Millennials Redefining Retirement Says Merrill Edge Report

Millennials have a unique perspective on their coming golden years and how they plan to save for them. And that could redefine retirement for everybody. According to the latest Merrill Edge Report, 41 percent of millennials surveyed expect to retire when they hit a certain financial milestone or savings goal, as compared to their older counterparts who generally plan to exit the workforce when they hit a certain age or poor health prevents them from working. 'Millennials are starting to redefine retirement,' said Aron Levine, head of Merrill Edge at Bank of America (BAC) - Get Report . 'Only 10 percernt of current retirees said they retired at a financial milestone and almost all of them said it was over an age or career point, whereas the millennials are talking about a certain financial milestone or savings goal and that's what is going to drive them through retirement.' Moreover, millennials tend to believe that retirement is more than a time for rest and relaxation - it's a time for action.