Sorry, folks, but there is no magic number when it comes to retirement savings goals.
Conventional wisdom has been that saving for a $1 million nest egg, or retirement income of 80 percent your current salary, is a good safety net. But advisors say such broad generalizations often miss the mark given consumers' disparate incomes, life expectancies and other variables.
"The rules of thumb that are thrown around out there can do more harm than good," said Richard Stumpf, a certified financial planner in Wichita, Kansas.
Read MoreFive ways to boost your nest egg
One couple Stumpf works with, when they first came in, had been aggressively saving and picking riskier investments with that $1 million benchmark in mind. But they'd overestimated their needs. "When we ran the numbers, we discovered that they only needed an average 4 percent [earnings] to get to an appropriate number," he said.
For a different couple, however, Stumpf recommended saving for retirement income exceeding 100 percent of their current earnings.
"Their goal after retirement was to hit the road in an RV, which would be more expensive than their current lifestyle," he said.