Fifty may be the new 30, but when it comes to saving for retirement, there’s no turning back the clock! If you’re on course to meet your retirement goal, that’s great! But you’d probably like to do even more to make sure you’ll have the retirement you want.

On the other hand, if you weren’t serious about investing for your future before you turned the big 5-0 . . . we’ll just say there’s no time like the present. You still have time to make lots of progress!

If you are 50 and want a fabulous retirement, here are four tips for successful retirement saving on a tight timeline:

Look Forward But Stay Focused

You’re starting to look forward to a life without that daily commute. It’s okay to be excited. But don’t cash in your retirement savings just yet—keep investing a full 15%.

Now’s the time to pay off your mortgage. With the kids out of the house, maybe you can even downsize and pay cash for your next place.

If you have some spare change, you may want to invest in rental real estate for some extra income.

Get expert investment help with the only investing professionals Advisor & Co. recommends.

5 Things to Do at 50 with No Retirement Savings

Go Big: Eliminate Your Mortgage for an Instant Raise

For many of us, our living expenses are standing in the way of our retirement goals. Since your largest expense is probably your mortgage, why not take aim at that bad boy and get rid of it for good?

“One of the easiest ways to give yourself a raise in retirement is to pay off your house,” Brant Spesshardt, an investing professional, said.

Obviously, one option for paying off your mortgage is to make extra payments and whittle away at it one bit at a time. But don’t dismiss the idea of selling your home and downsizing to one you can pay cash for. That will immediately free up thousands of dollars you can use to build up your nest egg.

For example, if your monthly mortgage payment is $1,200, that equals $14,400 in annual cash flow, Brandt explained. To come up with that $14,400, you’ll free up about $14,400 a year.

If you’re in a position to invest all $14,400 for retirement, you could add more than $561,445.95 to your retirement fund over 15 years!

Sometimes, it seems as though personal finance advice is all about what you should have done. But we’re all able to easily identify the mistakes we’ve made in the past. The important advice is what you should do to correct those old mistakes. Shoulda coulda woulda is singularly unhelpful in those situations.

This is particularly true when it comes to retirement savings. If you’ve already received your pension approximation and still have not started putting money aside for your retirement, those charts showing how much compound interest will earn you if you start saving in your 20s are depressing at best. But workers in that situation can’t afford to wallow in their “if only!” feelings, even though they might want to. Instead, they need to make a plan for the next 15 to 20 years:

1. Start putting money aside right this minute.

It doesn’t matter if the amount of money you think you can afford to save is relatively low. Just putting some money into a retirement account is a step in the right direction. If your employer offers a RRSP retirement plan, make sure you at least save enough to qualify for their matching contribution. It may not seem like much, but you’ll be very glad of the extra padding to your account once you start seriously thinking about retirement.

2. Downsize.

If the amount that you are putting aside is not sufficient to keep you comfortable in retirement, then you need to start thinking of ways to cut your expenses so that you can add more to your retirement savings. Can you sell your house and live someplace cheaper? Can you trade your car for something cheaper, or lose it altogether? Are you paying for memberships or subscriptions that you’re not using? Do you eat out several times a week? Be willing to slash your expenses to the bone. You couldn’t ask for a more worthy cause than taking care of yourself in retirement.

3. Maximize your investments.

Enough people are in the same lack-of-retirement-planning boat that there are several provisions for those who are over 50. While younger workers can only contribute a set amount to their RRSP AND TFSAs, savers who are over 50 may funnel as much as $5,000 more every year. Take advantage of these higher limits and reap the rewards when you’re ready to retire.

Get Emotional About Your Retirement Vision

Downsizing your home and devoting tens of thousands of dollars to retirement will mean a lot of change in your life, so Brant says you need to find an emotional motivator to get you to take action.

“Think about what gets to you emotionally,” Brant said. “If you hate going into the office every day, and you can’t wait to retire and just kick back, use that to your advantage. Let it drive you as you work your plan.”

The same goes for folks who dream of working in the mission field or volunteering at a local charity or school, he added. “You’ve got to have a motivational factor to keep you going. If you don’t have a dream, you won’t have the focus and intensity you need to keep going on your retirement plan.”

Focus on the big picture, Brant said, and every sacrifice you make in order to reach your goal will just add fuel to your fire.

4. Plan on working longer.

The difference between how much you have saved to retire at 65 and the amount needed if you wait until you’re 70 can be enormous. In some cases, it can mean that you have to give up less of your lifestyle in favor of savings. If you love your job, why not just plan on staying there longer so you’ll have a little breathing room?

5. Get professional help.

When it comes to retirement planning, it can feel awfully intimidating trying to navigate the options. This is particularly true for workers who haven’t started saving before age 50, since they would likely have worked on their retirement savings sometime earlier in their careers if they hadn’t found investments intimidating. If this describes you, find yourself a qualified and objective financial planner to help you sort out your investment options. With help from Advisor & Co. can help you locate someone you can trust with these important decisions.

Starting your retirement savings late is not ideal. But rather than lament what you could have done differently, be proactive now and stick with it. You’ll be so glad you did.

Get Some Grown-Up Accountability

“Folks who are 50 have less and less wiggle room for getting serious about retirement,” Brant said. That's why an accountability partner is so important for investors at this age. “You need an accountability partner—not just your spouse. An objective third party who will hold your feet to the fire.”

“You need someone who cares enough about you to shoot straight,” Brant added. “We’re not getting any younger, so if you want to retire someday, you’ve got to work with someone who will make sure you’re taking this seriously.”