How much money do you need to save for retirement? The expected figures for Americans continue to rise.

Working professionals believe that the amount of funds needed to achieve financial security after retirement continues to rise.

A new study released by Northwestern Mutual Life Insurance shows that Americans’ target amount for a “comfortable retirement” has soared to $1.46 million, up more than 15% from last year and well above the $1.25 million they estimated four years ago.

Northwestern Mutual financial advisor Keller Lindler told Yahoo Finance that there are multiple reasons behind this increase.

“We hear concerns about inflation, uncertainty in the social security system, and more and more people worrying about the impact of artificial intelligence on careers, personal jobs, and savings ability,” Lindler said.

Of course, no one wants their savings to run out before their lifespan does, and this worry has become a top concern for many working professionals. The report shows that among those not yet retired, nearly half expect they will not be financially prepared and believe they are likely to face insufficient savings.

For working professionals with investable assets exceeding $1 million, their estimated retirement savings target has risen to an average of $2.67 million.

“Every American has a savings goal that suits them, depending on where they live, the lifestyle they want, and their personal ideals,” Lindler said. “While it can be helpful to consider what others think is necessary for a comfortable retirement, our core advice is to develop a personalized plan for your own life.”

The study also shows that although people’s retirement savings goals are increasing, among those with retirement savings, nearly a quarter report that their reserved funds are only equivalent to one year or less of their current annual income.

Generation X is gradually entering retirement, with the oldest members turning 61 this year. This group is the least confident in their retirement financial preparations, but overall conditions are improving.

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About half of Generation X have savings equal to four times or more their current annual income, up from 41% last year; meanwhile, nearly half of Generation X expect to be financially prepared by retirement, a slight increase from last year.

So, how much should you save? According to a financial advisor I interviewed, generally, it is recommended that by age 67, your total savings should reach 10 times your income from the year before retirement.

For example, someone earning $100k annually should have saved $1 million by retirement. Fidelity Investments offers more detailed guidance: save an amount equal to one year’s income by age 30, three times annual income by age 40, six times by age 50, and eight times by age 60.