If you want to create a solid retirement savings plan, you need an idea of how much you'll actually need to retire.

You may have heard of certain rules. For example, it's often recommended you should be able to replace 80% of your pre-retirement income, or you should have 10 to 12 times your final year's income saved. Both rules are problematic for several reasons. (How do you even know what your final work year's salary will be when you're in your 20s?)

More importantly, personal finance is personal. One-size-fits-all rules like that don't consider how much you spend or how long you can expect retirement to last. That's why a framework, not a rule, is a better way to calculate the amount of money you'll need in retirement. Here's how to do it.

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Source Fool.com