ATLANTA — Americans are increasing how much they believe they need to save for retirement, according to new survey data.

CBS Radio Correspondent Michael Wallace reports Northwestern Mutual surveyed thousands of people and found the average target has risen to $1.46 million, up from $1.26 million last year, largely due to concerns about inflation.

Other data shows a gap between what Americans think they need and what they have actually saved.

A recent NerdWallet poll found only 5% of Americans with retirement accounts have saved at least $1 million, while 9% have reached $500,000.

NerdWallet reports the average retirement savings for U.S. families is about $333,940, with a median of $87,000, citing the Federal Reserve’s most recent Survey of Consumer Finances.

Savings levels vary by age.

NerdWallet reports households under 35 have average retirement savings of about $49,000, with a median under $20,000.

For those ages 35 to 44, average savings rise to about $141,000, with a median of $45,000.

Among those ages 45 to 54, average savings reach about $313,000, with a median of $115,000.

For ages 55 to 64, average savings increase to more than $537,000, with a median of $185,000.

NerdWallet data shows households ages 65 to 74 have average retirement savings of about $609,000 and a median of $200,000.

For those 75 and older, average savings drop to about $462,000, with a median of $130,000.

Participation in retirement accounts varies by age, with about half of households under 35 having accounts, increasing to more than 60% for those 35 to 54, before declining among older groups.

Experts say those 50 and older can increase their savings through catch-up contributions.