{"id":86557,"date":"2025-07-15T06:34:00","date_gmt":"2025-07-15T11:34:00","guid":{"rendered":"https:\/\/www.success.com\/?p=86557"},"modified":"2025-07-15T11:08:49","modified_gmt":"2025-07-15T16:08:49","slug":"how-to-save-for-retirement","status":"publish","type":"post","link":"https:\/\/www.success.com\/how-to-save-for-retirement\/","title":{"rendered":"5 Tips to Save for Retirement in Your 40s and 50s"},"content":{"rendered":"\n

Racquel Oden<\/a> knows about retirement. This U.S. head of wealth, premier and global private banking at HSBC has been in the industry for over 25 years and has always worked with individual investors, supporting their wealth management and asset management needs. <\/p>\n\n\n\n

Gen X is up next to retire<\/a>\u2014and for people in their 40s and 50s, that means understanding that retirement is now just around the corner during times of extreme market volatility. But that doesn\u2019t mean that they won\u2019t be able to retire. With savvy investing strategies, Oden still believes that investors of any age can achieve their \u201cfinancial glow-up\u201d in any market and with any time horizon. <\/p>\n\n\n\n

Here are five tips from Oden for how to create a successful retirement plan.<\/p>\n\n\n\n

1. Work with a professional to understand your portfolio<\/h2>\n\n\n\n

\u201cI truly am a believer [that] it\u2019s okay to seek advice, because these are very complicated markets right now,\u201d Oden says. \u201cThere are periods where you feel like you can kind of make sense of all of it and kind of make your own individual decisions. And there are going to be periods in the market where you actually feel the need for professional advice. I think we\u2019re in one of those periods.\u201d<\/p>\n\n\n\n

Even the worst market has some strong opportunities\u2014so working with the right person can ensure that you\u2019re making smart decisions about your investments. <\/p>\n\n\n\n

\u201cWhile volatility may feel very extreme on you personally, that means there\u2019s a lot of lows, which means that\u2019s a buying opportunity,\u201d she says. \u201cBut you want to make sure they\u2019re in the right sector.\u201d<\/p>\n\n\n\n

Knowing how the world around you affects your portfolio can help you make savvier choices about where to direct your portfolio. For example, the effect of tariffs<\/a> can vary from industry to industry.<\/p>\n\n\n\n

\u201cWhat\u2019s also important in times like this\u2014of volatility\u2014is staying very engaged in what I call active management,\u201d she adds.<\/p>\n\n\n\n\""SUCCESS<\/a>\n\n\n\n

2. Evaluate your short-term versus long-term needs<\/h2>\n\n\n\n

\u201cThe things people are always going to ask you are, \u2018What\u2019s your risk tolerance?\u2019 and \u2018What\u2019s your time horizon?\u2019\u201d Oden says.<\/p>\n\n\n\n

Your time horizon is the amount of time (months, years or decades) that you need to contribute to an investment in order to achieve your financial goals<\/a>. An individual who plans to retire in five years, for instance, may want to opt for a less aggressive investment strategy than someone who still has 20 years.\u00a0<\/p>\n\n\n\n

\u201cYou could be a lot heavier weighted in equities or riskier products, but you have long-term benefits to gain in that period of time,\u201d she says. \u201cIf we have short-term needs in this environment today, things such as treasuries [are] a very good thing to look at.\u2026 [And] I think gold is doing extremely well.\u201d\u00a0<\/p>\n\n\n\n

Whether you\u2019re retiring right now or in 15\u201320 years, there are still certain things that you should always be doing. <\/p>\n\n\n\n

\u201cMake sure that you\u2019re making out on what I call your tax benefits, such as your 401k, your IRA and your HSA,\u201d Oden advises. \u201c[It\u2019s] important that you\u2019re leveraging the dollars that you\u2019re making and [that] you\u2019re getting… tax-deferred benefits from it. So I use that as a fundamental, no matter what stage of life you are [in].\u201d<\/p>\n\n\n\n

