How to take control of your money with expert insights.
By Morgan McMurrin | Read Original Post
Money has always played a role in life—paying the bills, funding small joys and helping you build the life you want. But as you get older, it starts to feel even more significant. It’s no longer just about the present moment; it’s about peace of mind and the ability to shape your future on your own terms. You begin to think more about what life will look like in retirement—whether you’ll be able to travel, care for loved ones or simply rest without worry. That kind of financial confidence doesn’t happen by accident; it’s built with intention. If you’ve ever wondered how to make that future feel more secure, you’re not alone. That’s why we’re sharing 13 smart ways women over 50 can build lasting wealth, according to financial planners.
To get more insight, we reached out to financial planners and authors Cary Carbonaro—who wrote the book Women and Wealth—and Jean Chatzky—who wrote How to Money. Together, they shared practical strategies, expert advice and empowering reminders designed to help women take control of their finances, whether they’re just starting out or re-evaluating their goals later in life. From building wealth intentionally to planning for a secure and fulfilling retirement, their insights offer both clarity and confidence for any woman ready to take charge of her financial future.
To find out everything they suggest, keep reading. Then pick one—or a few—tips that resonate with you and fit naturally into your lifestyle, and give them a try. Once you do, you’ll start to feel more empowered and prepared for the future you’re building. One smart step at a time.
13 Smart Ways Women Over 50 Can Build Wealth, According to Financial Planners
1. Invest Regularly
“Often, people will believe that just because they don’t have thousands to invest each month, they can’t make headway or that it’s too late to start. However, that’s not true,” Chatzky explains. “Say, a woman starts at age 50 to invest $200 from each biweekly paycheck. She puts the money into an IRA. At a return of 8% a year, at age 60, she’d have almost $80,000. At 65, $150,000. And at 70, $250,000. That’s a significant supplement to retirement.”
2. Launch a Side Business
If you’ve dreamed of being your own boss, our experts say it’s a great way to build wealth, especially if you’re a woman over 50.
“Entrepreneurship is booming, especially among women 45+,” Carbonaro shares. “Women now own 42% of U.S. businesses, generating $1.9 trillion annually. Often launched after a career pivot, divorce or becoming an empty nester, these ventures allow women to turn experience into income and independence.”
3. Avoid Debt
Our experts say that by just paying off your debt and trying not to acquire new debt, you can build wealth.
“A high-interest rate debt in particular is a savings killer, which is why you want to try to avoid this type of debt to build wealth,” Chatzky points out. “When too great a share of your paycheck is devoted to repaying high interest rate (often credit card) debt, it gets in the way of your being able to save and invest for tomorrow.”
4. Have a Long-Term Financial Plan
“With women living an average of five years longer than men, smart planning includes long-term care insurance, updated estate plans and strategies for a long, independent life,” Carbonaro says.
This of course includes figuring out when and how you want to retire, Chatzky adds.
“The reality of retirement is changing and the traditional hard-stop retirement is out with many Americans electing to take a phased approach instead,” she explains. “This is the preferred form of retirement for ages 45+. If you are taking a phased approach, you may have more years in the workforce which broadens your savings timeline. It’s critical to factor this into your long-term plan so that you know how long and how much you need to save to retire comfortably.”
5. Make Money Off a Hobby
You don’t have to start a business to be wealthy if you don’t want to. However, our experts suggest finding other ways you can make money and doing research to learn tricks on how you can turn one of your hobbies into a way you can acquire wealth.
“Women are turning hobbies and passions into profit—from Etsy stores and online coaching to reselling on Poshmark or eBay,” Carbonaro tells Parade. “These ventures offer flexibility, creativity and scalable income streams. Women are also working with financial advisors, reading books, attending workshops and asking bold questions. Knowledge is power—and financial literacy is the foundation of wealth.”
6. Own a Home
Even though owning a home is a lot of hard work and costs quite a bit of money, it pays off in the long run.
“Owning a home helps a woman over 50 build wealth,” Chatzky says. “When you are paying down a mortgage (unlike paying rent), you are essentially contributing to a forced savings account. The equity that you’re building can later be tapped for other uses—housing, yes, but also long-term care, healthcare, educational expenses for the next generation or many other things.”
7. Choose to Retire Later
Just because you’re at an age when you can retire, doesn’t mean you have to. In fact, our experts say that many women are choosing to reinvent their career path instead and building wealth that way.
“Rather than retire, women 50+ are launching encore careers, consulting firms or purpose-driven businesses—leveraging decades of skills and experience to create new income and impact,” Carbonaro says. “By relaying retirement strategically and working longer—whether full- or part-time—women can boost Social Security benefits, extend health coverage and allow more time for retirement assets to grow.”
8. Don’t Borrow From Your 401(k)
If you have a big sum of money in your 401(k), it can be tempting to touch it. However, our experts say that you should leave it be.
“Borrowing from a 401(k) can stymie the growth of wealth because while your money is out of the account it isn’t compounding,” Chatzky points out. “Missing those years can make a significant difference. If you are considering taking a loan or early withdrawal, part of the planning process should be what steps you will take to stay on track with your savings call after taking that money out.”
9. Own Rental Properties
Channeling your inner realtor is another route our experts say many women over 50 choose to build their wealth.
“Many women are using equity from downsizing to invest in real estate,” Carbonaro says. “Rental properties and vacation homes provide passive income, long-term appreciation and financial freedom for women over 50.”
10. Watch Your College Expenditures
As much as you want to help your children pay for their college education, if it’s at the expense of your retirement, there are other options you should consider.
“There is no financial aid for retirement—there is a lot of financial aid for college,” Chatzky notes. “That’s not to say that you shouldn’t try to help your children pay for the high cost of education, but you should be selective about it. Make sure you have set retirement savings goals and that you know how much you need to contribute each year in order to meet them. If you’re on track (or exceeding your goals), it’s okay to soft-pedal your own contributions in order to help your children. However, if you’re behind, make sure you truly understand how much you can afford to contribute. Explain that to your children and help them evaluate schools that are more likely to want them as students, which will typically result in more merit aid the sort that doesn’t have to be repaid.”
11. Invest Your Bonus
Instead of spending their bonus on a design bag or vacation, our experts say another way women are being smart about building wealth is by investing it.
“Bonuses can provide an extra oomph that can help you close in on your savings goals,” Chatzky says. “In part, this is because, unlike your regular paycheck—which has often been spent on predictable living costs before you receive it—bonuses are money without a job. If you can funnel it into an investment account, it can grow into a sizable sum. For example, if you get a $5,000 bonus at age 50 and invest it in a tax-deferred account like an IRA until you hit age 65, at an 8% return it will grow into $16,000. If you get a $5,000 bonus each year and add that to the account you started at age 50, by age 65 you’ll have $155,000.”
12. Maximize Retirement Contributions
“With catch-up contributions available after 50, women are fully funding their 401(k)s, IRAs and HSAs, which helps them build wealth,” Carbonaro explains. “This disciplined saving strategy helps close the wealth gap and secure retirement.”
13. Live Within Your Means
To help save money, our experts say many women are smart about how they live and not having a lavish lifestyle.
“Living within your means can be translated to spending less than you make,” Chatzky tells Parade. “If you do this on a consistent basis, you assure yourself that you’ll free up enough money to save and invest for your future. Sometimes it’s hard not to spend the money you see sitting in your checking account, but if you automatically schedule contributions. into savings on a regular basis (from both checking as well as via paycheck deductions) you can go a long way to ensuring savings success.”
