Are we saving enough for retirement?

Today a friend introduced me to this awesome tool to calculate how much money you will have once you retire aka how much money you need to put away to be able to retire 25 or 30 years from now. 

You can also use it if you don't have that many years left to holidaying and relaxing ;) (lucky u)

Again there are sooo many calculations out there.

Here is what our forecast looks like :) It says we will have our first million at 50!
Assuming of course that we decided not to buy that second home on the beach before then :P

Our grand kids are going to be millionaires!!! Lucky them I guess :/

With many assumptions of course including....

• Current annual savings increases of: 3% (assuming we continue to have awesome jobs)
• Expected inflation of: 3%
• Desired retirement age of: 60
• Number of years of retirement income: 25 (not sure what exactly this means I guess I am suppose to die by that age or something :) )
• Income replacement at retirement: 75% (did not understand this as well...I think they are asking if I am going to get a part-time job at wal-mart once I retire, but not sure why it has me withdrawing upwards of $200,000 after the age of 60...I guess we are going to be world travelers (for wal-mart) or something flying business class of course ;)
• Pre-retirement and Post-retirement investment return: 8%
• And last of all NO SOCIAL SECURITY benefits or Pension! (if we do get SS then Gr8)

Now we will just have to wait and see.

Here is the link check it out
Am I saving enough for retirement?