Planning for retirement in your 50s

You’re in your 50s. You have a great job, a mortgage to pay, kids to put through college. It’s too soon to retire. But it’s never too soon to start planning – and saving – for retirement.

Baby Boomers are retiring later due to a variety of factors, including the economic downturn. Gallup’s annual Economy and Personal Finance survey conducted in spring 2013 showed that the average retirement age has increased by four years over the past two decades – from 57 in 1991 to 61 today.

But the survey also showed that 55 percent of those 50 to 64 who…