Age 35-44? Here's the Average Retirement Savings for People Your Age.

Workers in their late 30s to early 40s have nearly $142,000 set aside for retirement, according to The Motley Fool's recent research on average retirement savings. That's a decent chunk of money, but it doesn't tell you much about whether the average saver is actually on track for their goals.

You're more likely to retire comfortably if you focus on setting a personalized savings goal tailored to your lifestyle. Here's how to get started.

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How to figure out how much you need to save for retirement

Your retirement savings goal will depend on your life expectancy, where you want to live, and how you envision spending your time. Someone who plans to travel frequently and have multiple houses will need significantly more than someone who plans to remain close to home in a house they've already paid off.

Start by thinking about how you imagine your spending changing between now and retirement. Keep in mind that inflation will drive up living costs, so you'll need to prepare for that as well. Expect costs to increase by about 3% per year to be safe.

Once you've estimated how much you'll spend in your first year of retirement, subtract any amount you expect from Social Security. Then multiply the result by 25. For example, if you expect annual expenses in your first year of retirement to be $80,000 and you think you'll get about $25,000 from Social Security that year, you'd need to cover the remaining $55,000 on your own. Multiplying that by 25 would give you a savings goal of $1.375 million.

But you won't have to save this entirely out of your paychecks. You'll invest your money, and the earnings will likely cover many of your costs. Saving consistently from an early age will significantly reduce how much of your own pay you need to set aside for retirement.

What to do if you're not able to save as much for retirement as you'd like

Plenty of Americans in their 30s and 40s have far less than $142,000 saved. The median savings for this group is only $45,000, which better represents what the typical saver has than the average. The good news is, no matter how much you have right now, there's still plenty of time to save before retirement.

Start by reviewing your budget and looking for opportunities to reduce spending. Divert any extra cash you're able to save to your retirement account. Put it into your 401(k) if you have one and haven't claimed your full match yet. Get as much of your match as you can before the end of the year. Then, start on your 2027 match right away in January.

You might also consider delaying retirement or opting for a phased retirement if you're still not able to save as much as you want. This might not be ideal, but it can help you retire much more comfortably without making more sacrifices in the present.

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