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'I'm 50 And I Have Never Saved For Retirement. What Should I Do?'

A financial planner was asked recently: "I am 50 and I have never saved for retirement. What should I do?" If you identify with this retirement planning question, listen up.

What not to do if you're in this tough spot? Throw up your hands and groan, "I'll never be able to retire." Sure, you've put yourself in a tough spot. But no need to panic. You've got 17 years before your full retirement age of 67. So, there's time to play catch-up and grow your nest egg.

"It is understandable to feel concerned, but it isn't too late to act," said Nolan Baker, founder, president and CEO of America's Retirement Headquarters. "While starting late can present a challenge, acting now can greatly increase the odds of a relaxing retirement."

But there's no time to waste. Saving for retirement must be priority No. 1. "It is time to kick it into high gear," Baker said.

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