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Most people dream of a relaxed retirement life. Play golf with friends, travel the world, work, and live comfortably without other unnecessary work.

But how much will it cost to reach those goals? 70% of retirees say they wish they had saved more or started investing sooner. If you don't want to share similar feelings of regret when you retire, there are a few simple steps you can take.

There are several online tools that can help you create a budget, manage your spending, and manage your retirement savings. But what works for you may not work for others - Start preparing today and find what works best for you 

If you are primarily focused on retirement planning, there are some basic information you should know.

How much retirement savings do you need?

According to most experts you can expect to spend up to 80% of your regular salary in retirement each year. So if you currently earn $75,000, you can roughly estimate that you'll need at least $60,000 a year to live on in retirement.

However, it is not an exact science. The best way to calculate your retirement savings is to evaluate your spending and work backwards. In other words, make sure you have a retirement plan.

"There are two kinds of spending he has: fixed costs and discretionary costs," says Peter Caciotta, owner of Lee County's Asset Management & Advisory Services. “Fixed expenses are those that you have little or no control over, such as mortgages, property taxes, and electricity bills. Discretionary expenses are those that are more manageable, such as meals, entertainment, and gifts.

Once you know these things, the ones you expect to continue into retirement, you can better estimate what you have to do. A financial advisor can also help you stay organized.

Note: Not all money can be withdrawn from savings and retirement accounts such as the Roth IRA and 401k plans. They are also likely to receive Social Security payments and may also have pensions and other sources of income. According to the IRS, the average retiree receives just under $1,200 in Social Security benefits per month. See this IRS tool to understand your social security income after retirement.

Recommended retirement savings by age

The exact amount you need to save depends on your income and expected expenses after retirement. Fidelity Investments, a leading investment and financial services firm, recommends adherence to the following general goals: :

• Age 30: Annual income
• Age 35: Double income
• Age 40: Triple income
• Age 50: Six times income
• Age 55: Seven times income
• Age 60: Eight times income
• At 67: 10 times your annual income

If your annual income is $75,000, you need $225,000 by age 40, $450,000 by age 50, and $600,000 by age 60.

Prepare for Retirement Now (regardless of age)

If you haven't started saving for retirement, now is the time. "The best time to start saving is as early as possible to maximize the benefits of compounding interest," explains Jill Fopiano, CEO of O'Brien Wealth Partners. 

Compound interest is the interest earned as you invest or save more. As interest is added to your balance, the amount of interest you receive in a year also increases, so the sooner you start, the better.

Here are some simple steps you can take right now:

• If you haven't opened a retirement account: There are many options. Employers can provide matching contributions on a 401(k) or open a Roth or Traditional IRA. In many cases both may be required.
• Automate Donations: Decide how much you can comfortably load each month and set up automatic donations at that amount. Please re-evaluate these contributions annually to make sure you are contributing as much as possible.
• Maximize Employer Matching: If your employer offers matching contributions to your girlfriend's 401(k) account, try to maximize them. This is essentially free money and helps compound interest.
• Consult a financial advisor or investment planner: EBRI research shows that retirees are less likely to have financial regrets if they work with a professional. In fact, 9 out of 10 of her retirees who have worked with financial advisors say the value outweighs the cost. Many employers also offer financial planning advice (or their plan managers do).

Financial advisors generally recommend saving about 15% of your income each year. If you can't donate this immediately, start small and increase gradually over time.

Whatever you do, avoid borrowing for your 401(k) or other retirement accounts unless absolutely necessary. Doing so can not only deplete your retirement savings, but also result in hefty early withdrawal penalties