If you work with a financial advisor, you've no doubt been presented with a long-term plan that tells you how much you'll need to save for retirement. The plan is likely based on your lifestyle, how long you plan to work full-time, your health, your interests, and other factors.

If you don't have a financial advisor, it can be a bit daunting to understand how much savings you'll need for retirement. Thankfully, there are some basic formulas you can follow to help you determine just how much you'll need. Here are a few that are simple but effective. 

Exactly how much you'll need in retirement will be based on your specific situation. Some of the key determinants are if your mortgage will be paid off, how long you plan to work, if you'll still work in retirement, if you plan to travel extensively, if you buy a second home or downsize and move to a cheaper region, how much your spouse has saved, your health status, and if you'll need to care for others.

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Source Fool.com