 and the generation that may not be able to afford to retire. Millennials think they need around $1.7 million to retire, but the average right now for millennials is $63,000. So it's quite a way off. That can vary from the older end of the generation to the younger end. I think the older end, which is right in their early 40s, is doing much more comfortably at the moment. William Edwards at Business Insider on how millennials might catch up on retirement savings.