Retirement planning is the process of saving and investing money throughout your working life in order to prepare for your retirement years. It involves setting financial goals, creating a budget, choosing investment vehicles, and monitoring your progress over time.

Starting retirement planning early allows millennials to take advantage of the power of compound interest. By investing small amounts of money over a long period of time, the interest earned on those investments can grow significantly. Additionally, starting early gives millennials more time to recover from any market fluctuations or financial setbacks that may occur.

Some retirement planning strategies for millennials include setting clear financial goals, creating a budget, automating savings, investing in a diversified portfolio, and regularly monitoring and adjusting your plan as needed. It is also important to educate yourself about retirement planning options and seek advice from trusted financial professionals.

Some common mistakes millennials make when it comes to retirement planning include not starting early enough, relying solely on Social Security benefits, underestimating how much they will need in retirement, not diversifying their investments, and not regularly reviewing and adjusting their plan as needed. It is important to be proactive and informed when it comes to retirement planning.

Technology can help with retirement planning for millennials by providing access to online tools and resources that can help with budgeting, goal-setting, and investment selection. Additionally, there are many mobile apps and platforms that allow for easy and convenient investment management and monitoring. However, it is important to also seek advice and guidance from financial professionals when using technology for retirement planning.