Retirement experts have offered plenty rules of thumb about how much you need to save:

• Somewhere near 1$ million
• 80-90% of your annual pre-retirement income
• 12 times your pre-retirement salary

But what’s right for you? And how do you know you’re on track?

“Because there are so many variables, even the retirement researchers can’t agree on a total dollar amount. What each person needs will vary widely based on a number of factors.”

Suggested Retirement Savings by Age

The above savings amounts may seem impressive, but consider this “rule of thumb” given by some financial experts on how much individuals should be saving for a goal of retiring by age 67:

• Americans in their 30s: 1–2 times their annual salary
• Americans in their 40s: 3–4 times their annual salary
• Americans in their 50s: 6–7 times their annual salary
• Americans in their 60s: 8–10 times their annual salary

Some people also may be surprised by how their seemingly large nest egg translates into a relative small annual income, as the following chart shows