Many older millennials are over $400K short of key retirement targets for their 40s
A Transamerica Center for Retirement Studies report finds that the median retirement savings for older millennials in their 40s is $73,000, leaving a $427,000 shortfall from the $500,000 they expect to need. The article attributes the gap to rising housing costs, inflation and higher interest rates that have limited their ability to save. Experts suggest that recognizing the deficit and cutting larger expenses can help narrow the gap, though the recommended retirement target is $1.6 million.
- ▪The median retirement savings for millennials in their 40s is $73,000, $427,000 less than the $500,000 they believe they will need.
- ▪Experts recommend a retirement nest egg of about $1.6 million for this age group, far above both the median savings and the perceived target.
- ▪Rising mortgage payments, property taxes, home maintenance costs and insurance premiums have eroded disposable income for many older millennials.
- ▪Financial advisers advise that acknowledging the shortfall and reducing major expenses are essential steps toward closing the retirement savings gap.
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| Original publisher | New York Post |
| Canonical URL | https://nypost.com/2026/06/11/real-estate/older-millennials-are-over-400k-short-of-retirement-targets-for-their-40s/ |
| Publication time | Thu, 11 Jun 2026 15:17:16 -0400 |
| Retrieval time | 2026-06-11T19:21:13.673Z |
| Last seen | 2026-06-11T19:21:13.673Z |
| Headline source | Publisher (no WeSearch rewrite) |
| Excerpt source | publisher body |
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| Summary | WeSearch · cerebras-chat (WeSearch summarizer) |
| Summary source text | contentText |
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| Cluster | JP1BLPSENhW_ |
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| Retrieval / RAG | May the content be exposed for third-party retrieval-augmented generation? | Not asserted |
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Opening excerpt (first ~120 words) tap to expand
Real Estate Many older millennials are over $400K short of key retirement targets for their 40s By Anna Baluch Published June 11, 2026, 3:17 p.m. ET See more of our coverage in your search results. Add The New York Post on Google Originally Published by: World Cup Tickets Cost More Than a Monthly Mortgage Payment in These 5 Host Cities Planting a Community Garden on Your Property Line Can Bond the Neighborhood Boomers Selling Longtime Homes Would Get Tax Holiday on Their Profits Under New Bill For many older millennials—now in their 40s—it’s time to play catch-up. According to a report by Transamerica Center for Retirement Studies, the median retirement savings for this group sits at $73,000.
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