Written by Retirement Advisor Published June 1, 2026 · Last updated August 12, 2026
Your 50s are a pivotal decade for retirement planning because several rules change in your favor. Under SECURE 2.0, catch-up contributions let savers age 50 and older put more into 401(k)s and IRAs each year than younger workers — and starting at age 60-63, an even higher ‘super catch-up’ limit applies to workplace plans. Required minimum distributions (RMDs) from traditional retirement accounts don’t begin until age 73 for most people under current law, giving a multi-year window to plan withdrawals and Roth conversions strategically.
Common mistakes in this decade include under-using catch-up contributions, failing to diversify a portfolio that’s grown concentrated in employer stock, and not stress-testing a retirement budget against real inflation data from the Bureau of Labor Statistics rather than assumptions. A mid-50s review with a fee-only fiduciary advisor is one of the highest-value financial moves available at this stage.
i saved a lot– but not enough– got " restructured " at 52– was already a minimalist- cheap house- paid for car– now i make 55k and save like crazy– and relax– stop buying cars and boats fellas– just save and when u get canned– walk away prepared
Would you maybe do a video about working men please? Meaning tradesmen. I'm a union Ironworker. We can retire between 55-59.5, or early at 52 (my plan is the 52). I intend to to find other employment that isn't hard on the body. I have a pension, and 2 annuities. I also save in a Roth of my own. Thank you Tom for all of your videos. I'm 51 with 2 crushed vertebras, spinal stenosis, and other issues. The idea of working 9 more years on the Iron is bad.
A lot of this is common sense that unfortunately is not so common. Buying luxury items is okay if you are using dividends or gains from investments, or better yet, from your pension and rental income. Do NOT take out debt or use investment principal. I'm 51, retired and have a 120k govt pension and collect 80k in rent net after taxes. My wife has 88k pension. Burn rate is 13k a month. Net monthly income is 20-22k a month. We bank and invest excess income. If we consider a major purchase, it comes from the excess income not our investments. We have 4.1 million invested in brokerage accounts, IRAs and 457 plans. That is left to compound for our 60's and up. For now, a portion of our excess income goes for splurging. Down the road, our portfolio will hopefully grow to 6 to 8 million. We plan to shift to dividend funds and more conservative funds overall . We ll then spend the dividends on luxuries. We have no debt and pay nothing for healthcare. Out present net worth is 6.7million, yet are conservative in spending. My buddy is 55, has 100k pension and makes 140k working. His net worth is 500k. He just paid off his house. He wants a 100k vet. Not smart. He should invest instead and get his net worth up.
Health is a definite issue, @55 I had some health problems a couple years ago I managed to get under control to get back to work. Wake up call to get finances in order.
i saved a lot– but not enough– got " restructured " at 52– was already a minimalist- cheap house- paid for car– now i make 55k and save like crazy– and relax– stop buying cars and boats fellas– just save and when u get canned– walk away prepared
The scary part is that many financial traps look completely reasonable at first.
Thanks from Brasil / Rio de janeiro
I’m to the point where I think financing anything should be avoided at all costs.
So it should be bought in your 60s instead? Then your health could go and you die with regrets
With millions invested I bought a $16K fishing boat in my 50's. Great decision, we use that boat all the time!
Great video Tom very informative for us guys I will be diving into topics like this and also investing on my channel keep up the good work.
All good points.
Would you maybe do a video about working men please? Meaning tradesmen. I'm a union Ironworker. We can retire between 55-59.5, or early at 52 (my plan is the 52). I intend to to find other employment that isn't hard on the body. I have a pension, and 2 annuities. I also save in a Roth of my own.
Thank you Tom for all of your videos. I'm 51 with 2 crushed vertebras, spinal stenosis, and other issues. The idea of working 9 more years on the Iron is bad.
A lot of this is common sense that unfortunately is not so common. Buying luxury items is okay if you are using dividends or gains from investments, or better yet, from your pension and rental income. Do NOT take out debt or use investment principal. I'm 51, retired and have a 120k govt pension and collect 80k in rent net after taxes. My wife has 88k pension. Burn rate is 13k a month. Net monthly income is 20-22k a month. We bank and invest excess income. If we consider a major purchase, it comes from the excess income not our investments. We have 4.1 million invested in brokerage accounts, IRAs and 457 plans. That is left to compound for our 60's and up. For now, a portion of our excess income goes for splurging. Down the road, our portfolio will hopefully grow to 6 to 8 million. We plan to shift to dividend funds and more conservative funds overall . We ll then spend the dividends on luxuries. We have no debt and pay nothing for healthcare. Out present net worth is 6.7million, yet are conservative in spending. My buddy is 55, has 100k pension and makes 140k working. His net worth is 500k. He just paid off his house. He wants a 100k vet. Not smart. He should invest instead and get his net worth up.
figured divorce would have been on the list
This is so loaded. Thank you for this masterpiece
Health is a definite issue, @55 I had some health problems a couple years ago I managed to get under control to get back to work. Wake up call to get finances in order.