Millennials May Have Wrong Expectations About Retirement

A survey of Millennials, ages 21 to 37, finds 58% are saving for retirement.

Of those saving, 84% have saved less than $50,000, according to the survey by Aperion Care. Ten percent have saved in the $50,000 to $100,000 range.

One-third (34%) of Millennials say they plan to save $200,000 or less to be comfortable in retirement. Only 20% of Millennials plan to save $500,000 to $1 million for a comfortable retirement, and only 15% plan to save $1 million to $2 million.

But, Millennials, on average, expect to live to age 81. And, while 61% expect to live to an older age than both their parents, nearly four in ten do not.

In addition, the majority (57%) of Millennials expect to die in their homes, rather than in a retirement community (4%), hospital (18%), hospice (4%) or assisted living facility (5%). Aperion Care notes that studies show only about 20% of people die in their own home.

Sixty percent of Millennials expect to be in an average financial state when they die, while 11% believe they will be poor. Forty-five percent say they will be in a better financial state than their parents, but 38% say they will be in the same financial state. Only 16% expect to be in a worse financial state than their parents when they die.

More results from the study may be found here.