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One of the toughest things about saving for retirement is that it's hard to estimate how much money you'll actually need to cover your senior living costs in full. After all, there are so many factors that will go into that equation, including your retirement age, the state of your health, your desired lifestyle, and inflation, to name only some.

In fact, you'll often hear that it's wise to aim for $1 million in savings because that sum is more likely to be enough to cover your costs throughout your senior years. Or is it?

The reality is that $1 million is an easy, clean number to land on. But for many retirees, it might fall short.

In fact, in a recent New York Life survey, today's workers said it would take an average of $4,342,378.86 in savings to be able to retire comfortably. But given where savers are at today, that sort of balance may be unrealistic.

Do you really need $4.3 million in retirement?

While Americans might think it will take around $4.3 million to retire without financial worries, their current 401(k) and IRA balances tell a much different story. That's because the average saver today only has $135,161.50 socked away.

Granted, it may be possible to grow $135,000 and change into roughly $4.3 million. Let's say you're 31 years old with $135,000 in savings and you want to retire at 67, which is full retirement age for Social Security purposes. If you were to stock away $1,000 a month between now and then at an average annual 8% return, which is a bit below the stock market's average, then you'd get to $4.4 million in time for retirement.

But a lot of people can't part with $12,000 a year for retirement savings purposes. And also, a lot of people who have $135,000 and change in savings are much older than their early 30s. So for a lot of people, getting to the $4.3 million mark isn't so doable.

Of course, it's important to ask the question of whether $4.3 million is really the right number to be aiming for. And the answer is that for some people, it might be.

But again, there's no single retirement savings target that guarantees you financial security throughout your senior years. So rather than fixate on a number that a survey arrives at, a better bet is to do your own number-crunching and planning to come up with a savings goal that's likely to allow you to meet your personal needs.

Remember, someone who wants to spend retirement gardening and spending time with family might need a lot less money than someone intending to retire in a large city and enjoy nightlife all the time. So while it may not be a bad idea for you to aim for $4.3 million in savings, you also shouldn't feel compelled to.

And do keep in mind that while $4.3 million is clearly a lot of money, even that sum doesn't guarantee that you won't run out. If you aren't careful, it's possible to spend down a nest egg of any size too quickly. So no matter what savings number you land on, you should not only work your hardest to attain it, but also, manage your money strategically once retirement does roll around.

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