- - 3 Things Millennials Should Be Doing if They Want To Retire Wealthy

Laura BogartDecember 28, 2025 at 3:17 PM

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Though it seems like just yesterday that millennials were bopping away to “Get Low” in the club, they’ve now reached an age where retirement is on the horizon. After growing up during periods of broader financial tumult — and having their love of lattes and avocado toast unfairly blamed for it — many millennials may assume that retiring wealthy simply isn’t in the cards.

To paraphrase another popular song from their teen years, they’d better lose themselves in the moment of smart retirement planning. Barbara Ginty, a certified financial planner and host of the Future Rich podcast, knows how to help people of all generations achieve their retirement goals. She says there are a few core actions millennials should start taking now if they want to retire wealthy in the future.

Reduce Debt

Ginty describes debt as a burden that can hold millennials back from their financial goals — including a comfortable retirement. She encourages people to be proactive about avoiding certain kinds of debt.

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“Credit card debt and buy now, pay later, or BNPL, are some of the worst types of debt,” she said. “Student loans are a close second because student loan debt can have interest capitalization, which is dangerous.”

If you’re already caught in these forms of debt, you’re far from doomed. You’ll need to find a repayment approach that works for you, and you may benefit from connecting with a financial advisor who can tailor a strategy to your situation.

Cut Your Housing Spend

Many millennials weren’t ready to buy their first homes during the 2008 housing crisis, but they likely still remember the caution that surrounded that period. The key lesson: don’t overspend on housing, leaving too little room to save or reduce debt.

Ginty encourages millennials to think of their primary residence as a nonperforming asset and an expense.

“This is due to the money needed to maintain a property, even excluding a mortgage, such as taxes, insurance and maintenance,” she said. “Additionally, it is not liquid and may not sell for the price you want — don’t forget 2008.”

Save Aggressively

Ginty has some tough love for millennials here — and no, it’s not about your regular latte habit. It’s about commitment. You need to prioritize saving, and you need to start now.

“By saving aggressively now, you can leapfrog your peers. Time is one of the biggest factors in wealth building,” she said. “If you can save a lot and have time on your side, you can put yourself in a winning position.”

Tips for Achieving These Goals

If Ginty’s steps seem reasonable but leave you wondering how to get started, don’t worry. She offers practical guidance to help you move forward on the path to a wealthy retirement.

Analyze Income vs. Expenses

Ginty encourages people to take a close look at cash flow. Ask yourself how much money is really going toward savings and debt reduction. Also, consider whether you’re prioritizing retirement the same way you prioritize other spending.

“Often on the podcast, we find that ‘wants’ far exceed money going toward ‘needs,'” she said. “Retirement should be a need, as no one wants to work forever. Housing is often listed as a need, but the amount being spent would fall into the want category.”

Look at Your Regular Habits

Like almost anything else in life, creating a successful retirement plan requires building positive habits. Ginty suggests thinking of daily and monthly habits as the foundation that supports your long-term goals — and having the discipline to stick with them or course-correct when necessary.

One major pitfall to watch for is lifestyle creep.

“I often hear the phrase ‘I deserve it’ used to justify spending on luxuries that feel good in the moment but don’t serve long-term goals,” she said. “Remember, you deserve to have an emergency fund. You deserve to be free of debt. You deserve a stress-free path to retirement.”

Remember, You’re in Control

Money matters can feel overwhelming, but Ginty reminds people that they’re ultimately in control of whether they retire wealthy. Being the steward of your financial future requires hard work, discipline and time — but it can be worth it.

“There is no quick fix or overnight success when you’re building your own retirement wealth,” she said. “You need to be disciplined with how your money is spent and why. Ignore what everyone else is doing.”

You can also be your own advocate in your career by seeking advancement and higher earnings over time.

“No one is going to do it for you,” she said. “You need to take control of your finances and your earning potential and make sure you take care of your future self.”

The Bottom Line

Millennials are approaching an age when retirement is becoming a reality. Now is the time to take control of spending and saving, work toward eliminating debt, and remember the personal agency that plays a role in whether they retire wealthy.

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