The average American household thinks it needs nearly $1.3 million to retire comfortably. Unfortunately, most Americans approaching retirement aren't anywhere close to that number.

While workers have a lot of opportunities to catch up on their savings in their late 50s and early 60s, most of these near-retirees may find their retirement accounts coming up short of their goals. That could mean a different reality in retirement than they originally envisioned. But smart investors can beat the average and build a better life for themselves in their golden years.

Here's the average retirement savings for Americans aged 55 to 64 years old, and how you can get ahead of your peers.

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Source Fool.com