How to calculate your retirement number

Dear Savvy Senior,

Can you help me calculate about how much my wife and I need to save for retirement? We are both in our late-fifties and want to see where we stand.

Looking Ahead

Dear Looking,

Calculating an approximate number of how much you'll need to save for a comfortable retirement is actually pretty easy, and doesn't take long to do. It's a simple, three-step process that includes estimating your future living expenses, tallying up your retirement income and calculating the difference. There are even a host of online calculators that can help you with this too.

Living expenses

The first step is the most difficult — estimating your...