In last two economically tumultuous decades, purse strings for Millennials have been pulled tighter and tighter. Between the student loan crisis which has landed many people in their 20s and 30s in heavy debt, and the difficulty many Millennials experience in finding an employer with a decent benefits package, retirement is definitely not at the forefront of everyone’s mind.

In a poll where Millennials responded about their biggest financial worries and what keeps them up at night, 38 percent said that saving for retirement was at the top of their list. However, what clearly emerged amidst the responses was that there is a sense of the unknown, or intangible. However, the future comes faster than anyone ever expects.

THE BIGGEST THINGS THAT STOP MILLENNIALS PLANNING FOR THEIR FUTURE

1. Student Loan Debt

   While student loan debt is something that’s plaguing the entire nation, it doesn’t mean you need to obsess over it if you’re able to make your payments. There are different types of student loans and repayment plans, and you should balance how much you allocate to pay them off with actively saving for the future. Interest rates and loan duration are also important factors to keep in mind.

2. Retirement Is Too Vague

   Although you can never start too early, over 57 percent of Millennials haven’t started saving for retirement yet. Retirement may seem like the distant future, whereas buying groceries this week is more important than where you’ll be living in 50 years. However, this couldn’t be further from the truth. By putting off making these types of decisions, Millennials are shooting themselves in the foot. Although contributing to a retirement fund may not be possible at certain points, what’s important is to plan for a time when you can start contributing, and stick to that plan.

3. Not Seeking Assistance

   During a survey undertaken by Goldman Sachs about how much of their time Millennials would be willing to spend to receive financial advice, over half the respondents wouldn’t allocate over an hour. This is a huge problem, since saving for retirement can’t start early enough, and with all of the economic crises that the Millennial generation has seen, it’s more important than ever to know what you’re doing. Not investing the proper amount of time and effort to see a financial advisor can be disastrous.

4. Misunderstanding Employer Benefits

   Saving for retirement can be a tricky process if employers don’t offer a good benefits package, or lack one altogether. Many may find themselves working as freelancers, and therefore are unable to buy into the retirement program. However, once you have an opportunity to participate in a plan, take advantage. It’s common that different types of retirement plans are misunderstood, and only end up equating to money deducted from your paycheck and less take home cash. However, what many miss are the details that go along with buying into the company retirement plan. Employers generally will match your contributions up to a certain percentage, and sometimes very generously. Your tax bracket also decreases, since contributions to retirement plans are pre-tax.

While these are all valid reasons to be hesitant about saving for retirement, the fact of the matter is that any financial planner will tell you that the earlier you can start saving, the better. Even if it’s simply allocating a minimum retirement plan contribution, a proactive approach will serve you better in the long run.