Most basic online retirement calculators say that you need 85 to 90 percent of your previous income in order to maintain your quality of life after you retire. This may not be the case for everyone though, advises CNBC personal finance expert Carmen Wong Ulrich. The amount of money that you'll really need to retire depends on many factors including whether you live below your means and if your mortgage will be paid in full. Watch Carmen explain the variables and how you can tell if you have enough savings to enjoy your retirement.

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