(NewsNation) — Financial and investment experts talk about the necessity of saving for retirement, but some industry professionals are now pushing the narrative that questions whether Americans are saving too much for their future.

Putting money away for a new home, for a child’s college education or a second home has long been a staple of financial stability. But those who fall into the category of those who feel like too much emphasis is being placed on building a nest egg are pushing back against some of the traditional wisdom that financial planners and other experts have routinely leaned into.

In most cases, financial experts claim that Americans will need between 70% and 80% of their pre-retirement income to survive. However, those who suggest that too much focus is being put on storing money away said the figure may indeed be inflated, according to Investopedia.

Those financial professionals propose people spend about 20% less than experts who point to the 70%-80% amount of pre-retirement spending suggests. The same group claims most American retirees actually live below their means rather than the idea that they will spend more money once they stop working.

In reality, some financial experts said that it is not easy to determine exactly how much will be needed for monthly income once a person retires. However, by meeting with a certified financial planner, a retirement plan can be formulated using factors such as income derived from Social Security, the current size of one’s retirement portfolio and future rates of inflation, Tenpao Lee, a professor of economics at Niagara University in Niagara University, told U.S. News and World Report.

While pro-savings professionals also constantly talk about the unpredictability of Social Security in the years to come, those who believe people may be saving too much also suggest that other factors come into play. They said that in most cases, retirees will most likely have their mortgage paid off by the time they stop working and that Medicare will likely cover the bulk of their medical costs, Investopedia reported.

“It’s hard to think of the possibility of saving too much, but diligent savers and investors are sometimes able to reach their savings goals prior to their actual retirement date,” Kali Hassinger, a certified financial planner at the Center for Financial Planning, told U.S. News and World Report.

Hassinger told U.S. News and World Report that there are rules of thumb when it comes to how much of their regular income should be devoted to savings. However, he said that those guidelines vary by individual and that there is no “one-size-fits-all” policy that should be adhered to when it comes to retirement savings.

Among the signs that may indicate that someone is saving too much include:

• The inability to cover their monthly expenses
• They carry too much debt
• They have no financial plan in place
• They have excess money
• They are passing up meaningful experiences

Financial experts told U.S. News and World Report that normal bills such as rent or a mortgage, groceries, gas, or not taking care of medical needs in exchange for saving money can create “red flags” that someone is saving too much. In that case, some of the money that is being set aside as savings should instead be devoted to covering monthly bills or perhaps considering money to a less expensive place as a way of reducing one’s cost of living, the report said.

Meanwhile. investment firms like T. Rowe Price suggest using savings benchmarks based on age to determine whether a person is on track to have enough money for retirement. Using a base age of 65 as a target age for retirement, professionals at the firm established guidelines of the ideal amount of money one should have in savings beginning with age 30 to determine whether a person will have enough to live on once they stop working.

By age 35, T. Rowe Price experts suggest that a person should have 1x to 1.5x their current salary in savings as a means for saving for retirement. By age 45, that amount jumps to 2.5x to 4x times an annual salary saved while by age 60, they said that a person should have between 6x to 11x their annual salary stored away in savings to be adequately prepared.