How to start saving for retirement at 50

What about those who have not saved at all? They make up around 25% of the U.S. population, and they are not necessarily the youngest among us. These days, the average balance in a typical 50-year-old's retirement savings account is a measly $43,797 – despite the fact that many baby boomers believe that they need approximately $800,000 in order to retire.

DYI Comments:  The voluntary 401k, IRA, Roth IRA etc. has been a failure.  It just seems that a substantial percentage of our population is NOT capable emotionally to save money.  The answer is simple the Federal government has their Thrift Savings Plan (their 401k) with mutual funds every working adult will (mandated) have 10% of their income sent into the the plan.  Each will have a separate account as this will be an add on to Social Security. Withdrawals will only occur (1.) when the individual is 60 years of age (2.) is deceased (3.) disabled [confirmed by two physicians].  Lump sums are prohibited.  Systematic withdrawal rate based on mortality or a purchase of a lifetime annuity.  THAT'S IT!

As far as the 50 year old who hasn't saved anything?  BUY LOTTERY TICKETS, YOUR TOAST!

DYI