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It's understandable for the millennial generation to think they have plenty of time to save for their retirement. But while retirement must seem like a long way off, it's never too early to start planning for it.

The danger for these young people is that by putting off investment decisions and failing to save, millennials are missing out on sizable nest eggs for their retirement.

Read MoreSimple ways to max our your 401K

Millennials can benefit the most by adopting a different view of retirement and financial planning while they're still young—specifically, adopting good saving habits and appreciating the power of compound interest. To be quite clear: Compound interest, an extremely powerful force that allows investors to earn exponentially larger gains on their money over time, is a saver's best friend

For millennials, the secret to success is to make compound interest work for them now, in their early years of saving. By doing so, they can grow their wealth now to enjoy retirement later.

Brittany Castro, founder and CEO of Financially Wise, explains more.

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