Millions of young Americans want a ‘different’ retirement from their parents — desire more action, adventure, passion projects. But here’s the hard truth they’re missing

How much should you have saved for retirement?

Life has only gotten more expensive, and that isn’t likely to change anytime soon. And with more Americans struggling with the cost of living and credit card debt these days — 72%, as per the Edelman survey — it’s harder than ever to build wealth and prepare for retirement.

With one-in-three (32%) of younger Americans believing they’ll never be able to “fully” retire, according to the Edelman Financial survey, a study from Northwestern Mutual also showed that the majority of future retirees believe they'll need at least $1.46 million saved in order to retire comfortably — which is 15% more than what was estimated the year prior.

In addition to that $1.46 million target, younger generations have to contend with the fact that Social Security may not be available to them anymore by the time they leave the workforce.

While Social Security benefits aren't going to run dry in the immediate future, the program's trust fund is facing a financial shortfall that could result in an automatic 23% benefits cut by 2035.

Many of the solutions lawmakers are proposing to hold that off — such as increasing the full retirement age — could still mean de facto cuts to benefits.

If these benefits are reduced and future retirees hope to indulge their passions and travel plans, they'll need more money saved than ever before.

Discover how a simple decision today could lead to an extra $1.3 million in retirement

Learn how you can set yourself up for a more prosperous future by exploring why so many people who work with financial advisors retire with more wealth.

Discover the full story and see how you could be on the path to an extra $1.3 million in retirement.

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What can people do to chart a new retirement course?

The harsh reality is that there is only one real option for younger Americans who want a different kind of retirement: they'll have to make substantial sacrifices now.

Starting as soon as possible, they'll need to set aside a good amount of money each month. This means opening a tax-advantaged account, such as a 401(k) or an IRA, and setting up automatic payments to help consistently contribute to it throughout their career.

A widely accepted rule of thumb is to replace around 70% to 80% of your pre-retirement income before leaving work — but those who have big plans for their later years may want to err on the side of caution and attempt to replace 100% (or more) so they can afford to indulge their passions.

Set some specific financial goals to help you map out your future. Consider bringing in a financial adviser to help you create a budget and plan that works for your lifestyle.

No matter the specific goal, the sooner future retirees start saving, the easier it will be to amass a significant enough fortune.

On the other hand, those who don't invest — or start far too late — could find themselves facing a financial future where their retirement isn't really a retirement at all and they get pulled back into the workforce in order to make ends meet.