Retirement: 20 / 20 Rule

Finance gurus say that the retirement rule is 20 - 20. This means that 20 years before your target retirement date, you should be saving for THE DAY.
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TARGET DATE
My target age for retirement is 55 years old and that's 19 years from now. We've started saving last year and have various "small" sources. Most are forced savings therefore we can't touch them until a certain period. By the time I retire, the kids would have graduated from college and would be on their own. My last day at work should be December 31, 2027.
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TARGET AMOUNT
When I was in college, during my finaman or financial management subject, I computed that I need P10 million to retire comfortably. I guess I made a mistake in computing as I didn't foresee that inflation would hit 14%. Besides, back then, I didn't give a hoot about inflation. Inflation for me then was a term used to fix a basketball that needed some air. :) My new target is to have P40 million in liquid assets or a monthly income of P200 thousand from various sources by 2027.
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It's a huge amount indeed and I actually haven't even scratched the surface. Add to that is the fact that our family is just starting so there are tons of bills to pay, insurance, children's education, the list goes on. Will I meet the goal? Only time can tell.