That depends. In order to answer this question, you must sit down and picture retirement in your own mind. Retirement means different things to different people. For some, retirement means being sufficiently financially independent to travel and relax 24 hours a day. Others may view retirement as a "career change." However you view retirement will help you determine how much you will need to retire. So let us help you paint that picture.

Will your lifestyle change dramatically in your retirement vision? Or will you, like most persons, continue doing the things you currently do, trading "work" for leisure and volunteering? Will you incur more expenses in retirement for leisure and travel? Or will you prefer to spend more time with your children, grandchildren, and family?

Many "experts" claim that the average person needs 65 percent to 75 percent of his or her pre-retirement income. However, that is average, and we have never met an average person. You can get a good idea of how much you need by examining your current lifestyle and adjusting it for your retirement vision.