Catching up on Retirement Savings at 50: Tips to Get Started

Are you already in your 50s, with no savings at all? Don’t worry, there are ways for you to catch up and save enough for a comfortable retirement.

by Sheen Moringa, 30 November 2017

Yes, you can still catch up.

Perhaps your savings had been paralyzed by a major medical procedure when you were younger. Maybe you were the breadwinner of the family. Maybe you got married early, and became a provider at a young age. Or maybe you just kept YOLO-ing until one day, you woke up on your 50th birthday with no money in the bank. Here are some tips to get you started on your retirement savings at 50, and have financial freedom by the time you’re 60.

1. Keep calm and save NOW.

Nowadays, the websites of a lot of insurance companies, like FWD Life Philippines (, have comprehensive calculators to help you compute how much you need to save for retirement, with considerations on when your children will be able to support themselves. 
Don’t be overwhelmed by the numbers you will see there. Panicking will do you no good. Instead, use them as a motivation to streamline your future, while you still have time and while you still can. Use this to compute how much you need to be saving every month. Just keep calm and start depositing that extra cash into your bank account NOW.

2. Scale down your expenses.

Start reconsidering your monthly bills and other expenses. Start putting more money in your savings account than towards paying utility companies. When paying for your credit card dues and other debts, remember to pay yourself first, and deposit to your account first, before paying others. 
Maybe you and your family can tone down your lifestyle, too. What are the payables that you don’t need? Learn the difference between needs and wants, so that you can be the wise spender and smart saver you want to be.

3. Work extra hours or do part-time jobs.

With all those bills, you may be wondering how you can pay yourself first. If you feel that you are performing well, maybe it is time to ask for a raise. If this is not granted, maybe you can put in more time at work. You can also take on part-time jobs so you can reach your monthly quota of savings.

4. Exercise smart investing.

Once you have saved a good amount, try putting your money on investments. A life insurance or a health plan (Set for Health) may be some of the things on the top of your list. Insurance companies like FWD Life Philippines (Set For Life) have plans which you can complete in five to 10 years, just in time for your retirement. 
Aside from that, try investing your money on plans that can make your money grow. You can try investing on funds managed by different institutions like banks or insurance companies (All Set Higher). 

5. Get professional help.

It is understandable to feel overwhelmed by the amount of effort you need to put in order to establish your retirement savings. Don’t worry because there are people who can guide you through the process. You can contact a financial planner ( to get professional advice on how you can catch up on your retirement savings at 50. 
Remember, if there is a will, there is a way. You deserve a good retirement after working for almost two-thirds of your life. Moreover, rewards are sweeter if you earned them all on your own, without being too dependent on your children or your employer. Everyone can attain financial freedom. You can too, if you start now.