However, there are things retirement plan advisers and sponsors can do to encourage them to take on more risk.
They are on track to replace 75% of their income, compared to 64% for Americans overall.
More than one-third of Gen Xers and Millennials have no retirement savings, and although many expect to rely on Social Security for a major portion of retirement income, they have no intention of maximizing their benefits, a survey finds.
The women are also far more risk-averse, PNC Investments learned in a survey.
Fifty-three percent expect to become millionaires, TD Ameritrade found in a survey.
More than half have set specific retirement goals, J.D. Power learned in a survey
This will mean shifting their current focus from Baby Boomers, TD Ameritrade learned in a survey.
Half of Millennials expect to retire with financial stability, although most admit they do not know how to successfully invest, PNC Investments found in a survey.
However, they are very responsible with their budgets, with 53% having an emergency fund
The majority believe they will have to work much longer than previous generations, Prudential learned in a survey
Only one-third are participating in their retirement plan
However, their fear of investing in the stock market could hurt their outcomes, a survey reveals.
They earn less than older generations, are less likely to participate in a retirement plan, and will have to contend with longer life spans and rising health care costs.
The Center for Retirement Research projects that 40% of those born between 1976 and 1985 will be unable to replace 75% of the income they received between the ages of 55 and 54 when they reach age 70.