Everything is more expensive these days, including retirement.

A new survey by Northwestern Mutual found that Americans expect to need $1.25 million to retire comfortably.

That’s a worrying 20% increase from the $1.05 million respondents cited last year.

In 1990, you could retire comfortably for less than $250K, but those days are long gone.

The average retirement nest egg has fallen 11% to $86K, down from $98K a year ago.

People are dipping into savings, and 401ks like never before as the cost of living skyrockets and wages are sluggish to keep up.

In addition to needing more to retire, the retirement age has increased. Last year, people cited their planned year of retirement as 62.6. This year, it’s 64. 59% of respondents said their need to work longer than planned was due to a need to keep saving money.

This survey comes against a Bankrate.com survey which showed that around 55% of Americans feel behind in their retirement savings as fewer people have enough cash to set aside.

And people have less faith in Social Security than ever. Nearly half (45%) of respondents said they could envision a time when Social Security no longer exists.

It’s an oncoming trainwreck for millions of Americans as they turn into middle age and realize that social safety nets may be drained by the time they can retire, and they have no extra money to set aside.