Over 50 and just starting to save for retirement? It's not too late. Remember that you aren't just saving to get to your retirement date but for the rest of your life. The National Endowment for Financial Education (NEFE) has produced a handy Guidebook to Help Late Savers Prepare for Retirement (large 15 MB file).
Here are several strategies experts recommend that can increase your retirement income:
Check if your plan allows individuals over age 50 to make larger "catch up" contributions.
such as credit cards and other loans — more quickly so that those monthly payments can then go to retirement savings.