Many women worry they’ve left it too late to save for retirement. Career breaks, caregiving responsibilities, relocation, or divorce can leave you feeling behind financially, and unsure where to start.
But here’s the truth: you can still take control of your future.
No matter your age or situation, it’s possible to make progress towards a more secure retirement. This article walks you through the steps to catch up on your savings, take charge of your finances, and build the confidence you need to move forward.
Why This Matters for Women
Women face unique financial challenges in retirement:
- We live longer, which means we need more savings to maintain our independence later in life.
- We often earn less over a lifetime, due to gender pay gaps, part-time work, or time out of the workforce.
- We may feel less confident about investing, even though research shows women are often better long-term investors.
These factors combine to leave many women underprepared for retirement, but it doesn’t have to stay that way. There is still time to make meaningful changes, and it starts with clarity and action.
Step 1: Get Clear on Where You Stand
Before you can move forward, you need to know where you are.
Take stock of:
- Any existing savings or investments
- Pensions (including MPF in Hong Kong)
- Property or other assets
- Your monthly income and expenses
Once you know your current position, you can begin to identify what’s missing—and what’s possible.
I can help you assess your current position so you can move forward with confidence. Book a call with me and we can start the ball rolling.
Step 2: Make Catch-Up Contributions Where You Can
Many women in their 50s and 60s can still build substantial retirement savings, especially if they increase their contribution rates now.
- Check whether you’re eligible to make tax-deductible voluntary Contributions (TVC) to your MPF. These top-ups help grow your retirement fund and reduce your annual tax bill.
- If you’re self-employed or not enrolled in an MPF, look into the ORSO (Occupational Retirement Scheme Ordinance) as a way to start saving in a structured, tax-efficient format.
- British expats should review their UK State Pension record—you may be able to make voluntary National Insurance contributions to fill gaps and qualify for the full pension. Other expat nationalities should check if similar top-up schemes are available in their home country.
- Set up automatic monthly savings into a dedicated retirement fund.
- If you don’t have access to a workplace pension, make it a priority to set up a private retirement plan tailored to your lifestyle and long-term goals.
Even small contributions, made consistently, can have a powerful impact over time. It’s not too late to start catching up.
Step 3: Revisit Your Investment Strategy
If your money is sitting in low-interest savings accounts, it’s likely not growing fast enough to meet your needs.
While taking risks can feel daunting—especially later in life—a balanced, growth-focused investment strategy is often essential.
- Explore low-cost, diversified funds.
- Understand your risk tolerance and time horizon.
- Get advice to ensure your strategy is realistic and aligned with your goals.
It’s not about taking big risks—it’s about using smart strategies. Even in your 50s or 60s I can help get your money working harder for you.
Step 4: Free Up Cashflow
Sometimes the quickest way to boost your savings is by spending less.
- Review your current expenses. What could be reduced or eliminated?
- Consider downsizing, consolidating debt, or adjusting lifestyle costs.
- Direct any freed-up funds into your retirement savings.
Saving just HK$3,000 a month for 10 years could add up to over HK$400,000, including growth. That could fund an extra year or two of financial freedom.
Step 5: Build a Plan That’s Right for You
There’s no one-size-fits-all retirement solution.
Your plan needs to reflect:
- Your current savings and income
- Where you plan to live
- Your family commitments and lifestyle
- Your desired retirement age
As an expat, things can be more complex, especially with currency risk, cross-border pensions and taxation. That’s why personalised advice is so important.
This is where I come in
I’ll help you understand your options, choose the right tools, and create a realistic path forward—one that fits your life today and protects your future tomorrow.
Step 6: Don’t Wait for the ‘Perfect’ Time
The biggest mistake many women make? Waiting.
Waiting until they have more money, more time, more clarity. But in reality, the best time to start is now.
The earlier you take action, the more control you gain—even if you feel behind.
Join one of my empowerment events, or book a call with me. Just take the first step.
You’re Not Alone
I work with women every day who feel anxious, behind, or unsure where to begin. Together, we build a plan, and watch confidence grow.
Your retirement journey may have started later, but that doesn’t mean it won’t be strong. You just need the right support, the right tools, and a commitment to take control.
And that’s exactly what I’m here to help you do.
[BOOK A CALL AND LET’S GET STARTED TODAY!]
