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Many millennials are fresh out of college and haven’t set up a retirement account or prioritized saving for the distant future. According to a survey by LendEDU, 37% of those between the ages of 22 and 37 haven’t started putting away money for retirement. Many face challenges such as a difficult job market or significant student debt.

Saving for retirement needs to be a priority for millennials. The earlier they starting saving, the more they’ll have when it comes time for retirement. Investing in the future can be an overwhelming task, especially when it seems so far away. This doesn’t have to be the case!  The following pieces of advice will help them stash away enough money to retire comfortably.

Simultaneously Save for Retirement and Pay Off Student Debt

Student loans present one of the biggest challenges to saving for the future. Graduates need to strike a balance between both. They can do this by looking at the interest rates of their loans. If the interest rate is low, they can safely invest in retirement while simultaneously paying down debt. On the other hand, if their debt has a high interest rate, it makes sense for them to focus on paying off the loan as soon as possible. If they find that their loans carry a higher rate than what their investments are earning, they need to put all their efforts into eliminating their debt.

Take Advantage of Employer-Offered Plans

One of the most impactful steps someone can take to save for the future is to take advantage of a retirement plan offered at work. Each contribution someone makes is deducted from their taxable income, which has the potential to reduce their tax liability. Some employers even provide matching contributions. Millennials should be saving at least enough so that they meet the match requirement. Otherwise, they’re leaving easy money behind!

Track Spending and Make Budget Adjustments

Another habit millennials should establish is tracking their spending. Even if millennials want to start saving for retirement, many feel like they can’t afford it. By monitoring their spending, they will be able to see exactly where their hard-earned dollars are going. They can trace their habits and find out which expenses they can cut out.

Millennials can also adjust their budget and income by picking up another job. This could be freelancing or working as a ride-sharing driver. Even just a little bit of extra money a month will go a long way when put into a retirement savings account!