Saving for retirement can seem like a race against time: How much do you need to save for retirement?

Over the years, finance experts have said that people need to save $1 million — that's recently climbed to $2 million as the cost of living and age demographics have changed. Some advise that you need to save 80% to 90% of your annual pre-retirement income, or that you need to save 12 times your pre-retirement salary. Those numbers and formulas can be a guide, but they're not gospel — everyone's situation will be different.

1. Housing costs: Include rent or a mortgage, heating, water and maintenance.

2. Health care costs: Fidelity estimates that the average couple will need $295,000 in today's dollars for medical expenses in retirement, excluding long-term care.

3. Day-to-day living: Such as food, clothing and transportation.

4. Entertainment: Including restaurants, movies, plays.

5. Travel: Including flights, hotels, and gas if driving.

6. Life insurance.

Study: Many people, especially men, might be ill prepared for years after retirement

By age 30, you should have your annual income in savings. For example, if you make $80,000 you need to have $80,000 in retirement savings.

By age 40, you should have three times of your annual income in savings.

When you're ready to retire at 67, you should have 10 times your annual income.