Saving for retirement might entail a wide range of activities that you may not anticipate. According to the Department of Financial Services and CNN Money, it's not only about how much money you have today; it's also about when you decide to start receiving Social Security payments, how long you plan to live, your lifestyle, and a variety of other factors.

According to CNN Money, a rough estimate of how much money you'll need to retire is 85 percent of your current annual income. For instance, if you make $60,000 a year currently, you'd need $51,000 to live on. This computation is based on a number of assumptions, including:

You're still at work.

Both your pay and inflation will rise by 3.8 per cent per year.

Your existing savings will grow at a rate of roughly 6% each year.

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