Before you can calculate how much money you’ll need while in retirement, you need to ask yourself… what do you want to do in retirement? The answer to that question will help you square away the answer to how much money you’ll need.
If you plan on living the high life, traveling the world, buying lavish gifts for all of your friends and family (then I want to be a friend!), then how much you’ll need will certainly be way more than if you wanted to sustain your current lifestyle. If you plan on working part time through retirement to keep from becoming stir-crazy, that drastically alters your planning because that little bit of income makes a huge difference. If you plan on volunteering in your retirement, then that will also change your planning as well.
So, right now just sit down and think about what you’ll probably be doing when you’re retired and the answer cannot be “whatever I want” because then you’re missing the point. And while you probably are sick of working, remember that at least when you’re working, you’re occupied… not having anything to do can be just as bad as having too much to do.