Planning for Retirement After 50? Start Here

If you’re in your 50s or 60s, retirement may feel closer than ever, and that can bring up a lot of questions. Am I saving enough? Have I started planning too late? What should I be doing now? And where do I even begin?

Retirement planning isn’t about having all the answers. It’s about taking one step at a time and making informed decisions that support the future you want.

At Carter Bank, we believe that trusted financial guidance starts by meeting people where they are and helping them get where they want to go. If you’re beginning your retirement planning at 50 and beyond, here are five simple steps to start with.

1. Take Stock of Where You Are Today

Before you can decide where you’re going, it helps to understand where you are now. Start by gathering a clear picture of your current financial situation. Look at your savings, retirement accounts, other assets, debts, and regular expenses. You may also want to think about what your financial needs could look like once you stop working.

Ask yourself:

• What retirement accounts do I have?
  • Don’t forget about workplace accounts or pensions, if available.
• What debts do I expect to carry into retirement?
  • Are there changes you could make now to pay them off sooner?
• What kind of lifestyle do I envision?
  • Is there a move to a more expensive location or a downsize in your future?
• When would I ideally like to retire?
  • If you have a spouse retiring around the same time, could you stagger it?

You don't need to have all the answers right away. The goal is to replace uncertainty with a more definitive starting point.

How Carter Bank Can Help: Carter Bank offers complimentary Financial Wellness Checks. This can help you identify the questions you may want to explore as you plan for retirement.

2. Understand the Basics of Social Security

For many people, Social Security is a key part of their retirement income. Understanding how Social Security works can help you plan more strategically.

It’s important to know:

• How your benefit is calculated
• When you may be eligible to begin receiving benefits
• How the timing of your retirement could affect your benefit
• How Social Security fits into your broader retirement income plan

Your individual circumstances matter, so it's important to review your options carefully. For personalized guidance about when to claim benefits and how they may fit into your retirement strategy, consider speaking with a qualified financial professional or using resources from the Social Security Administration.

How Carter Bank Can Help: We offer a Social Security Benefits Calculator to show you how much you may receive when you decide to retire.

3. Explore Your IRA Options

Individual retirement accounts (IRAs) can be a valuable part of a retirement savings strategy, but understanding how they work is an important first step.

There are different types of IRAs, and the rules, contribution limits, tax scenarios, and withdrawal requirements can vary. Your circumstances and goals will help determine whether an IRA is appropriate for you.

Think of this step as an opportunity to learn, not a decision you have to make immediately.

How Carter Bank Can Help: Carter Bank offers several Retirement Calculators, including options for comparing Roth vs. Traditional IRAs as well as a Traditional IRA Calculator that shows you how your savings could grow over time.

4. Talk with a Financial Professional

You don’t have to figure out retirement planning on your own. If you’re unsure whether you’re on track, a qualified financial planner or advisor can help you take a closer look at your individual situation. They can help you think through your timeline, income needs, savings, and long-term goals.

This can be especially helpful if you’re approaching retirement and facing more complex decisions about how your different sources of income and savings may work together. You don’t need to wait until you’ve figured everything out before starting the conversation. That’s what the conversation—and the financial planning professional—is for.

How Carter Bank Can Help: A Carter Bank associate can help discuss your financial goals and available banking resources. If specialized retirement planning is appropriate, they can guide you on the next steps.

5. Simplify Your Financial Picture

Over the years, it’s easy to end up with financial accounts scattered across multiple organizations. You may have an old retirement account from a previous employer, savings accounts you forgot about, CDs that just keep renewing, or even an old business checking account from your self-employed days.

Your 50s can be a good time to inventory what you have and make sure each account is still worth keeping. Consider taking the time to:

• List all your retirement and savings accounts
• Review and update beneficiary designations
• Gather important account information in one place
• Understand the fees, terms, and purpose of each account
• Think about consolidating certain accounts

Simplifying doesn't necessarily mean combining everything. The goal is to make your financial picture easier for you to manage.

How Carter Bank Can Help: Carter Bank can help you review your banking relationships and explore ways to make your day-to-day finances easier to manage. Schedule an appointment with an associate to go over your accounts.

It’s Not Too Late to Start Planning for Retirement

If you’re wondering where to start with retirement planning at 50, 60, or beyond, the answer may be simpler than you think: Start with where you are.

You don’t have to solve your entire retirement plan in one afternoon. You don’t have to know exactly what the next 20 years will look like. And you don’t have to feel embarrassed if you’re starting later than you expected.

Carter Bank’s Retirement Readiness Worksheet (link to be added when available) can help you inventory your financial accounts and start a productive conversation about your goals. Retirement may feel like a big thing to plan for, but you don't have to plan it all at once.

Ready to Start Planning for Retirement?

• Review your finances: Take inventory of your retirement accounts, savings, debts, and monthly expenses.

• Estimate your benefits: Use our Social Security Benefits Calculator to estimate future retirement income.
• Explore retirement savings options: Try our Retirement Calculators to compare IRA options and project long-term savings.
• Talk with us: Schedule an appointment with a Carter Bank associate to discuss your financial goals.

With a thoughtful plan and the right resources, Carter Bank is here to help you take confident steps toward the retirement you envision.