As people approach the age of 50, many begin to grapple with a daunting question: "Do I have enough savings to retire?" This concern is far from unfounded. According to retirement plan provider Fidelity, ideally, by the age of 50, an individual should have saved the equivalent of six times their annual salary—especially if they plan to retire at 67.

However, this guideline is not set in stone. Nathan Sebesta, a certified financial planner and founder of Access Wealth Strategies, explains that everyone’s retirement savings needs are highly personal and depend on three key factors: when they plan to retire, how much they expect to spend in retirement, and where they intend to live.

So, what if your current savings are significantly below the recommended level?

If your retirement fund is still lacking, Sebesta recommends making a shift in expectations. This means being realistic about your future lifestyle, paying off outstanding debts, reducing unnecessary spending, and considering relocation to a more affordable area.

In certain situations, he adds, working beyond the traditional retirement age may be the only viable option.

“No one dreams of working during their retirement years,” said Sebesta. “But for those who started saving late and can’t make up the shortfall, continuing to work might be the only reasonable choice,” he concluded.