Start with the assumption that you will need to replace about 85 percent of your pre-retirement income from a combination of savings and Social Security. If you expect income from other sources — perhaps a pension or part-time work — or if you plan to pay off your mortgage before retirement, your replacement target may be lower. Next, divide the amount you have already saved for retirement by the current income from your job. If you earn $50,000 per year, for example, and you have saved $100,000 so far, your retirement savings-to-salary ratio is 2. If you’re 40 years old, congratulations, you’re on track for a secure retirement — assuming that your wages will grow by 4 percent per year (meaning your contributions would increase along with your salary) and Social Security will replace about 40 percent of your earnings.

But if you’re 45 or older, you’ve got some catching up to do. Ideally, if you plan to retire at 65, your combined savings and investment earnings should equal more than ten times your final salary. And higher-wage earners should be aware that Social Security will replace a smaller portion of their pre-retirement income.