5 Game-Changing Retirement Planning Financial Moves in Your 50s

Your 50s can be a wake-up call: Retirement isn’t theoretical anymore. With the clock ticking, the decisions you make now can dramatically affect the life you lead later.

From maximizing your savings to reassessing your investment strategy and planning for long-term care, here are five expert-approved moves to secure your financial future.

1. Max Out Contributions and Explore Roth Conversions

Think of maximizing your retirement contributions and catch-up options as “planting seeds for your financial future,” says Mallon FitzPatrick, head of wealth planning at Robertson Stephens. In 2025, those 50 and older can contribute an extra $7,500 to a 401(k) (in addition to the $23,500 limit for everyone else). Once you’re 60 to 63, some plans allow an additional $11,250 if your employer permits it.

FitzPatrick also recommends considering Roth conversions in lower-income years because they establish a tax-free income stream in retirement. Working with a good financial planner to tailor strategies to your income bracket and deduction options can be a good idea, too, especially if you’re a high earner, a business owner, or itemizing deductions.

2. Make a Plan for Long-term Care Before It’s Urgent

About 70% of people over 65 will need some form of long-term care, and Medicare won’t cover it. FitzPatrick recommends starting in your 50s by evaluating hybrid policies, self-insurance strategies, and the potential use of home equity.

Hybrid policies, for example, can combine health insurance with long-term care benefits, offering some relief in case you need long-term care, while home equity conversion mortgages, the most common type of reverse mortgage, can help those 62 and older tap into funds for living expenses.

“Planning for long-term care isn’t just an expense; it’s peace of mind for future challenges,” FitzPatrick says. “It’s not only about funding but also the model of care and who will manage it.”

3. Get Strategic About Social Security Timing

“Choosing when to claim Social Security is like orchestrating a financial symphony,” FitzPatrick says. Claiming early reduces monthly benefits, while delaying to age 70 increases them significantly.

Married couples can optimize their benefits by having the higher earner delay to boost both their own and the survivor’s benefits. The Social Security Administration has resources and calculators to help you plan. And if you’re still having trouble determining what’s best for you, a breakeven analysis with a financial advisor can help.

4. Reassess Your Asset Allocation Without Getting Too Conservative

“When you enter your 50s, this is a great time to reassess both how much you are saving for retirement and your overall asset allocation,” says Carla Adams, founder of Ametrine Wealth.

She recommends reducing stock exposure if it’s overly aggressive (e.g., 80% or more in equities) but warns against going too conservative. “Your true time horizon is not your desired retirement age but your lifespan,” she says. As more people live into their 90s, this means considering a plan that takes into account 30 or more years in retirement.

Target-date funds are one easy way to manage this, but Adams suggests choosing one with a later retirement date if you want to stay more aggressive.

5. Don’t Rush Into Retirement—Delaying Can Be a Power Move

“Beware the temptation to jump into retirement too soon,” FitzPatrick says. Even a moderate delay can extend your savings, preserve health insurance, and boost your Social Security benefits. In fact, a 2018 study by the National Bureau of Economic Research found that a 66-year-old worker’s retirement income can rise by nearly 8% if they work one year longer and wait an extra year to claim Social Security, thanks largely to the rise in benefits.

For those not wanting to continue working full-time, exploring part-time roles or transitioning to a less demanding yet fulfilling career can be a viable alternative, FitzPatrick says.

The Bottom Line

Your 50s are a time to take your retirement plan seriously. That doesn’t just mean saving more—it means thinking holistically about healthcare, tax efficiency, income timing, asset allocation, and your lifestyle choices. With the right strategy and a few key adjustments, you can still make this decade your most powerful yet for building the retirement you want.