3. Define your future expectations<\/h2>\n\n\n\n

\u201cI think people think of [retirement] as like an administrative thing,\u201d she adds. \u201cBut that\u2019s why you work so hard now on your investments and gathering of your savings and assets\u2014so you can live this version of the lifestyle that you define for yourself.\u201d<\/p>\n\n\n\n

Different people have different expectations of what retired life should be like. For example, if you\u2019re planning on living in an RV after you retire, you probably have very different needs than someone who owns multiple homes and wants to live a snowbird lifestyle. <\/p>\n\n\n\n

\u201cWhat do you want it to look like?\u201d Oden asks. \u201cBased on that is how you should actually be crafting your investment portfolio to help you live that lifestyle that you define.\u201d<\/p>\n\n\n\n

4. Begin to address your debts<\/h2>\n\n\n\n

It\u2019s also important to work toward eliminating all your debts<\/a> when you\u2019re gearing up for retirement. <\/p>\n\n\n\n

\u201cIn your 20s and 30s, you can take on a lot more debt [since] you\u2019ve got a lot of time,\u201d she says. \u201cAs you\u2019re getting to your 40s and 50s and you\u2019re getting 10 years away from retirement, you want to start thinking of things like, maybe you don\u2019t have five homes at the same time.\u201d  <\/p>\n\n\n\n

If nothing else, it\u2019s especially important to eliminate high interest debts like credit cards, as these can heavily restrict your cash flow and lead to financial strain.\u00a0<\/p>\n\n\n\n

\u201cThat\u2019s what\u2019s really going to change when you hit retirement,\u201d Oden says. \u201cVery little is coming in and a lot is going to go out.\u201d<\/p>\n\n\n\n

5. Plan for and embrace longevity<\/h2>\n\n\n\n

One of the most important things to remember is that you\u2019re probably going to live longer than you expect\u2014and so are the people around you. <\/p>\n\n\n\n

\u201cIn the 1970s, the average life expectancy was closer to 69, and today, the average life expectancy is already at 77,\u201d Oden says. \u201cThat\u2019s just going to continue to increase as we continue to improve on things such as health care.\u201d <\/p>\n\n\n\n

But when you\u2019re responsible for your kids and aging parents, that can feel like more pressure.\u00a0<\/p>\n\n\n\n

\u201cYou are what I call the sandwich generation<\/a>,\u201d she says. \u201cYou could have your 20-year-old kids that you\u2019re still supporting, and because we are living longer statistically, your parents are around longer\u2014and then you will be around longer. That actually puts a lot more pressure on us in retirement.\u201d\u00a0<\/p>\n\n\n\n

While you may find that you have extra expenses, like caring for your parents or children, you also need to consider (and celebrate) your own longevity. <\/p>\n\n\n\n

\u201cYou\u2019re worrying about yourself because you\u2019re going to live way longer,\u201d Oden says. \u201cSo that now means you have to have a lot more money for retirement since you\u2019re going to sustain your lifestyle longer.\u201d<\/p>\n\n\n\n

