Saving for retirement is a struggle for consumers. This is particularly true of Millennials. Compared to older generations, Millennials have higher life expectancy, lower income replacement from Social Security and are less likely to have a traditional defined benefit pension. This means Millennials must save significantly more than previous generations to maintain their standard of living in retirement.

Millennials are not currently meeting this retirement challenge. New research from the National Institute on Retirement Security found that 66 percent of working Millennials have saved nothing for retirement. This situation is far worse for Hispanic Millennials, with 83 percent having nothing saved for retirement.

Financial planning experts say Millennials should set aside at least 15 percent of their income for retirement. However, according to this criteria, only 5 percent of Millennials are adequately saving for retirement.

Given these challenging circumstances, we were curious when Millennials think they will be able to retire. We asked working Millennials in the Branded community the age at which they expect to retire. Branded polled our community on May 29, 2018 and 3,456 working Millennial users responded.     

Overall, our research found that Millennials (age 22-38) are fairly optimistic about retirement, despite the challenges. Roughly 36 percent of working Millennials say they plan to retire before age 60 and 44 percent say they will retire between age 60-70. Only 1 in 5 working Millennials think they will have to wait until after age 70 to retire.

Among upscale Millennials with over HHI $75,000, there is less optimism about a younger retirement. Approximately 32 percent of upscale Millennials say they will retire before age 60 and 50 percent say they will retire between age 60-70. And roughly 1 in 4 upscale Millennials expect to retire after age 70. Upscale Millennials working in professional careers may be more realistic about the financial needs of retirement.

Our research also observed distinctions in the data by race and ethnicity. Asian Millennials are more optimistic about retiring before age 60 than Millennials of other racial or ethnic backgrounds. About 44 percent of Asian Millennials expect to retire before age 60, compared to 41 percent of African American Millennials, 36 percent of Hispanic Millennials and 27 percent of Caucasian Millennials.

% of Millennials Who Expect to Retire Before Age 60