I’m 45, single, earn $52K/year with $120K in retirement savings and my house will be paid off in 9 years. I contribute $6K annually to my 403(b). Is that enough to retire comfortably at 67?

Are you on track for your planned retirement at 67?

The good news is with those ongoing investments in your 403(b), you're on track to have around $825,682.64 in your account in 22 years, assuming a 7% average annual return. But will that be enough?

There are several ways to calculate how big your retirement nest egg must be, but one of the simplest is to assume you'll need 10 times your final salary.

Assuming a 2% annual raise, if you're making $52,000 a year now, your final salary at the age of 67 will be around $80,000. Multiply that by 10, and you would need $800,000 to retire comfortably — a reasonable goal given your current savings plan.

As a retiree, your $825,682.64 nest egg would produce $33,027.31 in annual income, assuming you follow the 4% rule. Experts suggest a 4% withdrawal rate to prevent running out of money over a 30-year retirement period if you cap withdrawals at 4% of your balance in year one and adjust up for inflation each year.

Combine that with $33,027.31 with Social Security benefits, designed to 40% of your earnings, and you should have a retirement income of approximately $56,273 — a full 80% of your final salary.

You’re doing well, given experts suggest you need a minimum of 70% of your pre-retirement earnings to live on.

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Saving more is always a good idea

While you're on track to retire at 67, saving a little more may not be a bad idea. Many people hope to stop working late in their 60s but end up being forced to retire earlier because their health fails, job opportunities dry up, or they need to help out their family.

If you have to stop working sooner than expected, or want a more lavish retirement, growing a bigger nest egg will help set you up for success.

You can work with a financial advisor to help you set personalized goals for your retirement and budget to increase savings. You may also want to save a portion of any raises you get to increase your retirement plan contributions. You won't miss this money if you put it into savings right away.

You already have a great start towards retirement, but you won't regret having a little extra as a retiree.