As the experts bemoan the low personal savings rate in the United States, hovering around zero percent, it's interesting and perhaps instructional to compute the modern day equivalent of a "millionaire."

Before determining the magic number, a base year and inflation index are needed. First, and somewhat arbitrarily, 1955 will be the base year, a time of growth and tranquility, with "millionaire" entering popular culture and representing affluence and the "good life." Next, the Consumer Price Index (CPI), a measure of the average change in prices over time in a market basket of goods and services, will be used as an index to convert 1955 dollars to 2008 dollars.

Using a CPI inflation calculator with 1955 as the base year and the CPI as the inflation index, the magic number is a little over $8 million.

Your reaction to this number may be a shrug of the shoulders, but if you are in 20's, 30's and even 40's, with diminished prospects for receiving Social Security, being a "millionaire" may not be enough to sustain you during your golden years.

The good news is that even if you don't reach $8 million, you have plenty of time to save.