It's bedrock advice: The smartest-easiest-bestest way to guarantee a cushy retirement is to begin socking money away from the very first day of work. If you didn't (or couldn't) take that advice and have been spending instead of saving—for years or even decades—while you may not retire to your own Richard Branson–style island, you can still play catch-up. Jocelyn Black Hodes, resident financial advisor at the women's financial website Daily Worth, tells latecomers to be aggressive (i.e., setting aside at least 20 percent of their income). Those 50 or older can make an additional $5,500 contribution to their 401(k) plan—so instead of the $17,500 cap that applies to younger workers, they can save $23,000.
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