Waiting until you’re age 50 or 60 to start saving for retirement is a little late - but fortunately it’s not too late. If you haven't yet taken steps to secure your retirement, you can still get on track.  But, to do that you must be willing to change bad habits and learn how to play the game.  There are things you can do now that will most certainly improve your financial future.

SET YOUR GOALS
The first step is to figure out the amount of income needed to live the way you want in retirement.

• Draft a monthly budget to figure out how much money you'll need in retirement. Experts estimate that you will need 70 to 80 percent of your present income to meet everyday living expenses.

• Determine the after-tax monthly income that you expect in retirement. To figure out how much Social Security you will receive, get a benefit estimate from the federal government.

Once you have a grasp on your requirements, compare your resources to your needs and make plans to address any funding gap.

INCREASE SAVINGS, GROW INVESTMENTS
Start by learning where your money is going. Track your spending for at least a few weeks, and then figure out where to make some cuts. You may have to look at some hard choices, such as:

• Living somewhere less expensive
• Driving a cheaper car
• Sending your children to public, rather than private school

Eliminate debt:  Pay off significant credit card balances before retirement.
If possible, accelerate payments to pay off your mortgage earlier.

Cut current expenses: things such as videos, expensive coffees, and daily lunches out can free up more money to invest for retirement.

Boost earnings: Add more hours, or moonlight in addition to your current job. Expect to work at least five years past retirement age.  This gives your portfolio added time to grow and cuts the number of retirement years you'll draw on that money.
 
Save as much as possible: Put a barrier between you and your money with automatic withdrawals into savings accounts and tax-deferred retirement accounts such as 401(k) plans.

Convert assets into investments: Home equity is the most common asset that can be converted into investments. Antiques, jewelry and collectibles can also convert into productive investments.

Weigh portfolio timeline and risk tolerance: When you’re older, there is less time to ride out market fluctuations on higher-risk investments. Income stocks that pay large and secure dividends will keep your portfolio growing even when markets correct.

Make the money last: Keep the post-retirement yearly withdrawal amount at or below 4 percent (adjusted for inflation). This will make your money last as long as you do.

Seek expert advice: If you need a financial professional, consider a fee-only planner, not someone who earns commissions. Check out the National Association of Personal Financial Advisors (www.napfa.org), an organization of fee-only financial planners.