How to know you’re on track with your retirement savings, according to a financial expert

There are lots of popular approaches to figuring out if you're on track with your retirement savings. One claim you should have the equivalent of one year's salary saved by the time you hit 30, three times your salary by age 40, six times by 50 and eight times by 60.

According to this formula, you should have ten times your salary in savings by 67, the full retirement age for Social Security benefits.

Another strategy, the 4% rule, multiplies your yearly expenses by 25 to see how much you'll need to retire with enough money to last 30 years.

But Liz Sheehan, senior vice president of wealth management at UBS, is wary of these kinds of back-of-the-envelope calculations. She advocates for a detailed and specific financial plan to get a clearer idea of where you're hitting your goals and where you need to make improvements.

"There are no shortcuts, unfortunately," Sheehan told CNBC Select . "A comprehensive financial plan is the best way for someone to know if they are on track."

There's more to it than just figuring out how much money to invest each month, though. Part of a proper financial plan is getting clarity on how you want to spend your retirement. If you see yourself traveling the world, for example, you'll need a lot more money than if you want to garden in the backyard.

According to Sheehan, there are a few questions everyone should consider as they develop their plan:

• How do you envision your life and your family in ten years? Twenty years? Thirty?
• If you didn't have to work, how would you spend your time?
• What would you like to accomplish with your wealth?
• Are there other financial goals beyond retirement, like buying a home or paying for your child's college education?

"Financial planning goes beyond basic budgeting and evaluates topics like insurance, education saving, charitable giving and estate planning," Sheehan said.

Of course, you don't have to try to answer all these questions on your own. A financial planner can help you navigate the process no matter what stage of life you're in.

You should also look at what tools will help you reach your goals. Robo-advisors like Wealthfront and Betterment, for example, automatically adjust your investment portfolio allocation depending on your goals and risk tolerance.

That makes them great options for savers who want a hands-off but still customized approach to retirement investing.

"Financial planning is a process, not something that is done once and never revisited," Sheehan said. "I suggest that clients revisit their financial plan once a year or during every life change."

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