ASK THREE FINANCIAL EXPERTS how much you need to save for retirement, and you might get three different answers: a specific number, say $3 million; a figure based on future spending, such as enough to draw down 80% to 90% of your pre-retirement income every year; or a simple formula, like saving 12 times your pre-retirement salary.

So what's right for you? To identify a savings target that fits your goals and priorities, work through these four steps with your advisor. “Your financial advisor can also suggest ways to adjust your current savings and investment plan to help achieve that amount,” says Jeremy Kaneer, director, Investment Solutions Group for Merrill.

“There are multiple personal variables to weigh when starting to think about how much you’ll need to save for retirement,” says Kaneer. Your current age may be among the most important. Especially if you’re young and in good health, your retirement may last 30 years or more, he notes.

No matter what your current age is, however, you may find that you end up retiring earlier (or later) than expected based on unforeseen circumstances. Either situation could affect the number of years you will need to rely on your assets for income, and it’s important to plan for those possibilities.

Once you have a target annual income figure in mind — you can use this retirement income planning worksheet to come up with an estimate of your future spending — you and your advisor can take an audit of all of your anticipated sources of retirement income (retirement accounts, Social Security, pensions, annuities, rental income, an inheritance or sale of a business) and calculate how much you could potentially draw from them once you retire. Your personal retirement accounts may be one of your biggest sources of income, and you could be surprised by how much — or how little — even a seemingly large retirement account could provide over the course of a long retirement. See the chart below.

You and your advisor will then be ready to talk about any adjustments you might need to make. If you’re in your mid-30s, you may have 30 years to build assets, but “if you’re relatively close to retirement, a first step may be figuring out what you’re spending today and calculating whether you’re on track to support that in retirement,” Larsen says.

“Even if you find that you're behind where you want to be, don’t get discouraged,” advises Kaneer. “There are a number of ways that you can catch up.” Be sure you’ve maxed out tax-advantaged retirement plans, such as a 401(k) or IRA, and taken advantage of any employer match. If you’re 50 or over, you may be eligible for additional “catch-up” contributions.

Other tax-advantaged savings options include certain annuities and cash-value life insurance. With a high-deductible health insurance plan, you’re eligible to contribute pre-tax dollars to a health savings account, which can be rolled over year after year and used in retirement for more than healthcare costs.

A financial advisor may also suggest revisiting your investment strategy. “Asset allocation and thoughtful, goals-based portfolio management are two things that can potentially steer you to a better retirement outcome,” notes Kaneer.

Remember, too, that retirement is a journey. “You can always change course if you need to — maybe by working a few years longer or adjusting your expenses,” he adds. But by starting early and planning ahead, you’ll have a far better chance of living the life you truly want in retirement.