It's nice to start retirement knowing you have plenty of money socked away. But what if you're aiming to retire next year but only have $100,000 in savings?

If that's the boat you're in, it's not so unusual. Data from Northwestern Mutual found that the average 60-something only has $112,500 in retirement savings. So if you're heading into retirement with a mere $100,000, you're not so far off.

The bad news is that a $100,000 balance in your 401(k) or IRA may not provide you with very much annual retirement income. The good news, though, is that you may have a way to supplement your savings so you can avoid struggling while sticking to your preferred retirement date.

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Source Fool.com