It's a situation that many Americans are finding themselves in today—hitting the milestone of their 50th birthday without sufficient retirement savings. According to a recent article in Money magazine, 57% of workers aged 45 to 54 have saved less than $50,000. The average baby boomer is only able to replace 60% of their current income in retirement, even with help from Social Security and pensions. While there are many reasons contributing to these statistics (eg, college costs, aging parents, medical insurance, etc), what do you do if you find yourself a part of this statistic? Money's top recommendation is something we've all heard before: You and your significant other should max out any employer-sponsored retirement plans available. At age 50, you and your spouse have likely reached your peak earning years and are able to feed a higher income percentage into a retirement plan. Even the government is aware of this crunch time—workers aged 50 and older can put more money into individual retirement accounts. Money also recommends tightening your purse strings when it comes to reckless spending and downsizing on your home sooner than later if it is a part of your plan. Tapping into equity now may free up significant sums to invest.