The last thing on the mind of millennials is saving for retirement. The thought of having enough money when you retire later in life can be a boring topic. Not to mention, retirement is 40 years away for many who decide to retire at Social Security’s standard age of 65. But, the truth is, the day of retirement will eventually come regardless if one is prepared or not.

With a wealth of information available, millennials have the ability to out-earn and out-save their parents generation. And many have been smart about saving for emergencies and retirement. However, many are also riddled with large debt; such as college loans, credit cards, auto loans, and homes. So, what is the best way to prepare for retirement with the income you currently have?

The first step is to evaluate your financial health, according to David Giertz, an Ohio Financial Planner, who outlined steps that millennials can use to plan more effectively for retirement. He stresses the need to save for retirement but also to pay down debt as quickly as possible. Reviewing your financial health will help you to understand if you are currently saving enough money to reach long term goals.

The second most important step, is to start as early as possible. Rather you are 23 or 19, it is never too early to open and save with an Individual Retirement Account or IRA. Starting early allows you to benefit from compound interest. Adding small amounts of money over many years will compound and provide a nice surprise when it matters the most.

Paying down debt as quickly as possible can seem overwhelming, but it is essential to financial growth. As a Certified Business Coach with WABC, and former President for Nationwide Financial’s sales and distribution organization, David Giertz encourages millennials to take on a side gig. A side hobby or interest that you are passionate about can be turned into a business. A side gig may not replace your main income but it can produce income that can be carried over into retirement.

The overall goal is to save consistently over many years while one is young, to ensure there is enough money during retirement.

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