By Sharon Epperson
CNBC Personal Finance Correspondent

You're 50 and you've already looking forward to what you'll do 15 years from now. You've dreamed about leaving your job at 65, vacationing in Tuscany, taking a trip around the world, or perhaps spending your afternoon on the golf course. Or maybe you’re thinking about the next career you'll embark on. That’s the "new retirement" that many Baby Boomers must now envision.

The sagging economy, rising food and energy prices, and paltry savings has forced many Baby Boomers to put off complete retirement from the workforce because they simply cannot afford it. While many Boomers are trying to take action – even if it's a little late – more than half believe they haven't saved enough for retirement, according to a ScottTrade/Better Investing study. The Employee Benefits Research Institute found nearly 30 percent of Americans ages 45 to 55 years old have saved $10,000 or less! That means some have likely not saved a dime. Whether you're worried you haven't saved enough or haven't saved at all, here are some concrete steps to take to boost your retirement nest egg:

Delay retirement age.
You're likely going to have to work longer than you'd planned. A 50-year-old who is just starting to save will need to save 56% of their annual salary to be able to retire at age 65, according to calculations by T.Rowe Price. That's an enormous number and extremely daunting. But if you wait to retire until age 70, that give you more years to save and fewer years that your savings will have to support you. Also, delaying Social Security until then will give you the maximum benefit, helping to fill in the gap.

Add money to your IRA.
IRA contributions increased for 2008. Those who are 50 or older can contribute up to $6,000 this year to a traditional or Roth IRA. If you have enough time before you have to start making withdrawals, a Roth IRA may be the better option. Compare for yourself at www.finance.cch.com.

Contribute the max to your 401(k).
Workers age 50 or older can invest up to $20,500 this year -- that's the maximum contribution of $15,500, plus a so-called "catch-up" of up to $5,000.

Don't look for a "magical" investment.
"They should not be thinking there's something 'magical' they can do with their investments to make up for lost time," says Stuart Ritter, a certified financial planner at T.Rowe Price. Don't put all your money into a gold fund or solar energy stocks, just because their markets are hot right now. At age 50, Ritter says you should have about 75% of your retirement investments in diversified equities (the rest in bonds and short-term investments). A Retirement Date Fund or Target Retirement Fund is a good way to put your investment strategy on auto-pilot.

Consider starting a side business.
A recent American Express survey found that 26% of baby boomers began their own business because they were financially unable to retire.

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