Retirement is just around the corner in your 50s and 60s, and one big question lingers: will you have enough to live comfortably? With the sharp rise in living expenses and competing financial priorities, it’s no surprise that many pre-retirees in San Antonio are feeling the pressure.
At PAX Financial Group, we recognize the unique challenges you face when planning for retirement. With over 100 years of combined experience, our team of experienced San Antonio financial advisors is dedicated to helping you navigate these complexities and stay on course to meet your goals.
In this guide, we’ll discuss practical solutions to common financial issues and how you can take action to retire in Texas with greater confidence.
Identifying the Challenges
Reaching your 50s and 60s often means juggling several financial responsibilities and lifestyle adjustments simultaneously, making preparing for retirement more complex. Common challenges include:
- Debt: Mortgage payments, credit card balances, and personal loans can strain your finances, especially when trying to prioritize retirement savings.
- Healthcare costs: Medical expenses tend to increase with age. Planning for routine care, prescriptions, and unexpected medical needs is essential.
- Education expenses: Many in this age group are still helping children with college tuition or supporting grandchildren, which can divert funds from retirement goals.
- Work-life balance: Balancing a demanding career or managing a business while preparing for retirement can be stressful. The pressure to perform at work, meet financial targets, and plan for the future often feels overwhelming.
- Family obligations: Caring for aging parents while transitioning to an empty nest adds another layer of complexity. Emotional and financial support for loved ones can impact your retirement timeline.
Managing these requires thoughtful decision-making and a balance between meeting current obligations and preparing for long-term goals. Identifying your biggest financial hurdles now allows you to create a plan that supports both your present needs and your future retirement.
Step-by-Step Solutions
Prioritize Retirement Savings
While paying off debt and covering everyday expenses is important, building your retirement savings also needs to remain a top priority.
Review Retirement Savings Options
Employer-sponsored plans are valuable tools for long-term savings. If your employer offers a match, contribute enough to receive it—it’s an instant increase to your retirement funds.
Catch-Up Contributions
In 2025, individuals aged 50 and older can contribute an extra $7,500 to 401(k) plans. Those aged 60 to 63 have an increased catch-up limit of $11,250, offering a greater opportunity to boost retirement savings.
Options for the Self-Employed
If you own a business or are self-employed, consider options like:
- SEP IRAs: Allow contributions of up to 25% of compensation (up to annual limits).
- Simple IRAs: Suitable for small businesses with lower administrative costs.
- Solo 401(k)s: If you have no employees, this plan allows you to contribute as both employer and employee, maximizing your savings potential.
While investing in your business is important, weigh the benefits of building your retirement savings versus continuing to reinvest in your company. Contributing before tax deadlines (like April 15) can also reduce your taxable income for the previous year.
Maximize Social Security and Pensions
Social Security benefits play a vital role for many when it comes to retirement planning in San Antonio. Taking time to review your options can help you make wise decisions that support your goals.
Timing matters: Claiming benefits at 62 results in lower monthly payments, while waiting until full retirement age or up to age 70 can increase your benefit.
Spousal benefits: Married individuals may be eligible for additional benefits based on their spouse’s work record.
Pension considerations: If you have a pension, review payout options. Lump-sum distributions offer flexibility but require disciplined management, while monthly payments provide consistent income.
A PAX San Antonio financial advisor can run estimates of future benefits, helping you plan for expected income and identify any gaps.
Manage and Reduce Debt
Debt can limit your savings and impact retirement. Prioritize paying off high-interest debt like credit cards to reduce costs. Consolidating loans may lower interest rates and simplify payments. While reducing debt is important, continue saving—especially if your employer offers a 401(k) match.
Build an Emergency Fund
Unexpected expenses can derail even the best financial plans, making an emergency fund essential. Aim to save three to six months of expenses in a liquid, interest-bearing account for quick access. Automating transfers can make saving easier. Once established, consider how to allocate extra savings—whether toward debt repayment, investments, or other priorities. Diversifying savings across tax-deferred, tax-free, and after-tax accounts can also provide future tax benefits.
Community Resources
A successful retirement involves more than just numbers—it’s about living with purpose. Many find fulfillment through family, community involvement, and new experiences. Studies show that those with strong social connections and meaningful activities often report higher levels of happiness.
Finding Purpose and Community in San Antonio
San Antonio offers a wealth of opportunities to stay engaged:
- Volunteer programs: Give back by supporting local charities, churches, or community centers.
- Educational classes: Stay mentally active by taking courses at local colleges or community centers.
- Social clubs and hobby groups: Join like-minded individuals in activities like gardening, book clubs, or sports.
Community isn’t just about giving; it’s also about receiving support. Life’s challenges—such as health issues or the loss of a loved one—are easier to cope with a solid support system. Having friends, family, or local networks you can rely on brings comfort and connection during difficult times.
PAX’s San Antonio Financial Advisors Can Help
If you feel behind on your retirement planning in San Antonio, you’re not alone and don’t have to manage it alone. At PAX Financial Group, our experienced team is ready to help you navigate financial challenges with clarity and confidence, guiding you toward solutions that work for your future.
As fiduciaries, we prioritize your best interests while upholding Judeo-Christian values. Our personalized strategies address debt management, savings growth, and income planning for retirement.
Whether you’re preparing to retire in Texas, need investment advice, or want help mapping out your long-term goals, PAX is here to assist.
Contact us today to schedule a free consultation with a San Antonio financial advisor.
