Retire This: Millennials Have No Money For 401k

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

WASHINGTON, D.C. - A new study has revealed that a lot of people's 401(k) plans are not ok. Yeah, that nest egg is looking a little bare for most folks.

The Employee Benefit Research Institute says the median amount for a 401(k) account is about $18,000. Almost 40% of workers have less than $10,000 tucked away.

Folks between the ages of 55 and 64 years of age seem to be doing better. They've got around $76,000 stashed.

But another generation could be in big trouble, millennials. They've had a tough time saving because the cost of college has soared and because wages for middle-class workers have stayed flat.

Home ownership rates for people under 35 years old has also taken a nosedive. So this  empty 401(k) trend might not get better any time soon.

But hey, no one said being a millennial was all selfies and status updates. Let`s hope this generation has some better news to post about when it's time to retire.