It's no surprise that people ages 45 to 54 tend to have substantially more retirement savings than younger workers. After all, they've spent more years in the workforce. Still, balances vary widely, and some still lag.

Given the number of financial issues retirees face -- from healthcare expenses to emergencies -- it's fair to say that most people would like to be better prepared for retirement than they are.

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The average

To get a clearer sense of where 45-to-54-year-olds stand, it may help to break the age group down further. According to Fidelity Investments, 45-to-49-year-olds have an average 401(k) balance of $163,200, while 50-to-54-year-olds have an average balance of $215,700. While these figures cover 401(k) savings only and don't include IRAs, pensions, or other assets, they're a snapshot of how people invest through their employer-sponsored retirement plans.

Extremely high and low values can skew averages. In addition to 45-to-54-year-olds who don't have much saved, these statistics also include people who've maxed out their retirement accounts for years.

Improve your situation

According to the Federal Reserve, roughly 62% of households in the 45-to-54 age bracket have a retirement account, leaving 38% without retirement savings. Whether you're among the 38% with no retirement account or haven't saved enough to feel comfortable, here's a sample of steps you can take to improve your situation:

• Gradually raise contributions to your workplace plan: Increase contributions to your 401(k), SIMPLE IRA, or other employer-sponsored plan by 1% annually until you reach your target. At the very least, contribute enough to receive any match offered by your employer.
• Take advantage of catch-up contributions: Catch-up contributions are limited to those 50 and over, but they can turbocharge your retirement plan. Depending on the plan, you can add anywhere from $1,100 to $11,250 to your account on top of your plan's contribution limit.
• Invest "extra" money: If you receive a raise, bonus, commission, tax refund, or even an inheritance, contribute a portion rather than spending it all.
• Look at self-employed plans: If you own a business, you may be surprised by how easy it is to set up a solo 401(k) or SEP-IRA. Both allow for substantial employer contributions (in this case, the "employer" is you).
• Use a smart investment strategy: Rather than taking extreme risks to catch up, invest in diversified, low-cost holdings that fit your timeline.

If you haven't been able to keep up with retirement account contributions, don't be discouraged. Instead, create a plan that lets you build it up a little at a time.