4 Financial Steps Each Woman 50+ Should Take Now

If you’re in your 50s, this is the make-or-break decade for retirement.

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Published October 03, 2025
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Elizabeth Brockway

Your 50s can feel like a whirlwind: empty nests, aging parents, career pivots and maybe even a long-overdue focus on yourself.

Financial planners are urging women not to overlook a crucial piece of the puzzle — financial independence.

“If you’re in your 50s, this is the make-or-break decade for retirement,” says Andrew Latham, a certified financial planner with SuperMoney.com. “It’s not too late to make meaningful changes, but you can’t coast.”

Here are four key steps they say every woman should take now to protect her future.

Increase Your 401(k)

“Hitting your 50s is like finding the secret warp zone in Super Mario Bros. Suddenly, you can leap ahead if you know where the vines are,” says Michael Ashley Schulman, a partner and chief investment officer at Running Point Capital Advisors in El Segundo, CA. Those 50 and older can add an extra $7,500 into their 401(k) on top of the standard $23,500 cap, resulting in a maximum limit of $31,000. You can also contribute an additional $1,000 to an IRA for a total of $8,000. Turning 60 to 63? The SECURE 2.0 Act allows you the new Super Catch-Up of $11,250 if your employer plan allows it.

“These contributions reduce your taxable income now and grow tax-deferred or tax-free depending on the account,” says Latham. “If you can’t afford to max out, contribute what you can, but set automatic increases each year.”

Update Your Legal Documents

Haven’t looked at your estate and incapacity documents since your kids were toddlers? It’s time for an update. You’ll need a will, power of attorney and a health care proxy at minimum, recommends Latham. If you own property or want to avoid probate, a living trust might also make sense. “If you drop dead or get hit by a bus without these in place, your family gets to navigate probate court, make agonizing medical decisions in a crisis and possibly fight over assets,” he says.

Treat Your Health Savings Account Like a Secret Retirement Account

If you have a high-deductible health plan, an HSA is one of the most tax-efficient tools out there, explains Latham. Your contributions are tax-deductible, the growth is tax-free, and all withdrawals for qualified medical expenses are also tax-free. “After age 65, you can use the money for anything,” he says. “If it’s not for medical expenses, you’ll pay regular income tax, just like an IRA, but there’s no penalty.”

In 2025, you can contribute up to $8,550 for a family plan, and if you can afford to pay out of pocket for current medical expenses and leave the HSA invested wisely, you could build a six-figure account in 10 to 15 years, all tax-advantaged. “Think of it as a healthcare-dedicated retirement fund with a backdoor use-it-for-anything option later,” Latham says.

Revisit Your Investments

At this age, many people shift out of high-risk strategies. But with longer life expectancy, maintaining some growth is still crucial, says Linda Jensen, a certified financial fiduciary and founder of the Heart Financial Group, who suggests working with a professional to review your risk tolerance, assess your income needs in retirement and optimize your portfolio going forward.

“Maxing out your catch-up contributions over the next 10 to 15 years could add six figures to your retirement portfolio, which is possibly the difference between working into your 70s or enjoying the freedom to retire earlier,” Jensen says. “The compounding effect of tax-deferred growth and strategic investing means you’ll enter retirement with more options, more confidence and less worry about outliving your savings.”

Have you done any of the above? Let us know in the comments below.

Danielle Braff is a Chicago-based writer who knows how to find the heart (and humor) in everyday life. When she’s not reporting or crafting smart, relatable stories, she’s juggling life with her husband, two daughters, two cats, and one very lucky dog. A devoted traveler, lifelong reader, and unapologetic ice-cream enthusiast, Danielle brings curiosity, empathy, and joy to everything she writes. Discover more of her work at Daniellebraff.com.