You need to be debt free when you retire.
I can also tell you this: The money managers and investment shills et al will tell you that you need a certain amount for retirement. They are pretty much full of it. You actually need less than they say. They are attempting to frighten you into buying what they have to sell. What they are selling for the most part is a comfortable living for themselves. I know this from experience. So don't get too worried if you are not doing what these guys are telling you to do.
More, of course is better, but don't deny yourself having a good life while you are working by using up your life trying to accumulate cash for a retirement you may never live to see. We decided to live life very well till we were 40 and then start dealing with saving for retirement. Still lived well.
Starting at age 40 I contributed the maximum into my 401k as the law allowed each year. My company contributed 50 cents on the dollar up to a certain % of income. Not as much as most companies, but not bad either. I retired at age 62 with a nice pile of cash. If you can get into a 401k, do so!! I rolled that into a IRA and invest it very conservatively in CD's, money market, bonds, one annuity and a conservative mutual fund. Brings in about $20-$25,000 a year. I use what I need out of this to pay what I call The Nut. Various taxes, insurance on cars, home, boats, uninsured med and dental bills, fixing things, home maintenance, some time in Florida in the winter, long weekends in the summer (Michigan is wonderful place in the spring/summer/fall). In other words expenses that are in the thousands rather than hundreds.
Fortunately we had a defined benefit pension from the company. That provides a monthly benefit, (joint and 2/3 to spouse at my death) at about what my two week take home pay (after taxes,fica, life ins, home and car etc) was when I worked. Social security provides about the same amount each month (two of us). Since the gain on the IRA pays the fixed large expenses, this money is for fun,frolic and usual utility bills each month. We do what we want, go where we want, eat out a lot and generally enjoy the life one has when one is a senile, smelly old fart and fartess. We live on a lake, which was part of our planning so that we have a lot of recreation here and in the area.
Anyway: 1. Make sure you are, at retirement, debt free, including the house. 2. Put the max into your 401k. Don't wait till 40 like I did. Then you won't need to worry about your company still having a defined benefit pension. 3. If you don't have a defined benefit pension and you are 40 already, then try and invest what you need to get you about 1-2 weeks of your take home pay when you retire at say 62. 4. Cancel all of your life insurance at retirement. Use the money to prepay cremation. Cremation is cheap, a couple thousand dollars. Use the rest of the money to get rid of any debt you have. If no debt, then use it to pay for a new car.