How to start saving for retirement at 50

Social security is part of a retirement plan(Photo: ap)Everyone knows the time to start saving for retirement is when you are young, but very few actually do. In fact, for those over the age of 40, a recent survey shows that their biggest regret regarding retirement is not starting to save early enough.What about those who have not saved at all? They make up around 25% of the U.S. population, and they are not necessarily the youngest among us. These days, the average balance in a typical 50-year-old's retirement savings account is a measly $43,797 – despite the fact that many baby boomers believe that they need approximately $800,000 in order to retire.If you are a young boomer with no retirement savings to speak of, don't despair. Better to begin late than not at all, and there are a few advantages to being 50 that can help you catch up a bit. Here are a few tips to help you get started. Read More >