There's no one-size-fits-all way to calculate your income need in retirement, but here's one good way to get an estimate: In general, experts suggest that you'll need 80% of your pre-retirement income to sustain your quality of life after you retire.
Using the 4% rule I mentioned earlier (which admittedly is not perfect), multiply your income need by 25 to come up with your savings target.
If you have a 401(k) or other retirement plan at work, consider increasing your contributions.
For the 2017 tax year, you can choose to defer $18,000 of your salary ($24,000 if you're over 50 years old) into your 401(k), so chances are you could be saving more.
If you max out your IRA every year starting at age 50, and your portfolio produces a conservative 6% rate of return, you could build up a $150,000 account value by the time you're 65 -- not quite a million-dollar nest egg, but certainly enough to make a big difference.