Many baby boomers are nearing or entering retirement without enough 401(k) savings.

If you’re unhappy with your savings level, consider working longer.

Also, claim Social Security strategically to make up for smaller savings.

The $23,760 Social Security bonus most retirees completely overlook ›

Today’s baby boomers are 61 to 79 years old. As such, many are already retired. Younger boomers, though, may be counting down their final months in the workforce. Some may even be getting ready to retire this year.

It’s important to make sure you have enough savings to carry you throughout retirement. And recent data from Fidelity shows that a lot of boomers may not have the savings they should.

Image source: Getty Images.

Fidelity reported last year that the average 401(k) plan balance among baby boomers was $249,300. On the one hand, that’s a decent amount of money. But over the course of a 20-year retirement or longer, it’s not necessarily a ton.

In fact, if we use the popular 4% rule, a retirement plan balance of $249,300 amounts to about $10,000 of annual income from savings. Even when we factor in Social Security on top of that, it’s not a ton of money – especially since the average retirement benefit today is just a little over $2,000.

Of course, it’s worth noting that $249,300 is only the* average* 401(k) balance, and some boomers clearly have a lot more savings than that. But it’s important to take stock of your 401(k) if your career is close to being over in case some last-minute catch-up work needs to be done.

If you’re on the cusp of retirement with about $250,000 in your 401(k), you may want to make some adjustments to your plans so you don’t wind up cash-strapped throughout your senior years. One option, of course, is to work longer. Doing so could help you boost your 401(k). It also allows you to leave your existing savings untouched a bit longer.

Working longer could also give you more leeway in delaying Social Security. For each year you hold off on taking benefits past your full retirement age, those monthly payments get an 8% boost, up until you turn 70. A larger monthly Social Security check each month in retirement is a great way to compensate for a smaller 401(k).

While the average 401(k) balance among baby boomers certainly isn’t nothing, for a lot of people, a balance of $249,300 will end up being a disappointment. If your 401(k) needs work, it’s not too late to steps to boost it as long as you’re still earning a paycheck. And it pays to do so to buy yourself as much financial wiggle room in retirement as you can.