Nearing Retirement? 4 Ways to Catch Up on Savings if You're Behind.

Fidelity reported last year that the average baby boomer had a 401(k) balance of $249,300 and an IRA balance of $257,002. While these aren't negligible figures, if your retirement account balance is similar, you may be starting to panic if you're planning to wrap up your career in a few years.

The good news is that there are plenty of steps you can take to catch up on retirement savings -- even if you've already begun the final countdown in your head. Here are four to look at.

Image source: Getty Images.

1. Claim your full 401(k) match

If your employer offers a 401(k) plan that comes with a matching program, it's very important that you not let that opportunity go to waste. Find out what your match entails and, if need be, increase your savings rate slowly from month to month so you're able to collect it in full. Keep in mind that your 401(k) match may have increased from last year, so definitely get the scoop on what it looks like today.

2. Work an extra couple of years

When you set your mind on retiring at a certain age, it can be a tough thing to push those plans off. But if you feel your IRA or 401(k) needs a boost, and you're able to keep working, consider delaying retirement by a couple of years. Not only might this allow you to grow your savings, but it could also be your ticket to waiting on Social Security -- and scoring larger monthly checks in the process.

3. Take on a side gig

If you don't like the idea of working longer than planned, another option may be to work harder during your last few years in the labor force. Look at different side hustles and try to find one that fits your schedule. If it's a gig you find manageable (or, better yet, enjoyable), you may have the option to continue doing it in retirement if money ends up being tight.

4. Rethink your budget (an don't overlook the small stuff)

The less you spend in the near term, the easier it is to increase your retirement plan contributions. But don't assume that your efforts will be doomed if you're not ready to downsize or give up a car. Even small changes, like canceling subscriptions or streaming services, could go a long way. It especially pays to dump expenses that aren't really enhancing your life, like the $40 monthly gym membership you use once every other week.

It's natural to worry if retirement is getting close and you aren't happy with what you have saved. But rather than panic, take these steps to give your nest egg a last-minute boost.

The Motley Fool has a disclosure policy.