As a starting point, the generally accepted figure is 65% of your pre-retirement income.
You can also look at the spending habits of current retirees through the Westpac/ASFA Retirement Standard. This will give you an estimate of the annual budget needed to fund either a comfortable or modest lifestyle in retirement.
Preparing a personal budget will give you the best estimate of the income you’ll need for your desired retirement lifestyle, as it will take into account your personal needs and goals.
Once you’ve worked out how much income you will need in retirement, the next step is to find out if your savings are on track.