happy people giving thumbs up sign Oddly, most respondents feel they are not financiallybetter off than their parents were at their same age (56 percent),but they also feel that their life and career options are betterthan their parents' were (61percent).(Photo: Shutterstock)

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They don't have savings and most couldn't deal with a financial emergency of $500—but they plan toretire by the age of 60 and plan on living tillage 80.

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That's why Varo Money describes them in its research as “curiously optimistic” about theirfutures, particularly since it's anticipated that a couple retiringnow at age 65 will need some $280,000 just for medical expensesover the course of their retirement.

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A more detailed breakdown of just how unrealistic that optimismis includes a look at how much people have managed to save.

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While 55 percent couldn't meet an emergency with $500 cash, 45percent don't even have a savings account, 30 percent of those whodo save have less than $5,000 and only 33 percent of those who havesavings have accumulated $5,000 or more.

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Yet 59 percent of respondents under 60 say they plan to retireby age 60, despite that lack of savings.

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And while 37 percent plan to live into their 80s and 20 percentthink they'll make it to their 90s, 43 percent of all those whocouldn't even pay for a $500 emergency don't have health insuranceeither. One wonders how they plan to get so old.

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And it's not that they think they need all that much money—well,some of them don't think they'll need much. An astounding 31percent think that they'll be happy on an income of $25,000–$49,000a year.

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Nearly a third of millennials, on the other hand, assume they'llbe living on $100,000 a year when they do retire—despite the factthat they're even worse at saving than the overall population; 61percent of millennials don't have $500 to cover an emergencyexpense, and millennial women are even worse off, at 65percent.

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Such unrealistic numbers may arise from some other unrealisticattitudes, of course. Close to half—41 percent—say that enjoyingthemselves every day is most important when it comes to money,while 35 percent say that saving for periodic big events orpurchases like a vacation is most important.

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Less than a quarter give priority to retirement; just 24 percentsay that saving for retirement is most important.

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In addition, some may be following a koan that demands belief oftwo contradictory thoughts at the same time, since most respondentsfeel they are not financially better off than their parents were attheir same age (56 percent), but they also feel that their life andcareer options are better than their parents' were (61percent).READ MORE:

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Gulf in retirement preparedness mirrors gulf inbehaviors

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Race, ethnicity play huge role in retirementpreparedness

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5 retirement preparedness numbers foremployers

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