Real life plan: Can you start saving in a 50 (or higher) retirement savings and retire comfortably at 62? (Yes!)

It's not too late! You can start retirement savings at 50 (55 or later) and still retire comfortably at 62 years old. I know. Most people think you need to start saving in the 20s or 30s to have any chance of safe retirement. While early savings are certainly ideal, this is not the only way. Actually, your 50s may be The most powerful If you take the right steps, build wealth over decades.

Retirement savings start at 50 or 55: Your 50s are the year of peak income and reduced expenses!

By the age of 50, many people entered their peak period. Plus, kids are (mostly) out of the house, the mortgage may be close to paying off, and large expenses like nurseries or colleges are behind you. This means you finally have more financial capabilities and more opportunities to catch up.

“From 50, it doesn’t mean you’re behind, it means you need a plan to make the most of your next decade,” he said. Sarah Busch, a CFP® professional and manager of Boldin Advisors.

It's time to catch up

The IRS agrees that your 50s is a good time to save. In fact, they provide a special catch-up contribution to those aged 50 and older. In 2025, these 50+ will have a maximum of $31,000 to $401(k) per year ($23,500 base + $7,500 catch up). With employer competition considered, each couple is $62,000 per year.

This is the most important decade for strategy, and small decisions can complicate big results.

Meet Mark and Eliza: The Story of Chasing Success

When Mark and Eliza Thompson were 50, they were financially stable but were not ready to retire. “Our old 401(k) and iras have about $120,000,” Eliza said. “We think we always have time to 'seriously' and then we blinked, 50.”

They have a good job, Mark is a software engineer who makes about $160,000, while Eliza is working as a PR consultant in a small agency, making $110,000. Their two children almost passed college, and their mortgages were almost rewarded, and they decided to ultimately prioritize their future.

“We didn't panic,” Mark said. “We are just determined to use the next decade truly wisely.”

Strategy: Wake up, maximize, catch up and become more confident

This is what they do:

1. Wake up call

As the kids left the house, Thompsons woke up, awakening time passed quickly, realizing that they didn't want to be a lifetime. They hope to put themselves and their interests outside of their work in the future.

2. Maximum contribution

Starting at the age of 51, each of them contributed the biggest contribution to the 2025 Workplace 401(k)S – $31,000, and it has increased slightly every year due to the IRS adjustment. This is a lot, but because children’s costs reduce their income and some other savings, they don’t have much of their lifestyle.

In more than 12 years, this adds up:

• $744,000 new donation ($31,000×2×12 years)
• +$120,000 for employer competition (Both have about 5% of the matches)
• Total new retirement donations: ~$864,000

3. A wise investment

The Thompsons don’t need any exquisite investment strategies. They make things simple:

• 65% of stocks in index funds track S&P 500
• 30% bonds
• 5% cash equivalent

They maintained the course through the market, with an average annual rate of return of 6.5% – a conservative but realistic risk profile. With a compounded growth of 12 years, by the age of 62, their donations were about $864,000, reaching $1.1 million.

4. Right size lifestyle

They sold large suburban homes at the age of 55 and made an additional $250,000 after buying a smaller townhouse. They invested $150,000 of that into a taxable brokerage account and retained $100,000 in cash for flexibility.

Retired at the age of 62 – Confidence, no sacrifice

By the age of 62, Mark and Eliza had established the following:

• $1.1 million retirement account
• $150K Brokerage Account
• $100,000 in emergency savings
• Paid home
• The estimated Social Security benefits are approximately $60k/year (total) if they are deferred to 67-70

They use Boldin planners to run dozens of “hypothetical” scenarios and feel safe when retired early, even with some market volatility and future health care costs.

“We don’t have to live on beans and rice.” Eliza smiled. “We still took a leave and helped our children. We just made smarter choices and used tools that made us clear.”

“Honestly, the Boldin planners gave us the confidence to pull the trigger.” Mark added. “It’s not just showing us what we have, it’s also showing us what’s possible.”

I started late, but I realized my dream in a few years!

Mark and Eliza are now separating their time, between a beach town in Portland and Northern California. They hike, travel, read and enjoy part-time enthusiastic projects. Most importantly, they have a real heart for their lives and money.

“We proved that it’s not too late to get up from 50.” Eliza said. “It’s just another journey and with the right plan, it can be a beautiful journey.”

Are you ready to start? 7 steps to enter the 1950s to retire

If you are saving for retirement from the age of 50, you will take a very important step. But saving is not all you need to do. Here are seven steps that can take you to a safe and happy future:

Step 1: Inventory without shame

Look, we know that inventorying your financial situation can be stressful, but once you do, you will feel better. The first step toward the life you want is to understand where you are financially:

• List your current income, expenses, debts and assets.
• Estimate your social security benefits (using ssa.gov).
• Use tools like Boldin Planner to create baseline retirement projections.

remind: You are not behind. You're just starting to plan now, and that's important.

Step 2: Define your retirement vision

Don't just think “stop working”. think:

• When did you like Stop working full-time?
• What kind of lifestyle do you want? (Travel? Part-time job? Relocation?)
• What's there Enough Do you look like you?

Use this information to define your future income and expenses. Boldin retirement planners enable you to create different spending and income stages. By defining these different stages of your life, you will have a more realistic understanding of how much retirement savings you need and when you can retire.

remind: Understanding your future goals and how your source of retirement income can help define your savings goals.

Step 3: Eliminate high-interest debt

Before increasing savings, clearing credit cards and personal loans.

• Focus on debt with interest rates exceeding 6-7%.
• Refinancing or consolidation if possible.

remind: Every dollar is not interested in it can take a dollar toward your future.

Step 4: Maximum retirement donation

One of the most effective things you can do to start with a 50-point savings retirement, which is to take advantage of the tax break:

• 401(k): arrive $31,000 Every year in 2025 (if you are over 50).
• Ella: arrive $8,000 Every year (including catch-up).
• If you are self-employed, check out Sep-Iras or Solo 401(k)s.

remind: Even if you save $2,500 per month for 12-15 years, it can grow to more than $500,000 with moderate growth.

Step 5: Investment growth (don’t worry)

You need your money to grow – this is not the time to go to all the cash:

• A portfolio of stocks and bonds aimed at diversifying.
• Don't chase the rewards of adventure, but don't sit on the court, either.

remind: Index funds It is a great, low-cost and efficient way to own stocks.

Step 6: Reduce lifestyle creep and consider reducing size

You don't have to give up everything, but:

• Assess your priorities and cut down on value spending.
• Consider reducing housing, automobile or insurance costs.
• Every month, every month, every month, it will become thousands of people retire.

remind: Emotionally and financially, reducing the size of a home might be the main unlock.

Step 7: Strategically expand the timeline

You don't have to retire at the age of 62:

• Every year, your delay in retirement increases savings, reduce withdrawals and increase social security.
• A part-time job or consultation can bridge the gap after retirement.
• Delaying Social Security to 70 will increase your benefits by 76% while the claim is 62.

Reminder: Social Security is an inflation-protected source of income that will last until the time you do it. Establish an appropriate age to claim benefits.

Final Thought: Not too late – but now it's time to take action

Start saving 50 retirement plan with a great plan. This is about Urgentno panic. Many people start building six-figure portfolios at the age of 50 or even 55. The key is to focus, prioritize and use the tools and options available.

Want to help with a catch-up plan?

Boldin retirement planners are built for real people who figure this out in real time. This tool is a DIY resource designed to empower you and know what your future is. However, you don't need to go alone. We provide courses, coaching and fee-only financial advice for CFP® professionals to supplement the software.