"Rule 3: If you start late, make up for lost time
Maybe you’re age 55 and think you’ve missed your window of opportunity to retire rich. Don’t raise the white flag just yet!
The government allows those 50 or older at the end of the year to make catch-up contributions
to their retirement funds. You can contribute an extra $5,500 to your
workplace retirement program, such as a 401(k), for a total annual
contribution of $23,000. IRA catch-up contributions are $1,000 for a
total allowable contribution of $6,500 each year.
You
might think there’s no way you’d ever have $6,500, let alone $23,000,
to invest in a single year, but you may be surprised at when and how you
come into extra cash. You may benefit from a loved one’s estate,
downsize your home or sell your boat or other large toy that no longer
fits your lifestyle. When you find yourself on the receiving end of a
windfall, don’t blow it on a vacation; put it in a retirement account if
you want to retire rich." (http://finance.yahoo.com/news/10-golden-rules-retiring-rich-160040271.html)
Outside of saving more from your earned income, how can you make up for lost time? Create a business and save more from your PASSIVE income or invest and save money from your PORTFOLIO income. Whatever you do, be sure you are in control of your finances!!!!
Again we personally do not recommend retirement accounts nevertheless absolutely make your own decisions.
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