I am really confused about how you set the amount of money you are trying to have saved by the time you retire. I know the answer is "it depends", but what exactly does it depend on? And I know more is always better but what is the baseline "probably enough to scrape by"? I have heard that one rule of thumb is 8 times your annual salary. Is that a good enough target to aim for (or above)? Any insight appreciated. I am a late starter when it comes to 401ks, but I still have a reasonable period to save over--assuming nothing disastrous happens and I retire at or after 65 years of age.