Retirement planning is the key to living comfortably in your golden years. If this is true, why are such a high percentage of Millennials not buying in?

With a slow economy, stagnant paychecks, and the burden of student loan and credit card debt, it is difficult for this up-and-coming generation to get a toe hold in the present – let alone the distant future. Additionally, with low job prospects and uncertain social security benefits, there’s no telling where this generation will be in 40 years.

Young people are not only struggling to live comfortably today, but their retirement dreams are pretty cloudy. With these difficulties in mind, there are still ways to start preparing for the future even with modest contributions. Here are the top seven ways Millennials can start saving for retirement today.

1. Start Saving Small

As you begin saving, there’s no rule saying you have to throw thousands of dollars you don’t have into a savings fund. The easiest way to start saving is to first come up with a plan. See how much you can afford, decide where you want to allocate your funds, and make contributions per paycheck or monthly. Weigh all of your options, perform your due diligence and select the best option to start you on the path.

2. Take Advantage of Company 401K

While there are restrictions on some company 401Ks, if you are able to contribute, this is a great place to start building your retirement fund. Regardless of how long you plan to stay with a company, most 401Ks rollover should you choose a new place of employment. In some cases, employers will match your contributions giving your account a little extra boost.

3. Automated Contributions

Rather than placing your contributions on yourself, make this transaction automated. From that point on, you can adjust your spending based on your contribution payments. This way, your retirement starts to build, no matter how slowly, and you already have it factored into your budget. As your paycheck increases, you can change the amount of money you want to contribute.

4. Open a Roth IRA

If your company doesn’t give you the option of a 401K plan, another route you can take to start saving is opening a Roth IRA. These IRAs have no minimum contributions, require a lower tax bracket, and build up your contributions tax-free. Roth IRAs are a good place to start, especially if you have long-term retirement goals. For the more savvy investor, consider opening up a self-directed IRA.

5. Track Overall Spending

If you are having difficulty finding any extra money in your income, draw up a plan of your monthly spending. It is a good idea to see where the majority of your money is going. Of course, big things like rent/mortgage, credit card payments, and daily expenses are obvious, but it could be the little things that could be stealing from your pocket. Perhaps you can find better interest rates on your loan or maybe you can cut back on the daily coffee that costs $6. Cutting little corners to pull in a little extra money can be beneficial in the long run.

6. Testing out a Budgeting App

Technology is the gift of this generation. Of course, with amazing tech innovation comes some financial planning leaps. You can take advantage of new apps like Mint to see where your money is really going. Keep an eye on where you are spending your money and see what every cent is being spent on. Accounts like these can monitor your debt, track your spending, and even check your credit. Some apps even offer solutions to pay down debt faster, boost savings, and help you stay on track monthly.

7. Balance Debt and Savings

The biggest issues Millennials face when saving for retirement is the burdens of student loan and credit card debt. Of course, the main goal is to pay off these ridiculously high balances in order to start saving for the future, but unfortunately, that comes at a cost. Rather than trying to face your debt first, try creating a balance between your savings and your debt. Consider contacting a financial advisor and find a more efficient way to tackle your debt.

Planning for the Future

Financial planning doesn’t have to wait. The sooner you start building a nest egg, the quicker it will grow into a comfortable retirement fund. Don’t shoulder the burden of debt and suffer in the future. Take the steps now to set up a retirement account that works for you and your budget. As always, perform your due diligence before embarking on any financial plan and take control of your future. Contact a trusted Custodian today.