A new study indicates that Americans now expect to retire later than they did a year ago, in the wake of a sharp drop in their retirement savings and changing expectations of how much of a nest egg they will need.

Northwestern Mutual's 2022 Planning & Progress Study revealed that Americans' expected retirement age has risen from 62.6 in 2021 to 64 this year. Fueling that change is the 11 percent drop in U.S. adults' average retirement savings over the past year, from $98,800 to $86,869, as well as the growth in their expectations for how much money they will need in retirement—a striking 20 percent increase to $1.25 million. The study, which was conducted by the Harris Poll via an online survey in February 2022, includes responses from more than 2,300 Americans ages 18 and older.