There’s a reason 80% of older Americans are either struggling financially now or risk struggling financially in the future, per the National Council on Aging. Many seniors enter retirement with inadequate savings, which often results in years of financial stress.

It’s easy to see why so many people struggle to save enough for retirement. Ongoing expenses, child care costs, and financial emergencies can get in the way of building a nest egg.

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Recent data shows that older Americans are entering retirement with sluggish 401(k) balances. And if you don’t start prioritizing your nest egg, you might end up in a similar boat.

What the typical American aged 65 or older has saved in a 401(k)

Each year, Vanguard releases data on 401(k) balances. Based on Vanguard’s most recent findings, the average 401(k) balance for an American aged 65 and over is $272,588.

There’s more to the story than that, though. Vanguard also puts the median 401(k) balance for Americans 65 and over at $88,488. When you have a data set with a median that’s much smaller than the average, the median tends to be the more representative figure.

Someone with $88,488 might need that money to last for several decades. If you apply the popular 4% rule to a 401(k) balance that size, it amounts to about $3,540 a year in income, or $295 a month.

That may be on top of Social Security. But Social Security only pays the average retired worker today about $1,981 a month, or a little under $24,000 a year. All told, it’s just not a lot of money.

You can do better

Seeing what the typical older American has saved for retirement may be a bit depressing. However, the good news is that if you’re still working, you may have plenty of time to catch up on savings and put yourself in a much stronger position by the time your retirement rolls around.

To that end, start by seeing if your employer will match contributions to your 401(k). If so, aim to save at least that much money so you’re not passing up free funds.

Next, examine your spending and see if there are corners to cut. There may not be.

But the gig economy is still booming, and a modest amount of extra work on the side could be your ticket to freeing up an extra few hundred dollars a month for your 401(k). If you invest those funds wisely, you could be on your way to a much larger savings balance than the typical older American today.

For example, say you’re able to contribute $300 a month to your 401(k) starting now and you’re 40 years old. Even if you haven’t saved a dime to date, if your 401(k) generates an annual 8% return, which is a bit below the stock market’s average, you’ll be looking at a balance of around $314,000 by age 67, which would be your full retirement age for Social Security purposes.

That also assumes you can only save $300 a month from this point onward. As your income rises, you may find it possible to do better.

All told, the typical older American has a pretty small 401(k) when you consider the median $88,488 balance. But with time and effort, you can set yourself up for a much more comfortable retirement than what many seniors get to enjoy today.

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