Here's what I've seen. No matter how dire the situation seems at 50, (and this even applies to people who've always felt they've saved enough but suddenly discover they haven't), things tend to work themselves out by the time retirement hits. And, mind you, they do find a way to retire, despite their earlier misgivings about "not being able to afford it."

Granted, there are a few people who have lived so far above their means that they won't be able to maintain their pre-retirement lifestyles once they receive that gold watch.

For many, though, the anticipation of retirement brings with it the joy of crossing the finishing line. Nothing motivates the acceleration of a sprinter like seeing the fast-approaching tape marking the end of the race.

Similarly, retirement marks the end of the long journey of one's career. (I bet you thought I was going to say the "end of the rat race." I was tempted merely for the sake of literary continuity, but the distaste of clichés dissuaded me.) Face it, retirement isn't just an end, it's a new beginning. People get excited about new beginnings. (Think how you've reacted when moving into a new house, starting a new job, or becoming a parent for the first time. Wow! I get all tingly just remembering how I felt.)

This eagerness gives you what seems to be superhuman powers. Much like the increased adrenaline gives you that extra burst of speed at the end of the race, "retirement adrenaline" suddenly opens your mind to resolving and solving long standing financial dilemmas.

For a lot of people in their fifties, the mortgage is finally paid off, the kids are finally finished with college, and they find those nagging car loans are finally a thing of the past. While these cash outflows (i.e, expenses) have been eliminated, cash inflows (i.e., salaries and bonuses) remain the same or are possibly going up.

This excess cash can now be diverted to retirement savings (in both taxable and tax-deferred accounts). This represents an opportunity to "catch-up" far beyond the meager limits the government places on you. This is what I've seen real people do with across-the-board regularity, no matter what their paygrade, no matter what their position, no matter what their education. It appears to be a natural human response.

While hitting age 50 mighty be the psychological equivalent of smashing into a brick wall, there's no reason to let your anxieties get the better of you. The truth is you aren't the first one in this position (and you won't be the last).

You're on the well-worn path of the many who proceeded you. They not only survived into retirement, they thrived. And you will, too.

So never say "never" when it comes to maximizing your retirement saving – no matter how old you think you are.