"For younger workers, $1 million may not be enough," said Bob Gavlak, a certified financial planner and wealth advisor with Strategic Wealth Partners in Columbus, Ohio.
Here's why: Millennial and Generation X earners have less access to traditional pension plans than baby boomers do (and, therefore, a greater chance of running out of money in retirement), and Social Security may provide fewer benefits in the future, Gavlak said.
As incomes rise, so do retirement expectations. Half of households that make at least $75,000 annually want to have a $1 million in savings before they retire, the survey found, compared to 17 percent of those with incomes under $35,000.
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You can figure out how much you need in retirement on your own by using an income replacement rate based on your current income.
Many financial advisors recommend an 80 percent replacement rate. That means if you make $100,000 annually, you will need a portfolio that generates $80,000 in income each year plus annual increases to adjust for inflation.
Fidelity Investments has an easy rule to build a nest egg that can last: You should aim to have 10 times your final salary in savings.