Goals
In order to determine how much you need to live your ideal life, you need to make sure you understand what your goals for your ideal life are. The obvious goal is to have enough money to pay for that ideal life, but what IS that ideal life? Some common goals people have include, but are not limited, to the following:
Paying for your children's or grandchildren's college
Paying off your mortgage
Giving to others (this could include giving to friends, family, organizations, etc.)
Buying a vacation home
Going on annual vacations
Buying a new car
Once you have a good handle on what your goals are, make sure they are accounted for within your cash flow estimates you have put together.
Remember, that your cash flow will change over time, but some estimate is better than no estimate.
Also remember that your goals may change over time too, and that is okay.