It’s never too late to begin saving for retirement. If your employer offers a retirement plan, sign up for it as soon as you can. If not, you can open an IRA and still enjoy the benefits of tax-deferred savings (your money grows tax-free).
How much money will you need to set aside? If you're over 50, you'll need to save aggressively for retirement—at least 15% of your income. This will involve cutting expenses from your current budget, or perhaps taking on a second job or side business. Some questions to ask yourself:
When do you want to retire?
Will you have other sources of income when you stop working, such as Social Security?
What expenses will you have when you retire?
This easy to use tool will help you get the ball rolling: