the next 10–15 years.

2. Reevaluate Your Retirement Goals

In your 50s, you have a clearer picture of what retirement might look like.
 Ask yourself:

  • When do I realistically want to retire?
  • What lifestyle do I want to maintain?
  • How much income will I need to support that lifestyle?

This is the time to refine your strategy—not guess.

 

3. Maximize Income, Minimize Debt

Your 50s often coincide with your peak earning years. Take advantage of that by:

  • Paying off high-interest debt
  • Avoiding new large loans (like car payments or second homes)
  • Using bonuses or raises to boost savings instead of lifestyle spending

Small lifestyle adjustments now can translate into big retirement wins later.

4. Consider Downsizing or Relocating

If your children have moved out or you're nearing an empty nest, downsizing your home could free up equity and reduce monthly expenses. In some cases, relocating to a state with lower taxes or cost of living may improve your retirement outlook.

 

5. Don't Forget Health Care Planning

Healthcare will likely be one of your largest expenses in retirement.
 Consider opening or contributing more to a Health Savings Account (HSA) if you’re eligible. HSAs offer triple tax benefits:

  • Tax-deductible contributions
  • Tax-free growth
  • Tax-free withdrawals for qualified medical expenses

You can also use this time to evaluate long-term care insurance or other ways to plan for future health needs.

6. Work with a Professional

Your 50s are a perfect time to sit down with a financial advisor who can:

  • Analyze your retirement income gap
  • Optimize your investment mix for your time horizon
  • Develop a plan that gets you from now to your ideal retirement

You don’t need to do this alone—and the right guidance can make all the difference.

In Closing

Being in your 50s doesn’t mean you’re behind—it means you’re at a critical crossroads with the opportunity to make smart, intentional moves that shape the next stage of your financial life.

Make sure to visit our website, www.CortburgRetirement.com. Our site is filled with educational videos, eBooks, publications, and financial calculators designed to help you learn more about your finances.  As you search our site, send us a note regarding any questions you may have about any particular investment concepts or products. We will get back to you quickly with a thoughtful answer.

This is Miguel Gonzalez, Certified Retirement Counselor (CRC) and Managing Partner, with Cortburg Retirement Advisors signing off for this week’s educational podcast.  

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Miguel Gonzalez, MBA, AIF®, CPFA®, PPC®, CRC®

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