Young people may be underestimating how much money they need to fund their futures.

"As many as 34 percent of millennials believe they only need $200,000 or less to retire comfortably," reports Aperion Care, which surveyed 2,000 millennials to get a sense of what they think about aging, retirement and their future in general.

"The reality, however, is they need much more. According to AARP, in order to live off of $40,000 a year, a retiree needs to save about $1.18 million for a 30-year retirement."

The same report found that only 25 percent of millennials think they need $1 million or more to retire comfortably. The chart below comes from Aperion Care: