Some people put off retirement savings until later in life thinking they'll max out their IRAs or 401(k) once they're at their peak earnings. But sometimes, waiting too long to focus on retirement savings can seriously backfire.

Data from Northwestern Mutual finds that the average baby boomer today has $120,300 saved for retirement. And part of the reason for that not-so-impressive balance may be that a lot of today's near-retirees put off savings and never really managed to catch up.

If you're getting close to retirement with a similar savings balance, you may want to do some strategic planning to avoid a financial crunch. The good news, though, is that you do have options.

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Source Fool.com