My husband and I have $250K saved at 59. I thought our retirement plan was solid until I learned my coworker saved $700K

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It's easy to feel confident about your retirement savings — right up until you find out someone your age has put away a lot more.

Comparison can be particularly dangerous when it comes to money. Warren Buffett once made that point to Berkshire Hathaway shareholders: "As an investor, you get something out of all the deadly sins — except for envy," he said in 2010 (1). "Being envious of someone else is pretty stupid."

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But as retirement gets closer, learning that a friend has accumulated nearly three times as much as you can render such advice meaningless.

Consider a 59-year-old nurse and her husband, who have spent decades preparing for retirement. They have about $250,000 in retirement accounts, another $200,000 to $300,000 in home equity and expect to receive a $1,100 monthly pension.

They're also anticipating somewhere between $1,800 and $2,300 a month in combined Social Security benefits, depending on when they claim.

For years, that seemed like a reasonably solid foundation. Then the nurse learned that a friend earning a similar salary had accumulated $700,000 in a 401(k).

Suddenly, that $250,000 doesn't seem like nearly enough.

But comparing two retirement account balances doesn't tell you whether one household is prepared and another is falling behind. Income, expenses, pensions, Social Security, housing and the age at which you retire can all dramatically change the calculation.

So, how does $250,000 at age 59 compare with what other Americans have saved — and what could this couple do during their remaining working years to strengthen their position?

At first glance, this couple might appear to be well behind their peers.

According to the most recent data from the Federal Reserve (2), Americans between 55 and 64 have an average of $537,560 saved for retirement — more than twice this couple's $250,000.

But averages can be misleading when it comes to wealth because households with very large balances pull the figure higher. The median retirement savings for the same age group is just $185,000 (3).