The typical millennial in America thinks they need over $1.6 million to retire - and they are way behind

Realizing that you don't have nearly enough saved for retirement as you think you'll need can be terrifying. Millennials face a $1.6 million gap between their savings and their goals.

Despite inflation's growth being tamed, its cumulative impact over the past four years has been devastating. The figure Americans believe they need for retirement has ballooned from $951,000 to $1.46 million, a 54% increase.

According to a study by Northwestern Mutual, Millennials believe they need $1.65 million to retire comfortably, which is more than any other age group except for high net worth individuals.

The Northwestern Mutual study found Millennials have saved $62,600 on average for their retirement, resulting in a deficit of $1.59 million. Gen Y respondents had a higher deficit of $1.61 million.

Read at 24/7 Wall St.