A recent survey conducted by Schwab found 401(k) participants believe they'll need around $1.7 million on average.
How much income would $1.7 million produce for you? To determine if a retirement nest egg of $1.7 million is sufficient, think about how much income this would provide you with as a senior. The answer depends on your withdrawal rate, or the amount of money you take out of your retirement accounts each year.
There are other factors to consider, too. What lifestyle do you want to live? Do you want to leave any behind to your children? What medical issues are likely as you get older? Source: Schwab)