At the age of 55, I had no savings at all. Having run in to corporate layoffs and been dwonsized five times over 12 years, I spent what meager savings I had on living expenses. In January of 2006, I started putting $1500 a month in my 401k program. I am up to $9,000 and planning to put an additional $375 a month in an IRA beginning in November.
Thanks for all of your commmon sense, easy to implement suggestions