Of all the age groups within the working age limits, none is so varied in terms of background and financial situation than the 45-50 year age range. Numerous personal finance articles have been written on this topic, detailing the diverse range of lifestyles and goals for people within this specific group. At this age, many people may be single, newlywed or have adult children, they may be getting ready for retirement already or they might even have started a new career. There are many people who, at this age, may be close to or even exceeding their retirement goals, but many others may be struggling. Here are some handy tips for those who fall into the latter bracket.

The first and most obvious step is quite simply coming up with an estimate of how much you will need to live off during retirement. There are a number of decent online retirement calculators available to work this out, so make use of them. Things to think about include having enough to live well, but also to factor in holidays, gifts and hobbies including sports and even playing online bingo (You can find more information on the best bingo sites at www.bingostrike.com).

Once you’ve worked out exactly how much you need for retirement, you can start planning and breaking this down into realistic short term goals. Don’t forget to factor in how much you’ll be getting from other sources like pensions and social security. Make sure you sign up for any voluntary contribution retirement plans offered by your employer, and if you can try to pay in the maximum. If that doesn’t look like very much for now, remember that you will also be paying less tax, which will help with your immediate finances.

But just because you’re saving, doesn’t mean that you need to be super mean with your money. Even now, you still have a good couple of decades to save up. Carefully invest in stocks with a proven high return, meaning that you don’t need to sacrifice as much now for your nest egg later.

If your current living arrangements are expensive, then perhaps you should consider downsizing. You can still live perfectly comfortably without having your dream home right now. This is especially useful if you have kids who have left home and can save you cash on everything from your mortgage to your bills and the overall cost of running your home.

If you have any debts then now is the time to pay them off. If you’re just paying the monthly minimum now, the interest rates will come back to haunt you and eat into your retirement savings. Better to take the fall now so you can concentrate on investing your current income in yourself.

Of course, the older you are when you first begin saving for retirement, the harder you will have to work. But with research and planning, you can still save up a good amount to live comfortably on.