A realistic, hope-filled guide to planning retirement in your 50s and 60s, even if you feel like you’re starting from almost zero.

Hey there lovely lady,

Let’s just say it out loud: thinking about retirement can be a terrifying concept when you’re over 50 and feel like you’re starting late.

Maybe you’ve had seasons of single parenting, part-time work, caring for family, health challenges, or a divorce that wiped out what you’d built. Maybe you’ve always meant to “sort super later” and now “later” has arrived with a very loud knock.

First thing I want you to know: you are not the only woman in this spot. Many midlife women are worried they’ll never be ready for retirement, even those who have some savings tucked away.

This post won’t magically fix the numbers – I wish I could do that for you. But it will help you see the levers you still have, and how to start retirement planning at 50 or 60 without losing heart.

Again, this is general information, not personal or professional advice. Please talk with a licensed adviser in your country before making big financial decisions.

Step 1: Pause the Panic and Picture “Enough”

Before we dive into spreadsheets, I want you to take a breath and imagine your later-life self.

Ask yourself:

• What does a good, enough retirement look like for me?

• Who do I want to spend time with?

• What kind of work (if any) would I still enjoy doing?

• How do I want my days to feel?

For many women, “enough” doesn’t mean luxury yachts. It looks more like:

• A modest, comfortable home

• Enough income to cover basics and a bit of joy

• Occasional trips to see kids or grandkids

• The ability to be generous in small ways

You don’t need a perfect answer. You just need a direction to plan towards.

Step 2: Know Where You Stand Today

Retirement planning for women over 50 starts with a clear snapshot.

Gather:

1. Retirement accounts

   • Superannuation / pension / workplace plans

   • Any old accounts from previous jobs that might need consolidating (carefully, after checking fees/insurance)

2. Other assets

   • Savings and term deposits

   • Investments (shares, managed funds, investment property)

   • Home equity (if you own property)

3. Debts

   • Mortgage balance

   • Personal loans, credit cards

   • Any other debts

4. Current income and spending

   • What’s coming in (wages, business income, Centrelink/benefits where relevant)

   • Rough monthly essential spending

Government sites like MoneySmart in Australia encourage starting retirement planning by working out your current position and setting clear retirement goals, then adjusting as life changes.

You can use online retirement calculators in your country to play with the numbers – changing retirement age, savings rates and spending levels to see how they affect the picture.

Step 3: The Three Levers You Still Have

Even in your 50s or 60s, you usually still have three levers:

1. What you save – how much you can put aside regularly

2. How long you work – staying in paid work a bit longer, or differently

3. How you invest – how your retirement savings are allocated

You may not control everything (health, job market, family needs) but focusing on the levers you can move is empowering.

Step 4: Boosting Retirement Savings in Your 50s and 60s

If you feel like your retirement accounts are small, you’re in good company. Gender pay gaps, part-time work and career breaks mean women often arrive at midlife with less super or pension savings than men.

Some ideas to explore (with local rules and personal advice in mind):

• Extra contributions

  • Setting up automatic extra contributions to super/retirement accounts, even small amounts

  • Using any “catch-up” provisions your system allows (each country is different)

• Reducing fees where appropriate

  • Comparing fees on retirement funds – higher fees can eat into returns over the years

• Keeping money invested for longer

  • For some women, working part-time for a few extra years, or delaying drawing on savings, can make a surprising difference to how long the money lasts.

• Checking insurance in your super/retirement accounts

  • You may be paying for insurance you don’t need, or missing cover you do need. Check before changing anything.

None of this is about quick wins or risky schemes. It’s about quietly building better from here.

Step 5: “I Have Almost Nothing Saved” – What Now?

If your heart sinks when you log into your super or pension account, this bit is for you.

You are not a lost cause. You are a woman in a tough spot who deserves support and a plan.

Here are some starting steps:

1. Stabilise today

   • Focus on tackling high-interest debt

   • Build a small emergency buffer to reduce crisis borrowing

   • Make a super simple budget so you know what’s coming in and out

2. Increase income where possible

   • Ask about extra hours or a slightly higher role

   • Explore flexible side income that fits your energy and values

   • Consider short courses that might increase your earning potential

3. Shrink expenses gently

   • Review subscriptions, insurances and “leaks”

   • Shop around for better deals on utilities or phone plans

   • Look at housing options over the long term (downsizing or share arrangements may be part of the plan later)

4. Get help early

   • Many retirement funds and community organisations offer free or low-cost guidance for people in their 50s with little or no retirement savings.

Your retirement might not look like the glossy brochures. But it can be safer, calmer and more aligned with your real life than it is right now.

Step 6: Working Longer – But On Your Terms

For women starting retirement planning at 50 or 60, continuing some kind of paid work into later life is often part of the picture – whether that’s full-time, part-time, casual, or small business.

Rather than seeing it as “I’ll be working forever”, try asking:

• What kind of work would I still enjoy in my 60s?

• How could I transition into that gradually?

• What boundaries will I need, so work doesn’t swallow my health and relationships?

Sometimes that looks like:

• Moving from a physically demanding job into something gentler

• Starting a side business while employed, then shifting the balance

• Reducing days at work once the numbers make sense

If your country has an age pension or government support, learn the rules and how work interacts with those payments. A professional can help you understand the trade-offs.

Step 7: Faith, Hope and Practical Steps

Retirement planning is emotional. It brings up regret, fear, anger, grief and sometimes shame. If you’re feeling all the things, that’s understandable.

Here’s what I want you to hold onto:

• God (if you’re a woman of faith) is not surprised by your numbers. You can bring your bank accounts, your debts and your dread to Him.

• You are not behind in your worth. Money is numbers, not identity.

• Small steps still count. A little extra into super, one debt cleared, one honest conversation – they all move you forward.

Pick one next action:

• Book a call with your retirement fund or pension provider

• Make your first extra contribution (even tiny)

• Use a calculator to test a few retirement scenarios

• Or simply share your fears with a trusted friend

You’re not alone in this. And you’re not done yet.

Until we chat again,

Blessing & hugs to you my dear friend,

Dianne xx