The typical millennial is staring directly at a $1.5 million "shortfall" in their retirement goals

The Millennial Retirement Savings Gap is critical as millennials have a target savings of $1.65 million, yet only have average savings of $62,600.

Despite their low savings, many millennials remain optimistic about comfortably retiring by age 64, raising questions of cognitive dissonance or naivete regarding their financial situation.

With a life expectancy favoring longevity, millennials must recognize the urgency of saving for a future that could extend into their late 90s or even 100s.

Gen-Z is adopting early savings strategies, unlike millennials, who started saving in their late 20s, highlighting the generational divide in financial planning.

Read at 24/7 Wall St.