Think retirement will be a cakewalk, millennials? Think again.
Seventy percent of millennials said they think they will spend less than $36,000 per year in retirement, according to a new survey by the Insured Retirement Institute and the Center for Generational Kinetics. Meanwhile, the average annual expenditures for people ages 65 to 74 were more than $46,000 in 2013, the Bureau of Labor Statistics found.
Unrealistic retirement expectations exist among millennials. The study found that 15 percent of millennials believe that winning the lottery is a viable retirement strategy, while 11 percent expect to be "gifted" money for retirement.
"If that's a strategy, then millennials need some education," Jason Dorsey, chief strategy officer at Center for Generational Kinetics, said in a conference call. The center is a research firm that specializes in age-based data.
The survey of 1,110 adults ages 18 to 65 was conducted in early August.