The last of the baby boomer generation will be turning 50 this year, and it's time for them to get a fix on how they are going to prepare for retirement.

Fortunately, there are valuable lessons, financial and otherwise, to be learned from those who have already reached their later years.

On the financial front, there is of course room for many regrets.  "Generally, the failure to have a plan is number one," Pete Lang, president of Lang Capital in Hilton Head and Charlotte, N.C., told BenefitsPro.

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