Average Millennial expects to be a millionaire and retire at 56

Average Millennial expects to be a millionaire and retire at 56Average Millennial expects to be a millionaire and retire at 56Theres no way to predict what will happen in life,but one things for sure Some Millennials have sky-high hopes for their money and careers.New research from TD Ameritrade reveals that 49% of those surveyed say they expect to reach millionaire status at some point in their lifetime (47% dont think theyll reach millionaire status at all, and 4% say they already have) and 56 is the average age that they expect to retire from the workforce.Head Solutions Group surveyed 1,519 Americans between the ages of 21 and 37.Heres what Millennials think will happenRespondents weighed in on the question, at what age did you or do you expect to complete the following life milestones for the first time, if at all? Here are six of the results (percentages may not add up to 100 due to rounding).First job in your chosen field, or field that became your career after studying/formal training average age of 25 (13% dont think it will happen not applicable to 17%)First time you move in with a serious partner average age of 26 (24% dont think it will happen)Being completely financially independent from my parents/guardians average age of 25 (19% think it wont happen)Marriage (i.e. legally) average age of 28 (25% think it wont happen)First child average age of 28 (30% think it wont happen)The highest average age was 56- which is when they expect to retire, although 28% dont expect to.JJ Kinahan, chief strategist for TD Ameritrade, commented on the research in a statement.Millennials are graduating at record rates, and its great to see that like fruchtwein previous generations of college students, young people are optimistic about the future. On average, survey respondents expect to land a job in their chosen field and be completely financially independent by age 25, he said. This is a financially optimistic group thats feeling positive about the economy, the job market and their own plans. However, they will need to develop saving and investing habits that will help them reach some pretty big goals.The research also found that while 53% of Millennials say they engaged in a salary negotiation during their most recent jobs, 47% said they did not.What Millennials are saving up forRespondents were asked what they were putting away money for (if at all). Here are the Top 5, plus a few extras.A vacation 43%Emergency fund (e.g. for home/auto repairs, unexpected bills) 39%Retirement 38%Home improvements 26%Education of my children/grandchildren 25%Bonus While 15% said they are saving up without a goal, 6% say theyre not putting any money away at all.When Millennials parents stopped funding themHeres the breakdown.When I finished high school 11%When I finished college 15%When I got my first real job 14%When I moved out of home 17%When I got married 10%When I had children 5%At another point 4%My parents have not cut me off financially/still provide s ome financial support 17%I dont know 8%