Photo courtesy of Racquel Oden<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Explore these five important tips to help you start preparing and saving for retirement\u2014before it’s too late.<\/p>\n","protected":false},"author":32422,"featured_media":86559,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","om_disable_all_campaigns":false,"inline_featured_image":false,"ub_ctt_via":"","footnotes":""},"categories":[14060],"tags":[],"class_list":["post-86557","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money"],"featured_image_src":"https:\/\/www.success.com\/wp-content\/uploads\/2025\/05\/racquel-oden-headshot.jpg","author_info":{"display_name":"Nia Springer-Norris","author_link":"https:\/\/www.success.com\/author\/nia-springer-norris\/"},"yoast_head":"\nHow to Save for Retirement in Your 40s and 50s | SUCCESS<\/title>\n<meta name=\"description\" content=\"Explore these five important tips to help you start preparing and saving for 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This U.S. head of wealth, premier and global private banking at HSBC has been in the industry for over 25 years and has always worked with individual investors, supporting their wealth management and asset management needs. <\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p><a href=\"https:\/\/www.investopedia.com\/generation-x-all-eyes-on-retirement-5224396\" target=\"_blank\" rel=\"noreferrer noopener\">Gen X is up next to retire<\/a>\u2014and for people in their 40s and 50s, that means understanding that retirement is now just around the corner during times of extreme market volatility. But that doesn\u2019t mean that they won\u2019t be able to retire. With savvy investing strategies, Oden still believes that investors of any age can achieve their \u201cfinancial glow-up\u201d in any market and with any time horizon. <\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Here are five tips from Oden for how to create a successful retirement plan.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 class=\"wp-block-heading\" id=\"h-1-work-with-a-professional-to-understand-your-portfolio\">1. Work with a professional to understand your portfolio<\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>\u201cI truly am a believer [that] it\u2019s okay to seek advice, because these are very complicated markets right now,\u201d Oden says. \u201cThere are periods where you feel like you can kind of make sense of all of it and kind of make your own individual decisions. And there are going to be periods in the market where you actually feel the need for professional advice. I think we\u2019re in one of those periods.\u201d<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Even the worst market has some strong opportunities\u2014so working with the right person can ensure that you\u2019re making smart decisions about your investments. <\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\u201cWhile volatility may feel very extreme on you personally, that means there\u2019s a lot of lows, which means that\u2019s a buying opportunity,\u201d she says. \u201cBut you want to make sure they\u2019re in the right sector.\u201d<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Knowing how the world around you affects your portfolio can help you make savvier choices about where to direct your portfolio. For example, <a href=\"https:\/\/www.success.com\/tariff-turmoil-retirement-account\/\">the effect of tariffs<\/a> can vary from industry to industry.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\u201cWhat\u2019s also important in times like this\u2014of volatility\u2014is staying very engaged in what I call active management,\u201d she adds.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:html -->\n\n<!-- \/wp:html -->\n\n<!-- wp:heading -->\n<h2 class=\"wp-block-heading\" id=\"h-2-evaluate-your-short-term-versus-long-term-needs\">2. Evaluate your short-term versus long-term needs<\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>\u201cThe things people are always going to ask you are, \u2018What\u2019s your risk tolerance?\u2019 and \u2018What\u2019s your time horizon?\u2019\u201d Oden says.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Your time horizon is the amount of time (months, years or decades) that you need to contribute to an investment in order to achieve your <a href=\"https:\/\/www.success.com\/long-term-financial-goals\/\">financial goals<\/a>. An individual who plans to retire in five years, for instance, may want to opt for a less aggressive investment strategy than someone who still has 20 years.\u00a0<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\u201cYou could be a lot heavier weighted in equities or riskier products, but you have long-term benefits to gain in that period of time,\u201d she says. \u201cIf we have short-term needs in this environment today, things such as treasuries [are] a very good thing to look at.\u2026 [And] I think gold is doing extremely well.\u201d\u00a0<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Whether you\u2019re retiring right now or in 15\u201320 years, there are still certain things that you should always be doing. <\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\u201cMake sure that you\u2019re making out on what I call your tax benefits, such as your 401k, your IRA and your HSA,\u201d Oden advises. \u201c[It\u2019s] important that you\u2019re leveraging the dollars that you\u2019re making and [that] you\u2019re getting... tax-deferred benefits from it. So I use that as a fundamental, no matter what stage of life you are [in].