If you retire on Social Security alone, you may have to cut back on spending significantly compared to your working years. And while you may be prepared to do that to some degree, you probably don't want to do that to an extreme. That's why it's best to save a bundle for retirement -- so you're able to live the lifestyle you want without worry.

Of course, the amount of savings you should aim for will hinge on your specific lifestyle and goals. A more modest existence may only require $500,000, while a retirement filled with travel and dinners at nice restaurants could require more like $2 million.

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Source Fool.com