Respondents in their 50s expected to need the most when they retire — more than $1.5 million, the survey found. Calculating your own retirement 'magic number'Rather than think about a big goal number for retirement, Patel said he urges clients to identify their income needs. As you think about retirement, in an ideal world, you would have enough guaranteed zero risk income to cover your guaranteed expenses. Alap Patel wealth management advisor for Northwestern MutualEveryone typically has three types of expenses, Patel said. "As you think about retirement, in an ideal world, you would have enough guaranteed zero-risk income to cover your guaranteed expenses," Patel said.

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Persons: Antonio Suarez Vega, It's, Alap Patel, it's, Patel, Gen Xers, Gen, Winnie Sun, Sun Organizations: Istock, Northwestern Mutual, Savings, Finance, Cerulli Associates, Sun Group Wealth Partners, CNBC's Locations: Chicago, millennials, Irvine , California