The younger you are when you start saving for retirement, the more time your money has to grow.

But it's never too late to start putting away money for your nest egg years.

Once you turn 50, you can take advantage of additional tax breaks to build your retirement savings faster. Plus, you’ll find that the steps to opening a retirement pretty are much the same, no matter your age.

First, Make a Plan

Determine how much you'll need to live on in retirement. Most experts say to plan on expenses totaling 70 to 90% of what you're spending now.

Estimate any Social Security and pension benefits, then figure out the difference between your expected income and expenses to know how much you need to save. This will also help you see how much longer you need to keep working and saving before you retire.

Next, Open an Account

Sign up for an employer plan if you're eligible or open an IRA if you don't have an employer plan. If you're self-employed, consider opening a SEP, SIMPLE or self-employed 401(k). You could also contact a financial institution to explore your options and determine which retirement plan is best for your situation.

Choose Your Investments

Once you know the amount you need to save, your projected retirement rate, and how comfortable you are with risk, choose a variety of stocks and funds that balance your need for growth with your ability to recover from bad investments. The closer you are to retirement age, the less you can afford to take on risk.

Regular Deposits

Arranging for regular deposits into your retirement account through payroll deduction or automatic bank transfers will make it more likely you'll keep up with your savings commitment. Contribute as much as you can afford, up to and even beyond the maximum tax-deductible amount.

Additional Contributions

If you can, definitely save any additional funds to your retirement account. The IRS allows people age 50 and over to contribute additional amounts to their retirement accounts each year. For instance, with a 401(k), you can contribute an additional $19,500 a year.