based on today's money, based on how much you need to keep your life style. If you are still in the game, stock market takes care of inflation. So by the time youretire, today's 1m, becomes 2~3m.
if you need 100k/year today to live well, then you need more. The point here is not calculating how much you need to retire. That number is different to everyone.
The point is if you saved enough, ie. you won the game, would you, can you call it quit?