Most Americans aren't saving enough for retirement. The average 401(k) balance for Americans 65 and older is reportedly $232,710, and that's going to fall short for many Americans in their golden years.

Fortunately, there are a handful of relatively simple strategies that most people can implement to quickly improve their savings rate and get their retirement plan on track.

Amassing $232,710 of assets is impressive, but it might not be enough to fund the retirement of your dreams. The 4% rule guides that retirees can safely withdraw 4% of their invested assets annually without exhausting their retirement savings. Using that formula, the average 401(k) for those over 64 would produce about $775 of monthly income the first year of retirement. Using the current average Social Security benefit, you'd get another $1,900 per month. Many people can also take distributions from an IRA or investment account to supplement cash flow.

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Source Fool.com