When it comes to retirement savings, millennials could use some help.
According to a recent Merrill Edge report, only about one third prioritized retirement as a savings goal. Instead, millennials are budgeting for things like travel, dining and fitness. And many people between the ages of 23 and 35 still lack basic financial literacy. Given a set of basic financial questions, just 24 percent of some 5,500 young professionals provided the correct answers, a PricewaterhouseCoopers report shows.
If you haven't started thinking about retirement, or don't have a clue where to start, don't panic. Financial experts have a series of steps you can take immediately — within the next 24-48 hours, in fact — to start a real plan.
"Shift the mindset of using your 20s as a throwaway decade, one where you make lackluster decisions thinking that you've got time on your hands," says Kara Stevens, founder and CEO of money-planning blog The Frugal Feminista. "Begin thinking that it's never too early to save."
Here are 4 simple steps to get on track for retirement: