Turning fifty hits everyone differently. Some people embrace the milestone with joy, while others realize they've lost track of time and must plan for their senior years.

Forbes.com recently published an article describing ways late-blooming retirement planners can catch up financially, even if you're in your fifties and haven't saved anything toward retirement.

• Step One: Start saving. Writer William P. Barrett recommends saving at least 10% of your gross income or more, beginning immediately. He suggests two ways of saving: pay off high interest-rate debt, such as credit cards. If you're paying 20% interest on your credit cards, your return on investment for each dollar you pay is 20%. And, invest in your company 401k or in an individual retirement account at a mutual fund company or brokerage.
• Step Two: Take on a second job or start a side business which can provide funds for your retirement savings now and income later when you do retire.
• Step Three: Invest in low-cost bond funds which carry minimal risk. Then, as your portfolio grows, opt for other investment strategies.
• Step Four: Develop a budget and an income and assets statement so you know where you stand financially.
• Step Five: Estimate your Social Security Benefits. Remember, if you wait until age 70 to take these monthly payments, you can boost your benefits by as much as 80%.
• Step Six: Consider downsizing your lifestyle to a less expensive home or moving to a less expensive area.

Consider a Reverse Mortgage

Another option for homeowners age 62 and older is a reverse mortgage based on the equity in your home. Study the reverse mortgage guidelines to see if this is a good option for your retirement planning. The amount you can borrow for monthly expenses, a line of credit or a lump sum, depends on your age and the equity in your home.