Amanda and her husband made peace with how they thought their life would look. Married for 17 years without having children, they weren’t reckless with money — but they also weren’t planning aggressively for retirement. In fact, they have $0 in retirement savings.

Then last summer, everything changed. At 42, Amanda unexpectedly became pregnant. While the couple was excited, the pregnancy also created some financial stress. Her husband, 48, earns about $90,000 a year, while Amanda left her job midway through her pregnancy and now stays home full-time and where she’ll remain for at least the next three years. And the couple has no debt other than the mortgage on their home — about $130,000, with $300,000 already in equity on it.

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With a newborn and only about $30,000 in emergency savings, Amanda says she feels like she’s starting from scratch and worries it may already be too late to catch up on her retirement plans.

“I feel like I’m at ground zero,” she told hosts of The Ramsey Show, asking where to even begin when retirement planning and parenthood collide at an unexpected juncture (1).

Amanda's worries aren't unique. The cost of raising a child has climbed in recent years and for parents who hadn't expected to have kids, the financial shock can be jarring.

A recent LendingTree study found that the annual cost of raising a child from birth to age 18 now averages $297,674. That figure is up an astonishing 35.7% from 2023 (2). For older parents, those costs often overlap with key retirement savings years. Instead of aggressively building nest eggs in their 40s and 50s, the costs of raising a child can pull cash from retirement savings toward diapers, bottles, child care — even planning for education.

Amanda is feeling that tension, especially as she's chosen to forego earning a regular income to be a stay-at-home mom. While she is likely eliminating childcare costs, with only one income and a short retirement runway, every dollar the couple has needs to be put to work.

Amanda asked the hosts if she and her husband should sell the family home to put the proceeds towards these financial goals and both hosts cautioned against the approach, saying it’d be like “robbing Peter to pay Paul.” But the hosts did have good news for Amanda: Starting late doesn't mean they won't be able to retire. If she and her husband buckle down and save $2,000 a month, they will have over a million by the time her husband turns 67, the full retirement age.

"The best time to start saving is now," host Rachel Cruze told Amanda (1).

The hosts also stressed the emotional impact of big life changes.

They recommend that parents — and anyone facing a major life change affecting their finances — redefine their outlook on life. Instead of wishing to get back to that “old” life, focus on moving forward and making the best of your current situation.

“The couples that I see do well are the ones that — ‘Oh, we have a baby at 42 and 48’ — right? Who can put a period at the end of that old life and not try to reclaim what was but to rebuild something totally new,” says cohost Dr. John Delony. “Create a new kind of awesome inside this new world.”

The reality is that life rarely follows a straight line. Unexpected changes don’t just come in the form of surprise pregnancies. Health issues, the dissolution of once-iron clad relationships, job losses, caregiving for aging parents and economic downturns can all derail even well-intentioned plans. When those disruptions occur later in life, the margin for error is narrower, but you still have options.

Remember, financial planning isn’t just about hitting $500,000 in retirement by 50 or paying off your mortgage 15 years instead of 30. It's about creating a resilient financial footing so you can navigate unexpected life challenges.

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When saving for retirement, starting young is the simplest path. But we each start from where we are — which is right here, right now. Whether you are 20 or 60, if you haven't started saving for retirement, here are practical steps to get started:

Maximize available benefits: Many jobs offer matching for retirement savings. Even just a few hundred dollars a month could grow to hundreds of thousands with a match and enough time.

Start small, but be consistent: Even modest monthly savings can grow meaningfully over time thanks to compound interest.

Consider spousal IRAs: If one spouse isn't working, they may qualify for a spousal IRA. This can protect a non-earning spouse's retirement savings.

Protect the basics first: Even if things are tight, keep an emergency fund to prevent new debt when surprise expenses arise.

Adjust your lifestyle expectations: Families may need to redefine what “fun” looks like during high-cost years, freeing up cash for long-term goals. Look for cheaper entertainment options, such as hiking or camping.

Look for community resources: Many communities offer support for parents and caregivers. Look for senior centers if you're caring for an aging parent or parenting groups if you have young kids.

Broaden income streams: Having multiple income streams makes it easier to create a flexible, resilient financial plan. Whether that means a stay-at-home parent watches other kids, gets a side hustle or you work gig jobs at night, explore other ways to earn income.

Life doesn't always go as planned. But with a solid financial footing and a flexible mindset, you can be prepared no matter what life throws your way.

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The Ramsey Show Highlights (1); LendingTree (2)

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.