Some people manage to retire with millions of dollars to their name. But that's certainly not everyone's situation.

Northwestern Mutual says that the average 60-something American has a mere $112,500 saved for retirement. And while that's far better than having no savings at all, it's not exactly a whopping sum of money given that it may need to last for 20 or 30 years.

If you're coming into retirement with minimal savings, you may end up having to rely heavily on Social Security to cover your expenses. And if that's the case, it pays to do what you can to score a higher monthly benefit.

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Source Fool.com