So you're in your 50s, and the reality of retirement is just setting in? While all your loved ones celebrate your big milestone, you can’t help but think about the mortgage, the car payments, bills, and the impending retirement that is soon to follow.

Usually, when people start earning, they tend to take their retirement quite seriously and start saving in their early 20s. Some people like T. Rowe Price have a goal in their mind that by the time they hit the big 5-0, they should have six times their salary saved.

Pexels | For example, if your salary is $70,000 per year, you should have $420,000 in the bank by your 50th birthday

There's no one in this world who hasn’t dealt with any financial setbacks in their lives, so you may start off in your 20s with this mindset but, it doesn’t take long for those savings to go down the drain thanks to an unforeseen circumstance. If you feel like you’re lost in life, then worry not because there are many ways you can still get some savings on the side for you to enjoy your retirement!

Here are our best tips:

1. Get On That 401(k)

401(k) is a retirement plan that has to be offered by your employer - but, if you're self-employed, you can apply by yourself, too. This plan provides the employees a tax break on the money they contribute.

These contributions are taken from the employee’s salary and invested in a fund of their choice. You can max out your 401(k) at work by simply contributing an extra $6,500 a year and soon you’ll have around $160,000 by the time you retire - sounds great, doesn't it?

Pexels | Contribute the maximum amount to your 401(k) to get a maximum match from your employer

2.  Think Stocks

The best thing about stocks is that they cater to every age group, and the more experience you have, the better you’ll do. Assuming that you’ve hit 50, you might have at least 25-30 years of experience in stocks, the trends, and how the story goes. Plan your stocks to ride out the stock market’s ups and downs and use them to your benefit.

3. Diversify

Do not focus on solely long-term bonds - try diversifying your capital into short, mid, and long-term US and international bonds. Diversification can be applied to individual stocks, index mutual funds, or even exchange-traded funds.

Pexels | Right now, the stock market can make or break the game for you

With these beginner tips, you can start your retirement account now with no issue at all. But, always remember to look into every plan and program to select the right one for you.