According to financial planner Lauren Lyons Cole, the average savings rate is around 7.5% of pre-tax income, but most people should shoot for a number higher than that.
Unfortunately, the stretch goal of saving 15% can be difficult to reach, says Cole. But that doesn't mean you should give up.
"Perhaps you could save 1% more than you are now, or 3% more," she says. "Incrementally increasing your savings will help your account balances grow, but it does something else that's even more valuable: It creates momentum. Once you start moving, it's easier to keep going."
If you have no idea if you're on track to retire one day, you should also play around with a retirement calculator like the one below before you buy a bigger home.
Still unsure? Plan a meeting with a financial adviser. SmartAsset's free tool can help you find a qualified professional in your area »