How much $ do you think you need in your 401k?

use an online calculator. living in the most expensive place in the country. we have quite a bit.. but we have had stock options, generous matches.. etc. florida is cheaper.. so calculate for that.

We're targeting having enough to live on about equal to 120% of our income today for 40+ years after quitting paid work. We're still 20+ years from retirement. When you account for inflation, it's an astounding number, but about $2.75M in today's dollars. That figures in we'll get a certain conservative return on those investments that makes up about 80% of what we'd live on, and only slowly draw down the actual nest egg.

Our house should easily be paid for, but I'm not counting on anything from social security and am also trying to hedge against extreme unknowns about the cost of health care, having the ability to purchase expensive long-term insurance, the tax situation, etc.

So while our expenses should be lower versus the stuff we're spending on now, I anticipate a lot of expenses we don't have now. Beyond the health stuff, I know that when you have more free time, you often end up spending more money if you want to do things to enjoy that time (travel, spoil grandkids, be able to pay to hire help for housework), be generous in the community, etc. I'm not worried about ending up with too much, haha, but it certainly does require sacrifice and serious resolve to stick to the kind of savings plan that will let us be in that comfortable spot in retirement.

A couple of years ago we have a superannuation consultant come to our work and they gave us numbers on what the average person needs to have in their super fund (what you call 401K) when they retire. They broke it down into 4 different scenarios:
Single person - minimum to just get by
Couple - minimum to just get buy
Single person living comfortably
Couple living comfortably

I'm hoping that DSO and I will fall into the "live comfortably" category rather than the "just get by" category, but it's going to be close. The table I saw showed that we will need about 1.1 or 1.3 million. Scary!

I can say we don't have a million dollars or even close to it.

We'll have enough at this point to retire for hmmm 6 months if we're lucky.

Our house is paid off and we are are about 20 yrs from retirement I guess we have some time but yeah when I think of it I get a knot in my gut.

When both my husband and I retired, we started getting 80% of our salary for our pension. It goes up 2% each year. We also work part-time and easily make up for the 20% we lost due to retirement. Because of that, we don't have a giant 401K, but we put as much in every year as allowed. We have our house/vehicles/kids' colleges paid. Because of that, we can save about 1/2 of our income.

I had a financial planner do an assessment for me a couple of years ago and they estimated NZ$1.6 million for me as a single person, on the assumption I need to fund 25-30 years in retirement. That would mean drawing down all the capital as well which I wouldn't want to do as I want to make some bequests. So I'm assuming I'm going to need at least $2M.

Not nearly enough. Dh has never worked for a company that offered a 401k, and our income has mostly gone to living now. Neither of us has access to pensions, just like the vast majority of Americans.

DH and I really need to meet with a financial advisor to get a a handle on things. I think we are ok, but I don't know -we're both 45, and would like to retire at 62.

Right now, my 401K estimates I will get a $2900 per month pay out at retirement - which seems Ok? DH has a smaller 401K than I do, but a very nice pension. Pensions make me nervous as I watched my father's disappear completely, but DH works for UPS and I think pension should be good.

Hoping social security is still kicking when we retire but who knows?

I have consistently been told in retirement seminars that I will want to have 1 million, I currently have half that and want to retire in 2 years but using retirement calculators with social security and my pension I can replace 96% of my current income if I retire in 2 years and live to age 90.

You need to talk to a financial planner, or at the very least look at an online planning tool. What you need depends on so many factors- region, healthcare, housing, age at retirement, pension, etc.

At the very least, assume you will live to 95. That many years, times your current income, escalated by 2.5% per year for inflation, discounted back to today's dollars would give you a ballpark idea.

i think at least $1.5-$2 million in total, not just the 401K.

I don't live on $100,000 now so I can't imagine trying to save enough to live on that in the future.  

My 401k plan has a calculator that they use to try to figure out how much you need to save.  I am currently saving the recommended amount.  Each year when I get my minimal fiscal year increase, I increase my 401k contribution by 1%.  In addition, hopefully we will have social security and DH's pension to live on, as well.  I have a desk job and as long as I have my faculties about me, right now I plan to work until 70.  If my lifestyle doesn't change and I'm actively trying to change it, I don't anticipate I'll live to 95 so I don't feel particularly motivated to save 30 years worth either.  I am shooting for 80.  I am trying to plan for 100% of our current income lasting ten years.  I definitely think I'm on track to meet my goal.