Financial Planning for Women Over 50: How to Take Control of Your Money and Future

Somewhere around 50, money starts to mean something different. It’s not just about paying bills or saving for “someday” anymore it’s about understanding what your money can do for you right now, and how it can support the next chapter of your life.

And here’s a reality worth planning for: Canadian women live about four years longer than men. So, chances are, you’ll be the one in charge of the remote, the finances, and everything in between. Planning for that extra time isn’t about being cautious; it’s about creating more choice and freedom in the years ahead.

Women are also taking the financial reins in record numbers. By 2028, women are expected to control $3.8 trillion in assets, nearly double what they held in 2019. With that kind of growth comes new opportunities, new decisions, and more women asking smart questions about how to make their wealth work for them.

Maybe you’ve gone through a big life change like a divorce, career shift, or the loss of a partner. Or maybe you’re finally ready to look at those accounts you’ve been “meaning to organize.” Whatever brought you here, this stage of life is about ownership.  You’ve done the work, raised the kids, juggled the jobs. Now it’s time to make sure your money is working just as hard as you are.

Get Clear on Your Finances

Before thinking about investments or retirement strategies, start with a simple question: what do you have, and where is it?

Gather your statements, log into your accounts (yes, even the one you forgot the password for), and list everything: RRSPs, TFSAs, pensions, savings, and insurance. It’s not glamorous, but it’s the foundation of every confident plan.

When you know what’s there, you can make decisions based on facts, not guesses.

Understand Your Investment Risk and Comfort Zone

Investing in your 50s is about balance. It’s about growth that supports your goals while still letting you sleep at night.

Your risk level should reflect your comfort, not someone else’s opinion. Maybe you’re fine with market ups and downs, or maybe you prefer steady, predictable growth. Either way, your plan should fit your life.

That’s why it’s important to look at how each investment actually works for you. The way your accounts are taxed, like RRSP vs TFSA, can affect your future income. And what you hold inside those accounts matters too. Being 100% in equities carries market risk, while being 100% in a GIC comes with inflation risk. The right mix depends on your goals, your timeline, and your comfort level.

Another reason to plan ahead: longevity means your money may need to last longer than you once thought. The goal is to make sure your wealth supports the lifestyle you want for as long as you need it to.

Update Key Financial Details and Beneficiaries

Paperwork isn’t exciting, but it’s empowering. Check your beneficiaries on every account and policy, especially if life has changed. Make sure your will and power of attorney reflect your current wishes. These steps don’t just keep things organized, they protect your future self and the people you love.

If you’ve been through a major transition like widowhood or divorce, this process can be grounding. It’s a way of saying, “I’ve got this,” and meaning it.

Find a Financial Advisor Who Understands Women’s Goals

Financial advice should feel like a conversation, not a lecture. The right advisor listens, explains, and helps you understand your options without jargon. 

If you’ve ever felt dismissed or talked over, you’re not alone. More women are taking ownership of their wealth and choosing advisors who treat them like partners, not passengers.

At Smith Rogers, we believe confidence grows from clarity. We help women take ownership of their money with honest advice, practical strategies, and a plan that fits where you are now and where you’re headed next.

Ready to take control of your financial future?

Whether you’re navigating change or simply want to feel more confident about your next chapter, we’re here to help. Get in touch with us to start building a financial plan that reflects your goals, your lifestyle, and your version of success.