How will you finance your retirement? Governments everywhere are coping out of their retirement plans and putting the responsibility back in the citizens' hands (while they continue to collect the money).
Do you have any idea, how much money you'll need later on? How much must you put aside, so that you can maintain your standard of living? You probably have a hunch it's a whole lot. That's correct.
There's no easy answer to these questions, but you have to start somewhere.
Forget your calculator and forget Excel sheets - you wouldn't get far, because these tools simply aren't up to the task. You need a tool that takes in to account the effects of inflation, interest rates, varying requirements and possibilities. And allows a simple comparison of different scenarios.