What is the best way to approach retirement planning for someone intheir 50s?

When you are 50, you should ideally have a retirement insurance policy or pension plan in place. Your long-term financial obligations may be taken care of, but it is a life-stage where health risks are likely, adding to your expenses. At this point, your pension plan must preferably be a traditional non-market-linked annuity option so that you can receive a regular income on retirement.

Pension Plans Comparison: Compare Retirement & Pension Plans