1. Leverage All of Your Savings Options
While a 401(k) (or another employer-sponsored plan) is a good first stop for retirement savings, it鈥檚 not the only way to build your nest egg. Once you鈥檝e maxed out your employer鈥檚 retirement account, you can supplement it with an IRA.

For 2016, the regular contribution limits for a 401(k) and IRA are set at $18,000 and $5,500 respectively. If you鈥檙e 50 or older, however, you get a bonus in the form of catch-up contributions. That means you can funnel an extra $6,000 into your 401(k) and another $1,000 into your IRA.

In addition to these two options, you have another way to save if you have a high deductible health insurance plan. You can save up to $3,350 in a health savings account (HSA) if you have an individual plan and $6,750 if you have a family plan. Once you turn 65, you can tap this money penalty-free, although you will pay taxes on any distributions that don鈥檛 go towards qualified medical expenses.

2. Be Strategic About Paying Down Debt
3 Steps to Building Wealth In Your 50s

Carrying credit card balances, student loans or mortgage debt into retirement is a risky move, especially if you know that your income is going to go down once you鈥檝e stopped working. In your 50s, it鈥檚 best to focus on eliminating as many of your financial obligations as possible so you can head into your golden years with a streamlined budget.

That being said, there are some rules to follow when it comes to paying off debt. Before you begin making your monthly payments, it鈥檚 important to make sure you鈥檙e maxing out your retirement accounts. At this stage in life, you can鈥檛 afford to delay your savings.

While you鈥檙e paying down your debts, you can tackle the ones that are costing you the most first. Then you can look for ways to make your other payments less expensive. If you have credit cards, for example, transferring them to a card with a lower rate can potentially save you some money on interest. If you鈥檙e thinking of refinancing your mortgage, it鈥檚 best to run the numbers to get an idea of what you can save.

3. Manage Risk Carefully
Putting your money in a savings account may give you a sense of security but it鈥檚 not going to make you rich. Investing in stocks and mutual funds means taking a bigger gamble, but it can generate substantial returns in the long run.

If you鈥檝e been fairly aggressive about investing up to this point, you may need to rethink that strategy. Someone who鈥檚 in their 30s and has years to go before they retire is in a better position to rebound from a market decline than someone who鈥檚 in their mid-50s.

That鈥檚 why it鈥檚 a good idea to take a look at your portfolio鈥檚 asset allocation to see where your money is concentrated. If you鈥檙e still investing heavily in stocks, now鈥檚 a good time to begin easing towards more conservative investments. You may see your returns reduced slightly but the trade-off is that you鈥檒l be better insulated against market volatility.

Choose your risk profile.

Building wealth is something just about anyone can do with enough time and the right tools. If you鈥檙e in your 50s, your retirement is probably not too far away. But it鈥檚 not too late to create a comfortable financial cushion for your 60s and beyond.

If you鈥檙e not sure how to get started or you need some more guidance, consider working with a financial advisor. An advisor can help you identify your financial goals and determine the necessary steps to reach them. A matching tool like SmartAsset鈥檚 SmartAdvisor can help you find a person to work with to meet your needs. First you鈥檒l answer a series of questions about your situation and goals. Then the program will narrow down your options from thousands of advisors to up to three registered investment advisors who suit your needs. You can then read their profiles to learn more about them, interview them on the phone or in person and choose who to work with in the future. This allows you to find a good fit while the program does much of the hard work for you.