Most Millennials Don't Know How Much Retirement Costs

The majority of millennials think they can live off of less money than they actually need in retirement, finds a study from Aperion Care. The study interviewed 2,000 millennials to identify the millennial perspective on retirement and the future.

According to the study, nearly 60 percent of millennials are saving money for retirement and 84 percent have saved under $50,000. 34 percent of respondents said they believe they only need $200,000 or less to retire comfortably. But, the reality is, according to AARP in order to live off of $40,000 a year, a retiree needs to save about $1.18 million for a 30-year retirement.