I'm 60 With Less Than $100,000 Saved for Retirement. What Are My Options?

By age 60, Fidelity says you should try to have eight times your salary socked away in a retirement plan. If you're 60 years old with less than $100,000 in your IRA or 401(k), it means you may be approaching retirement age feeling less than confident about your prospects.

Now one thing you should be aware of is that the average 60-something today only has a retirement savings balance of $112,500, per Northwestern Mutual. So if you're 60 years old with close to $100,000 in your brokerage account, you're not that far behind.

But either way, you may be stressed about the idea of wrapping up your career and having to live on a minimal nest egg. If so, here are some steps to consider.

1. Ramp up your savings efforts from this point forward

Maybe life got in the way of your retirement savings efforts at various stages. It could be that in your 30s, you were struggling to keep up with child care expenses, and in your 40s, the bulk of your money went toward your mortgage loan.

But if things have calmed down to an extent and you're not being pulled in as many directions, financially speaking, then you do have an opportunity to contribute more toward retirement between now and when your career wraps up. So do your best to pump some extra money into your IRA or 401(k).

If you manage to save $500 a month over the next seven years and your investments in your IRA or 401(k) give you an average yearly return of 5% (which is fairly conservative, as it's half of the stock market's average), you'll end up with almost $49,000 on top of your current balance.

2. Consider delaying your retirement

Many people retire in their mid or late 60s. But there's no rule saying you have to do that. And if you enjoy what you do professionally and your job isn't particularly stressful, then there's no reason not to stick with it a few extra years.

Doing so achieves two important purposes. First, it allows you to add to your savings even more. Secondly, it gives you an opportunity to leave your nest egg alone a few more years, allowing all of that money to continue growing.

3. Plan to work part-time during retirement

Many people assume that once they resign from their careers, they won't work again. But if you don't have health issues preventing you from working, then why not plan to hold down a job as a retiree? It could help you avoid a financial crunch if you're not coming in with all that much savings.

Remember, too, that the work you do in retirement could look very different than the work you're doing now. Instead of taking an office job, you could work at a bakery in town. Or, if you're crafty, you could sell homemade jewelry or artwork for income.

There are many options you can consider. And you may find that having a job is a great way to fill up your days as a retiree without having to go out and spend money.

In an ideal world, you'd have more than $100,000 in retirement savings by age 60. But if that's not where you are, don't panic. You're definitely not doomed to a miserable existence as a retiree. And if you take steps to ramp up your savings, extend your career, or continue to work in some capacity, you may find that money isn't nearly as tight in retirement as you expect it to be.