\u201d<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 class=\"wp-block-heading\" id=\"h-3-define-your-future-expectations\">3. Define your future expectations<\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>\u201cI think people think of [retirement] as like an administrative thing,\u201d she adds. \u201cBut that\u2019s why you work so hard now on your investments and gathering of your savings and assets\u2014so you can live this version of the lifestyle that you define for yourself.\u201d<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Different people have different expectations of what retired life should be like. For example, if you\u2019re planning on living in an RV after you retire, you probably have very different needs than someone who owns multiple homes and wants to live a snowbird lifestyle. <\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\u201cWhat do you want it to look like?\u201d Oden asks. \u201cBased on that is how you should actually be crafting your investment portfolio to help you live that lifestyle that you define.\u201d<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 class=\"wp-block-heading\" id=\"h-4-begin-to-address-your-debts\">4. Begin to address your debts<\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>It\u2019s also important to work toward <a href=\"https:\/\/www.success.com\/ultimate-guide-to-debt-management\/\">eliminating all your debts<\/a> when you\u2019re gearing up for retirement. <\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\u201cIn your 20s and 30s, you can take on a lot more debt [since] you\u2019ve got a lot of time,\u201d she says. \u201cAs you\u2019re getting to your 40s and 50s and you\u2019re getting 10 years away from retirement, you want to start thinking of things like, maybe you don\u2019t have five homes at the same time.\u201d  <\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>If nothing else, it\u2019s especially important to eliminate high interest debts like credit cards, as these can heavily restrict your cash flow and lead to financial strain.\u00a0<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\u201cThat\u2019s what\u2019s really going to change when you hit retirement,\u201d Oden says. \u201cVery little is coming in and a lot is going to go out.\u201d<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 class=\"wp-block-heading\" id=\"h-5-plan-for-and-embrace-longevity\">5. Plan for and embrace longevity<\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph {\"jetDynamicVisibility\":{\"jedv_enabled\":false,\"jedv_type\":\"show\",\"jedv_conditions\":[],\"jedv_relation\":\"AND\"}} -->\n<p>One of the most important things to remember is that you\u2019re probably going to live longer than you expect\u2014and so are the people around you. <\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\u201cIn the 1970s, the average life expectancy was closer to 69, and today, the average life expectancy is already at 77,\u201d Oden says. \u201cThat\u2019s just going to continue to increase as we continue to improve on things such as health care.\u201d <\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>But when you\u2019re responsible for your kids and aging parents, that can feel like more pressure.\u00a0<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\u201cYou are what I call the <a href=\"https:\/\/www.pewresearch.org\/social-trends\/2013\/01\/30\/the-sandwich-generation\/\" target=\"_blank\" rel=\"noreferrer noopener\">sandwich generation<\/a>,\u201d she says. \u201cYou could have your 20-year-old kids that you\u2019re still supporting, and because we are living longer statistically, your parents are around longer\u2014and then you will be around longer. That actually puts a lot more pressure on us in retirement.\u201d\u00a0<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>While you may find that you have extra expenses, like caring for your parents or children, you also need to consider (and celebrate) your own longevity. <\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\u201cYou\u2019re worrying about yourself because you\u2019re going to live way longer,\u201d Oden says. \u201cSo that now means you have to have a lot more money for retirement since you\u2019re going to sustain your lifestyle longer.\u201d<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph {\"fontSize\":\"small\"} -->\n<p class=\"has-small-font-size\"><strong><em>Photo courtesy of Racquel Oden<\/em><\/strong><\/p>\n<!-- \/wp:paragraph -->","tag_names":[],"post_attachment_urls":[],"author_email":"nnorris@mailinator.com","_links":{"self":[{"href":"https:\/\/www.success.com\/wp-json\/wp\/v2\/posts\/86557","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.success.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.success.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.success.com\/wp-json\/wp\/v2\/users\/32422"}],"replies":[{"embeddable":true,"href":"https:\/\/www.success.com\/wp-json\/wp\/v2\/comments?post=86557"}],"version-history":[{"count":0,"href":"https:\/\/www.success.com\/wp-json\/wp\/v2\/posts\/86557\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.success.com\/wp-json\/wp\/v2\/media\/86559"}],"wp:attachment":[{"href":"https:\/\/www.success.com\/wp-json\/wp\/v2\/media?parent=86557"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.success.com\/wp-json\/wp\/v2\/categories?post=86557"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.success.com\/wp-json\/wp\/v2\/tags?post=86557"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}