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How much is needed to retire can vary. You want to figure in inflation. For example, $50,000 today will be worth less in the future with rising prices of things. Also figure where you will be getting money from when you're older and how much. Start setting aside money now into an interest bearing account and add money out of each paycheck. Start with a specific amount and then add extra when you can. Pay off your mortgage before you retire so that will be one less worry.
Answer
The old answer was $1 million invested for an income of $40K. A person who invests $10K in their 401k during their 20s should have that by retirement. However, they still should contribute $6k each year to build up the amount in a Roth. By the way, watch those commission fees: Fidelity and Vanguard and companies like them charge the lowest amounts.
However, with the erratic stock situation, people have started looking at just income. Most of us don't have even $200K. Add up your expected income from pensions, social security and annuities. Pay off your house, monitor expenses and see what it is you need. Then, continue to work until you reach full SS retirement age (66+) for the best outcome. Health insurance is still a large expense, so working until later can help you preserve capital.
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