It’s no secret that Millennials are skeptical about the economy and doubt their ability to retire. Of course, compared to the previous two generations, Millennials also have the most years left to catch up with their retirement plans. 

With nearly 80 million people in this demographic, planning for the future could significantly sway the future economy of the U.S. 

1. Evaluate Whether to Refinance Private College Loan Debt 

Millennials carry an average college debt of $41,286, which is much higher than the nation’s overall average of $29,400.9 As a result, one way Millennials can start saving money today is by refinancing their college debt. This strategy can be helpful if you’re looking to lower the monthly interest rate you pay.10 By locking in a lowered rate, you can decrease your monthly payments and use that extra money to invest in your retirement savings accounts. It’s usually important to check with a financial professional to determine if this in this right strategy for you.

2. Take Advantage of Your Employer-Matching Retirement Benefits 

Believe it or not, 15% of Millennials include winning the lottery as part of their retirement income strategy, and only 29% actually have a retirement plan.8 If you work for an employer that offers an employer-match retirement program, be sure you are taking full advantage of your options. Just think, if your employer does a 100% match, you can automatically double your money. By not doing so, you’re literally throwing free money out the window. 

3. Time Is on Your Side But Don’t Take It for Granted! 

Hey Millennials, you’re the youngest working generation so time is on your side, but don’t make the same mistake as many others and put off saving for retirement. You can get ahead in your retirement savings in ways previous generations can’t. However, the decades you have until retiring can also mean you potentially wait until the future to plan, and as a result, you can miss key opportunities. So, embrace the time you have to let compounding rates work for your financial goals. Details like starting to invest in your 20s over your 30s can mean hundreds of thousands of dollars in retirement money. The fountain of youth doesn’t last forever so resolve to plan and you’ll have more time to live your life, your way. 

No matter your age or life stage, being able to retire when and how you want requires diligent planning now. By taking the steps you need today to get ahead tomorrow, you’ll help ensure you have the time and money you need to enjoy life in the ways you want—and comfortably experience your retirement.