Survey: Millennials expect to retire early; nearly half think they'll hit millionaire status

MILWAUKEE -- Millennials may not have the best reputation when it comes to being financially savvy, but a new report shows most of them are optimistic about their retirement plans.

TD Ameritrade found on average, millennials expect to retire by the age of 56, and of the 1,500 millennials surveyed for this study, 49 percent think they will hit millionaire status at some point in life.

Four percent said they already have.

Breaking it down by gender, 70 percent of men think they will hit millionaire status vs. 38 percent of women.

Previous studies have shown women are more pessimistic about their salaries.