The word “retirement” doesn't resonate with Gen Y, perhaps because millennials perceive it as a distant need when they are struggling with immediate priorities.(Photo: iStock)

Today, there are 75.4 million millennials living in the United States, making these 18-34-year-olds America’s largest generation. Not surprisingly, young people also are taking over the workforce, with one in three American workers classifying themselves as a millennial, according to the Pew Research Center.

This trend will only increase with time: It’s projected by the year 2050, there will be 79.2 million millennials (aka Gen Y) living in the United States.

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