(CNBC) — Millennials shouldn’t let a modest salary deter them from saving for retirement, as deferrals as low as 5 percent may be able to get them closer to $1 million saved by age 65.

More than half of men and nearly three-quarters of women ages 22 to 35 believe they won’t be able to accumulate $1 million in savings, according to the Wells Fargo Millennial Study.

It’s easy to see why they feel that way.

The median personal income of the men surveyed was $39,100 and $28,800 for the women.

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