Based on The Jon Sanchez Show (Aired September 8, 2025)
Hitting 50 can be a major milestone—not just personally, but financially. For many, it's the moment when the "retirement lightbulb" turns on. If you're looking at your savings and wondering whether you’ll have enough for retirement, you’re not alone.
On the September 8th episode of The Jon Sanchez Show, Jon and Jason Gaunt took a deep dive into one of the most common financial concerns they hear from listeners and clients: "What if I’m behind on retirement savings?"
Here’s a breakdown of the practical strategies they discussed for getting back on track—without the fluff, and without judgment.
1. Face the Numbers Honestly
Start by understanding exactly where you are today:
- Tally up your savings, debts, and expenses
- Review all retirement accounts (401(k)s, IRAs, brokerage accounts)
- Be honest with your spouse or financial partner
Clarity is the first step to change. You can’t fix what you don’t measure.
2. Max Out Catch-Up Contributions
Once you turn 50, you become eligible for "catch-up" contributions in many retirement plans:
- 401(k): $23,500 + $7,500 catch-up (2025 limits)
- IRA/Roth IRA: $7,000 + $1,000 catch-up
- Self-employed? Even higher contribution limits may apply through SEP IRAs or Solo 401(k)s
Some employer plans also allow after-tax contributions that can significantly increase total deferrals. If cash flow allows, taking advantage of these tools can add up fast.
3. Trim Unnecessary Expenses
Jon and Jason called this "cutting the financial fat."
- Review subscriptions you don’t use
- Look at monthly bills for opportunities to save
- Reevaluate spending priorities
Even small changes can free up funds that can be redirected toward savings.
4. Consider Delaying Retirement
Delaying retirement by even a few years can have a significant impact:
- More time to contribute
- More time for investments to grow
- Fewer years relying on withdrawals
- Higher Social Security benefits (up to 8% per year past full retirement age, up to age 70)
It’s not always easy, but it can be a practical option to explore.
5. Downsize and Monetize
Look at how your current assets might be working against your retirement goals:
- Could you downsize your home to lower your monthly costs?
- Could part of your property be rented out (e.g., a room, in-law suite, or ADU)?
- Could your real estate be restructured to generate income?
Every situation is different, but creative approaches to housing and lifestyle can open new possibilities.
6. Stay Present, But Proactive
Jon shared a personal story from a recent trip to the East Coast that reinforced a simple idea: Live in the now. While it’s critical to plan for the future, letting worry consume today doesn't help anyone.
Taking just one step—one budget review, one contribution increase, one subscription canceled—can start the momentum.
Final Thought: It's Not Too Late
No two retirement paths are the same. While age 50 may trigger new financial urgency, it can also spark new opportunities. Whether you're working with a professional or going it alone, what matters most is that you start.
For more insights and upcoming show topics, visit www.sanchezgaunt.com