Answer: Starting to save for retirement in your 20s allows you to take advantage of compound interest, which can significantly grow your savings over time. The earlier you start saving, the more time your money has to grow and the less you will have to save each month to reach your retirement goals.

Answer: A common rule of thumb is to save at least 10-15% of your income for retirement. However, the exact amount will depend on your individual goals, lifestyle, and retirement timeline. It’s important to start small if necessary and increase your savings rate over time as your income grows.

Answer: Some practical ways for millennials to start saving for retirement include setting up automatic contributions to a retirement account, taking advantage of employer-sponsored retirement plans like 401(k)s, reducing expenses to free up more money for savings, and investing in low-cost index funds or target-date funds.

Answer: One way to stay motivated is to set specific retirement goals and track your progress regularly. Visualizing what your retirement lifestyle will look like can also help keep you motivated. Additionally, surrounding yourself with like-minded individuals who prioritize saving for retirement can provide encouragement and support.