I’m in my early 50s, and for the first time, the reality of retirement is hitting me hard. The problem is, I have almost nothing set aside. I’m making a good income now—around $180k—but past setbacks like a failed business and health issues drained whatever savings I had.
I’m frustrated with myself and the situation, and I feel stuck. It feels like I’ve made irreversible mistakes. Is it too late to fix this?”
Let’s be real here: you’re not stuck because of what happened 20 years ago. You’re stuck because you’re still living in that past. Dwelling on mistakes is a great way to keep yourself exactly where you are—frustrated and spinning your wheels. At some point, you’ve got to ask yourself, “Am I going to keep using my failed business and health issues as a reason for inaction, or am I going to take ownership of my future?”
You’re earning $180k a year, and that’s a game-changer. But if you’re not using it wisely, it’s just a wasted opportunity. That kind of income means you have no excuse not to take massive action right now.
First off, you need to get real with your numbers. How much do you spend every month? How much are you putting away for retirement right now? If you don’t know these numbers cold, that’s your first problem. Sit down and take a hard look at your spending. Every dollar you’re not tracking is a dollar that could be working toward your future. If you’re spending $200 a month on subscriptions or “small luxuries,” cancel that. Those small expenses add up fast, and they’re holding you back.
Next, maximize your retirement contributions. Right now, you can sock away $22,500 into your 401(k) or $30,000 if you’re over 50. That’s the government literally giving you extra room to catch up. Max that out—non-negotiable. If your company offers a match, you better be taking full advantage of it. It’s free money. If you’re not doing this, you’re leaving thousands of dollars on the table.
Now, let’s talk side hustles. You’ve got a good income, but if you’re serious about making up for lost time, consider finding ways to bring in extra cash. There’s no shame in doing something on the side, even if it’s temporary. Whether it’s consulting, teaching a skill, or something else that leverages your experience, find ways to supercharge your savings.
Invest like your life depends on it—because in a way, it does. Throwing your money into a savings account isn’t going to cut it. Get into low-cost index funds that give you broad exposure to the market. The key is consistency. Automate those contributions so you’re not tempted to skip a month.
Lastly, keep your health in check. Retirement isn’t just about having money—it’s about being healthy enough to enjoy it. Focus on getting fit and staying healthy now so you’re not hit with massive medical expenses later that drain your savings.
This is your chance to get serious. You’ve got the income, the opportunity, and the time to turn things around. But it won’t happen unless you’re willing to make the hard choices now. Every excuse you tell yourself is another year of falling further behind. You have no more time for excuses. You have to act. Today.