Wealthy savers think they need $1.26 million to retire. They have half that.

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Retirement planning often starts with a savings target, such as $1 million or $2 million. However, whatever the goal, how much you need to fund your life after work will depend on priorities that are likely to change.

New research from HSBC pegs the amount affluent individuals believe they will need to retire at $1.26 million. Yet the investors surveyed have accumulated only half that amount, on average.

Closing the gap requires considering how your plans may be altered by new ambitions and responsibilities, experts say.

"The idea that life unfolds one stage at a time no longer matches reality," Lavanya Chari, head of wealth solutions and Premier Banking at HSBC, said in the report. "Retirement and legacy are moving into the middle of life, alongside caring responsibilities, financial commitments and ambitions such as a career change or pursuing a life goal."

HSBC surveyed 9,993 affluent and high-net-worth individuals aged 21 to 69, with investable assets ranging from $100,000 to $2 million.

The $1.26 million retirement savings target noted by respondents is 20% higher than the figure in HSBC's survey a year ago. Most respondents (71%) said they are planning for a "non-linear future" — funding two or three life stages, rather than just one.

"For generations, success followed a familiar sequence: one career, one home, marriage, children, then retirement," said Dacher Keltner, professor of psychology at UC Berkeley. "Over the next decade, these milestones will keep shifting and overlapping. Some may stop defining success at all. What seems unconventional today — multiple careers, extended families, and later-life reinvention — could soon become mainstream."

Margie Glenn, a certified public accountant and certified financial planner with Moneta Wealth Management in St. Louis, said she's seeing the same departure from the traditional path of working full time, retiring, and then living off savings.

"Many of our clients envision a transition period that might include part-time work, consulting, caregiving, starting a business, or spending more time supporting children and grandchildren," Glenn told Yahoo Finance.

The HSBC survey found the most common priorities among affluent individuals were personal or professional reinvention (52%), such as changing careers or pursuing a new passion, followed by retirement and supporting the next generation (both 38%).

There is no one-size-fits-all savings goal . One common guideline is to aim for 10 to 12 times your annual salary by retirement, according to Fidelity Investments, though your target may be higher or lower. You can also calculate retirement savings needs by age .

Glenn said headlines touting a million or more in retirement savings may mislead savers.

"People can get into trouble when they treat a retirement target as a magic number instead of a thoughtful planning process. The real question is: What kind of life are you trying to fund?"

Glenn said it's more important to determine how much capital might be needed to support a particular vision of retirement — whether that includes travel, philanthropy, or helping family members.

"The starting point should be your expected spending, not the size of your portfolio. The goal isn't to hit someone else's number," she added.