I found this great calculator online which put us right on track for what we need to save..

What you need to save - Calculator - CNNMoney

But....

I'm not sure I want to live on 80% of my current income (We don't make a lot.)

And...

When I clicked the fidelity ad at the top, it gave me a similar calculator which figured I'm only saving half of what I need.

How much is really enough, 10%? 12%?, 18%?

And what percentage of your income would you like to have in retirement?

I'd like to have 100%. The kids may have grown up and I will no longer be saving for retirement but I'd like to go to Disneyland with the grandkids one day ~ assuming I have grandkids or go on a holiday once a year with dh. Retirement for me is a time (hopefully) for living it up rather then scrimping by on even less income.

What are your thoughts?

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I am a little bit younger so putting in my income it told me 8% we are currently doing 6% with plans next year to bump it up to 9%

I guess I see us being able to save more when we have 2 incomes again. I also see us getting a bigger home for a while and then down sizing when we go to retire.

I don't think you should save save save. You need to live it up a little now. Why? Because the future is uncertian. Last year my DD lost her grandfather, my FIL. He was 53 and only had 2 months to live it up with his 3rd grandchild. It is one reason I make having a family vacation a priority now even if we have to barrow family members vacation homes to make it possible.

My Favorite Retirment calculator is Retirement Planner - MSN Money
It give you more variables. You can say if I do this and this I can live comfortably for this amount of time

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Kimberly Proud Mommy to Bethany Rose April 2006

[quote=ember15]
You need to live it up a little now. Why? Because the future is uncertian.
/QUOTE]
I second that. When my FIL retired he had all these big plans----travel w/MIL, build a woodworking shop, take it easy, etc. He died of kidney cancer at the age of 63 and never got to fulfill any of those dreams. My FIL worked hard his entire life (both at his job as a coal miner and at home around the house) and never really got to enjoy life. It makes me so sad.

Oh my word!! It said we should be saving over 21,000 per year!!! Guess I'd better start stockpiling dog food to eat in my retirement because there's no way we're going to be saving 21,000 per year!!

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well, it says we should be saving 6687.00 a year. TOtally possible. In 2008, our financial goal will be from now on to save about 20,000 a year, which is more than doable for us. We live off of my salary, which makes DH's completely savable. This is what we plan on doing so we can save to build a new home in 5-7 years. We currently own our home, and will rent it out when the time comes after we build. That will also be extra income then. Being only 26 & 25, our possibilities SHOULD be limitless as far as savings go. knock on wood.