You probably know that the best way to save for retirement is to get started as early as possible to maximize the power of compounding. Unfortunately, we don't have the luxury of time travel. If you're in your 50s and find that your retirement savings are lacking, it doesn't necessarily spell doomsday for your retirement.

Many workers enter their peak earning years in their 40s and 50s. Once you're in your 50s, you can use the extra money you're earning to take advantage of catch-up contributions.

Image source: Getty Images.

Continue reading

Source Fool.com