So, how much should I be saving for retirement?

You're told that should be saving as much as you can for retirement. So, you contribute diligently to your employers retirement plan. Maybe you also maximize your annual IRA contribution, all in an attempt to hopefully have enough saved so that your money won't run out in your retirement. But how much will you need, really?
In order to develop an understanding you should first create a picture of what you want your retirement to look like. For some, retirement means travelling abroad and sampling exotic foods. For others it means being home more and spending time with the family. Obviously, our required nest eggs are as varied as our retirement dreams.
Once you've created your picture of retirement, ask yourself what it would cost annually in todays dollars and additionally, how many years you expect to live in retirement. Armed with this information, google "retirement calculators" and try your hand at a couple. You will likely have to supply the following figures; how much you have currently saved, how much you're contributing each month, and how many years you have left before you retire. The calculator will tell you if you are saving enough, and if not, how much more you should be saving monthly.
Try changing a few figures in your calculations. Try putting retirement off a couple of years, and/or change the monthly contribution amount.
While there are many additional factors to consider, this will give you a basic idea of where you're at on the retirement track. Hopefully you also discovered how making a few subtle changes can have a huge impact on whether or not you attain the retirement you'd envisioned.
In summary, this article has attempted to provide a basic understanding of how to determine and save for your desired nest egg. For some it will provide a wake up call, others will say it's too simplistic, and still others will say that the results are unrealistic. Whatever your reaction, I'm convinced that most of us are capable of creating the retirement of our dreams, but it comes at a price tag.
It might even mean delaying immediate gratification in this era where we've been conditioned to live for today.