Retirement income planning is important for millennials because it allows them to start saving and investing early, which can lead to a more financially secure retirement. By creating a plan and setting aside money for retirement, millennials can take advantage of compound interest and potentially grow their wealth over time.

It is never too early for millennials to start planning for retirement. The earlier they start saving and investing, the more time their money has to grow. Ideally, millennials should start planning for retirement as soon as they enter the workforce and begin earning income.

Some retirement income planning strategies for millennials include setting specific retirement goals, creating a budget, automating savings contributions, diversifying investments, and regularly reviewing and adjusting their plan as needed. It is also important for millennials to take advantage of employer-sponsored retirement plans, such as 401(k) accounts, if available.

Millennials can determine how much they need to save for retirement by calculating their expected expenses in retirement, estimating their retirement age, factoring in inflation, and considering their desired lifestyle in retirement. There are online retirement calculators and financial advisors who can help millennials determine how much they need to save based on their individual circumstances.