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

In fact, 42% want to be more active, 39% want more adventure, and 37% want the chance to pursue passion projects. Other aspirations include a minimalist lifestyle (26%) and a more nomadic life (24%). This is in stark contrast to retirement stereotypes of the past which tended to focus on plenty of rest and relaxation, with financial stability being the main goal.

While these are all certainly worthy goals to achieve during those golden years, there's one big problem that younger generations may not fully realize.

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.