It’s hard to fathom, but only 40 percent of all U.S. households have a retirement savings plan, according to the U.S. Government Accountability Office.

“Some people are scarred by youthful indiscretions,” says Kathy Fish, president of Fish and Associates in Memphis, Tennessee. “If they invested in something and lost money, they may make the assumption that they don’t know how to invest or they can’t invest. That becomes a self-fulfilling prophecy.”

Still, you’ll need retirement savings, and people in their 50s especially may be in for a rude awakening, as their full retirement age is higher than earlier generations. If you were born in 1960 or later, you aren’t eligible for full retirement benefits from Social Security until age 67. Even then, you can expect to live another 20 years. Although it’s fallen slightly the past two years, the U.S. life expectancy rate is currently 85.8 years for men and 87.8 years for women, according to the Society of Actuaries.

Those statistics are especially daunting if you’re a 50-something with little money saved and no idea of how to correct that deficit. But it’s never too late to start investing for retirement. Here’s what you should keep in mind.

[See: 12 Tips for Investors in Their 50s and 60s.]

Have a target number. Even if it feels overwhelming, investors should get a realistic idea of how much money they will need to cover expenses when they retire, says Jim Adkins, founder and CEO of Strategic Financial Associates in Bethesda, Maryland.

“Knowing your target number makes it easier to figure out how much you need to be saving in order to reach your goal,” he says.

Start by using the U.S. News retirement readiness calculator. It helps you gauge how much money you’ll need to save to maintain a comfortable lifestyle after accounting for one-time benefits, existing savings and any post-retirement income, including Social Security and a pension.

Or use your current salary as a benchmark to determine how much you should save. “If you want to retire at the same income level as you are currently making, you will need approximately 25 times your annual salary when you retire,” says Paul T. Joseph, attorney at law at Estate Planning and Preservation in Williamston, Michigan.

For example, someone earning $80,000 annually and wanting to maintain that same income in retirement will need to have saved $2 million, he says.

Get a financial advisor. A good financial advisor can help create a more accurate financial plan tailored to you, including determining your target savings number and what you need to do to get there, Adkins says.

To find a financial advisor, start by asking friends, family and trusted colleagues for a referral, says Gabriel Pincus, president GA Pincus Funds in Chicago. “It is important to find someone you trust as this person will be responsible for your money and your future retirement,” he says.

Lock in gains. “Don’t let the tax tail wag the dog,” says Emily Boothroyd, a private wealth advisor for Price Financial Group in Wilton, Connecticut. She’s often heard investors complain about the taxes owed on capital gains.

While taxes are important and a crucial element in portfolio management, don’t become trapped by your gains, as that can lead to a riskier portfolio than you need, she says. Instead, identify positions with large gains and scale back to limit unnecessary risk in your portfolio.

Create a payroll deduction strategy. Many people want to contribute the maximum permitted by their plans but find it takes too much out of their paychecks. A better strategy is to increase your contribution rate over time.

Raise your payroll deduction by 1 percent every quarter until you reach the maximum contribution amount, Adkins says. “By increasing your contributions gradually, you may notice only a slight difference in your paycheck,” he says. “But with compounding interest, each additional 1 percent could be worth far more in the long run.”

Or invest a portion of each raise by taking a percentage of your salary increase and adding it to your payroll deduction program, Adkins says.

[See: 9 Ways to Invest Under President Donald Trump.]

Max out an employer’s match. Many employers match a 401(k) contribution, dollar for dollar, up to the first 3 percent or more of an employee’s income. “If your employer offers such a program and you’re not already taking full advantage of it, you are basically throwing away free money,” says David Rosell, founder and president of Rosell Wealth Management in Bend, Oregon.

For example, if you earn $50,000 per year before taxes, your employer will match the first $1,500 — 3 percent of $50,000 — that you contribute to the retirement plan.

By the end of the year, you’ll have saved $3,000, half from your paycheck deduction and half from your employer’s contribution.

“This does not even factor in any potential gains your account may have received for the year,” he says. “Why would you turn down free money?”

Use a health savings account. If you have a high-deductible health insurance policy, you can contribute to a health savings account with pre-tax funds. All earnings, interest and investment returns are tax-free.

“Some accounts may be invested, and the dividends are not taxed,” Adkins says. “Withdrawals are not taxable if used for eligible health care expenses.”

Once you turn 65, all nonmedical withdrawals are taxed at your current tax rate, just like a traditional IRA, but if you withdraw money for nonmedical expenses before age 65, there’s a 20 percent penalty.

Take advantage of being self-employed. If you are self-employed or work for a small employer who doesn’t offer a retirement plan, create your own. A traditional IRA lets investors deduct contributions, whereas a Roth IRA, which is funded with after-tax dollars, enables you to make tax-free withdrawals from the account in retirement. Both accounts allow investors 50 and older to contribute up to $6,500 per year using catch-up contributions. Unlike 401(k)s and traditional IRAs, which require investors to begin taking withdrawals at age 70 1/2, Roth IRAs have no mandatory distributions, giving you more flexibility over which funds to tap in retirement.

But for squirreling away more money, the self-employed have many retirement savings options to consider. A SIMPLE IRA, for instance, has higher contribution limits than a traditional or Roth IRA and allows investors age 50 and older to contribute an extra $3,000 each year for a maximum contribution of $15,500. Employers are required to contribute to a SIMPLE IRA on an employee’s behalf with a dollar-for-dollar match up to 3 percent or a flat 2 percent of pay, Hayes says, regardless of whether the employee contributes to the account.

Successful business owners can turbocharge their retirement account with a simplified employee pension, which lets you contribute up to 25 percent of your income or $54,000 (whichever is less), Hayes says.

To save even more, create a solo 401(k). “No business is too small, even owner-only businesses,” says Stuart Robertson, president of Capital One Advisors 401k Services in Seattle. “Individual 401(k)s can be set up for as little as $150 and cost $15 a month to manage, and these plans can empower ‘solopreneurs’ to sock away tax-deferred contributions of up to $60,000 once you’re 50 or older.”

[Read: Self-Employed? 10 Must-Have Tools to Keep Your Finances Organized.]

Open a robo account. What if you don’t have much money? For someone with less than $25,000 to invest, “the easiest option is to use a robo advisor like Wealthfront or Betterment,” Pincus says. “These (automated) services allow individuals to invest small amounts of money into portfolios of exchange-traded funds, which are then managed by the robo advisor.”

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8 Ways to Start Saving Money in Your 50s originally appeared on usnews.com