Over 50 and not ready for retirement? Here's how to catch up.

Over 50 and not ready for retirement? Here's how to catch up.

Ideally, you've been saving for retirement since you graduated college. Unfortunately this is rare, and there are many people who are in their 50's and still ill-prepared for retirement. When you're 50 and above, you want to have a sense of control in your life, and retirement can cause stress if you haven't been preparing.

But it's never too late to catch up and here's how.

Seek the advice of a professional

Professional financial advisors take the emotion out of saving and investing and help you develop a retirement savings plan and stick with it. They force you to show up, keep you accountable for your financial actions and lead you to better outcomes.

Take saving seriously

Social security is not the answer, so you need to make saving a top priority. Assess your expenses and cut out what you don't need. Pay down your high-interest credit card debt. Have money automatically taken out of your paycheck and put into a savings account.

If you started saving in your 20s, you could have saved up to 10% of your income for a relatively comfortable retirement. However, if you waited until your 30s, that percentage jumps to 20%. And in your 40s, you would have had to save 30% of your income. In your 50s, the number increases to 40%, which is tough to do, but possible.

Do what you need to do to save more now.

Take advantage of healthcare savings accounts

Health care costs are some of the highest expenses you'll face during retirement, so it's best to be prepared. If your employer provides you with a health care savings account, contribute to it and let it grow so you'll have a nest egg once you retire.

To find out more about these tips and tricks, check out this article on Yahoo! Finance: