If you’re 50 and haven’t saved anything for retirement, you’re undoubtedly in a scary situation. You’re just a decade and a few changes away from quitting your job and seeing your paychecks end, and you have no financial cushion to fall back on.

The big question you’re probably asking yourself right now is whether all hope is lost and whether 50 is really too old to start saving for retirement. The good news is that in most cases, it’s not – especially if you’re willing to put in the effort and put some serious money into your brokerage account or 401(k) plan.

Starting to save earlier is always better

First things first. It’s always better to start saving for retirement sooner rather than later. The sooner you start, the more time you have to make contributions, and the more time those contributions have to grow. By starting a decade earlier, you have a chance to put compound interest to work for you in a powerful way.

To understand the importance of saving early, look at the table below, which shows how much you would need to invest each month to have $500,000 saved by age 67 – but based on different ages when you started and assuming an average annual return of 10%.

Data source: Table by author.

Once you reach age 50, there’s a big jump here because you have so little time to build up your investments, which are reinvested and working for you to grow your money. Without the help of your growing investments, you’ll need to put a lot more money into your retirement savings.

It’s never too late to start saving

Looking at this chart, you can see that it would have been better to start earlier. But you can’t invent a time machine (and if you could, you probably wouldn’t have to worry about retirement savings anymore).

Even though you may have to work harder now, it’s never too late to start thinking seriously about being financially secure as a senior. The best time to start was decades ago, but the second best time is right now, today, so don’t waste any more time.

With retirement just a few years away, there are a few things you need to do to get back on your feet. Here are your best steps.

Make a plan to work as long as possible

The longer you work, the longer you can delay claiming Social Security. If you wait until age 70, your monthly income will increase to the maximum possible amount. Your standard benefit could be as much as 24% higher at age 70. You can also continue to contribute to your 401(k) plan while you work into retirement, so your retirement savings will continue to grow.

Make a plan to save as aggressively as possible

Since you have a lot of catching up to do, you’ll need to save a lot each month. Try to do this by increasing your income if possible. Work overtime or take on a part-time job just to find extra money for retirement.

Lower your expectations

If you have little or nothing saved for retirement by age 50, you may not be able to live in the most expensive city in the U.S. But you can live comfortably in an area with a lower cost of living—especially if you’re able to downsize and buy a cheaper home, giving you some extra money to invest.

If you are 50 and start thinking about your retirement, don’t wait any longer. Act Today to start depositing into your account and avoid going broke in your golden years.