Many millennials actually are in much better financial shape than we give them credit for. 

(Can you say Evan Spiegel -- Snap Inc (SNAP) Founder or Mark Zuckerberg -- Facebook (FB) founder?) 

But many are not.  And according to our very own Robert Powell, Editor of Retirement Daily, its because they often make two basic mistakes.

So watch our video to learn what they are.  And of course how to fix them. 

And here's a big hint: When filling out your 401(k) contribution form, sign up for the auto-escalation option.  That will automatically increase your annual contribution each year.  Odds are good you'll get a pay increase as well so you won't even feel it.  And let's face it, left to our own volition, we don't often increase those things on our own.

But be sure to watch the video above to learn more!

  • Retirement is coming. It's never too early -- or too late -- to plan, save and invest for the retirement you want and deserve. Let TheStreet's new premium subscription newsletter, Retirement Daily, give you the insider's edge on how to maximize and protect your most important investment, your retirement savings. Learn more about Retirement Daily and get a free trial subscription.
 

For more great videos, subscribe to our YouTube channel here

More from How-to

AAP Exclusive: Cramer Says The President is No Longer on the Side of the Bulls

AAP Exclusive: Cramer Says The President is No Longer on the Side of the Bulls

How to Trade Stocks

How to Trade Stocks

How to Use Bitcoin for Purchases

How to Use Bitcoin for Purchases

Tax Tip: Get Money Back on Those Pesky Kids

Tax Tip: Get Money Back on Those Pesky Kids

Tax Tip: How To Report Your Bitcoin Earnings

Tax Tip: How To Report Your Bitcoin Earnings