People who have calculated the total amount they'll need to retire have more saved than those who haven't, the Employee Benefit Research Institute recently found.
Strategize, don't improvise. Go a step beyond simply knowing the target -- know how to hit it.
A study last year conducted at the University of California at Irvine found that people who had a specific plan for their savings amassed between 28% and 85% more than those who didn't. "A formal plan makes you a more disciplined saver," says Chicago financial planner Cicily Maton. The "What you need to save" tool can help you determine how much to put away.
