As baby boomers and Generation X move ever closer to retirement, how does their financial situations look for saving for retirement?

The National Institute on Retirement Security says Gen X is the first generation to shift from defined pension plans to 401(k) kinds of plans. They add that Gen x is not saving enough to maintain their lifestyle in retirement. Their report from one year ago says the typical Generation X household has $40,000 in retirement savings in private accounts.

But here’s news of hope: Experts say summer is a great time to analyze your goals, see if you’re on track and do things to move you toward your retirement goals. There are also tax incentives for people who are 50 and older to help with this.

“The best place to save for your retirement in your 50s is a workplace retirement plan like a 401(k) or a 403(b)," says Ethan Gilbert, a certified financial planner. "And the nice thing is now when you’re 50, you have the ability to make a catchup contribution. Most people can’t afford to do the full $23,000, but if your mortgage is gone and your kids are out, maybe you have a little cash and if you can afford to do a little bit more, you can do an extra $7,500 through what’s called the catchup contribution in a 401(k).”

Playing catchup can help the 50+ group get closer to retirement. Usually, this age group is starting to see fewer expenses from children or a mortgage as well, Gilbert mentioned.

So Gilbert says rather than spending that money, add it to your 401(k) contributions.