Lower expected returns in stock market = millennials need to save more on own for retirement

This piece does a good job of explaining why millennials should strive to save double what their parents might have saved as % of annual income over the course of their careers.

Also on this subject, Megan McArdle provided the simplest analogy I’ve seen to understand the numbers behind saving for retirement: “Imagine yourself storing up food for the last 30 years of your life from the harvests made during the first 40. You might hope that when you’re older, and no longer toiling in the fields, you won’t need to eat so much. Nonetheless, you’d understand that you would need to put aside a considerable portion of your harvest — something close to what you’re eating each day — to ensure that you don’t starve to death in your old age.”