The golden rule is that you should save 10% of your paycheck for retirement or a rainyday. I feel I am doing quite well. I put aside 11% (my contribution and my employer's match) into a 401(k) fund. I am not sure if there is an equivalent in Europe. 401(k) is a taxfree and pre tax contribuition that is designed to help with retirement. The money is available to you before retirement also but you will have to pay tax then.
I don't think social security will be around when I retire so I try to save and invest as much as I can while I am young and let the compunding interest work in my favor.
Just my two cents worth

>My income has been quite good for quite a time. My wife also works, parttime (for 20 years a physiotherapist, now teacher in elementary school). We even had the opportunity to save some money, notwithstanding the fact that we have three teenagers to feed. Athough, the amount we saved is not what it could have been. I'm not sure how long we could afford the same living standard if hard times started. I do have a disability insurance. But I fear that my pension will be quite low.
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>Today I read in the newspaper that it happens a lot in the States that people with good income and good living standards get fired suddenly and soon have to sell their car and house, due to credit accounts.
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>How do you cope?