A couple in their late 50s with $250,000 in retirement savings and home equity, plus expected pension and Social Security benefits, feel behind when a coworker reveals saving $700,000. Are they right to worry? The average American aged 55 to 64 has saved $537,560, but the median is $185,000, making the couple ahead of most. Yet, they aren’t close to the $1.26 million average many believe is needed to retire comfortably.

With a pension payment of $1,100 per month and Social Security benefits of $1,800 to $2,300, this couple should consider working a few more years. Selling their home equity could put them in a better position, but it ultimately depends on their expenses and additional income. Retirement savings are personal and vary based on spending habits, desired lifestyle, and medical history.

Individuals over 50 can make catch-up contributions to retirement accounts. Even adding $500 to $1,000 per month could substantially help in the next five to seven years. Downsizing assets, reducing monthly expenses, and working part-time can also boost retirement savings. Working part-time from 62 to 67 can delay Social Security benefits and allow investments to grow.

Consider exploring part-time options if full-time work feels unsustainable. Working part-time can help delay Social Security benefits and boost investments. Organizations like AARP can help retirees make the most of Social Security, choose the right Medicare plan, and access discounts. About 19% of Americans over 65 are still in the labor force, according to BLS data.

Read more at Yahoo Finance: My husband and I have $250K saved at 59. I thought our retirement plan was solid until I learned my coworker saved $700K