6 pieces of retirement advice millennials need to hear, according to a behavioral finance expert

Millennials need to budget, save whatever they can, take advantage of any 401(k) plans available, and start saving early to retire well someday.

A behavioral finance expert says millennials should start saving for retirement sooner than later. Photo: Jessie Casson/Getty Images

By Liz Knueven

Survey data shows that millennials are feeling confident about their retirement, but there’s always room for improvement.

In 2019, about 54% of millennials didn’t have a retirement account. For the confidence trend to continue, more millennials will need to build savings.

Behavioral finance expert and wealth manager Shari Greco Reiches says there are six things millennials need to know as they start (or continue) to save and work towards retirement.

Behavioral finance expert Shari Greco Reiches. Photo: Courtesy of Shari Greco Reiches

1. You have to start early

Reiches says she wishes more millennials understood the power of saving for retirement sooner rather than later.

“If they start saving in their 40s and 50s, they could give up millions of dollars by not saving early,” she said. By saving early, you can take advantage of compound interest, where money grows based on…