This is the most underrated retirement savings move, according to Bank of America’s head of consumer client solutions

First, get help if you need it. “If you don’t know where to start, a financial adviser can help you prioritize and come up with a plan to achieve your unique goals,” says Gellene. (If you’re looking for an adviser, you can find one using CFP Board, NAPFA or you can get matched with fiduciary advisers with this free tool, from our ad partner SmartAsset.)

What’s the most underrated retirement savings move that most people overlook?

“One of the most underrated strategies is simply taking full advantage of your employer’s 401(k) match. It’s essentially free money and yet many people, especially younger workers, leave it on the table. If your employer offers a match, contribute at least enough to get the full benefit,” he says.

“Beyond that, make sure you’re automating your contributions. When you pay yourself first by sending part of each paycheck straight to savings, you remove the friction of having to make that decision every month. Small, consistent contributions made over time can make a meaningful difference thanks to the power of compounding.”

If you could give one piece of retirement advice, what would it be?

“Start now, even if it’s small. The best time to start investing is today. You don’t need a large lump sum to begin planning for your future; a few hundred dollars is plenty to get started. Even contributing just 1% or 2% of your income makes a difference if you’re consistent and increase it over time. The earlier you start, the more time your money has to grow. Your future self will thank you,” he notes.

What’s the biggest retirement mistake you see people making today?

“Deprioritizing retirement in favor of shorter-term goals. The challenge is that delaying retirement savings, even by a few years, can result in a significant loss due to missed compound interest. And later in life costs like healthcare can add up quickly,” says Gellene.

What’s something about retirement that keeps you up at night?

“The gap between awareness and action. What concerns me is that awareness alone doesn’t close that gap. That’s why accessible guidance is so critical to helping people turn intent into action,” he says.

If you were starting your retirement savings from scratch today, what would you do?

“Three things in this order:

1. Build a budget that treats savings as a bill. Get into the habit of paying yourself first, whether that’s an IRA contribution, a savings account or a 401(k) plan. 
2. Contribute enough to capture any employer match. That’s an immediate, guaranteed return.
3. Set it and forget it. Use automatic savings tools to make contributing seamless, then set a goal to increase your contribution by 1% every year or whenever you get a raise. You’ll barely notice the difference in take-home pay,” he says.

What retirement conversation are most people too afraid to have but desperately need to have?

“Am I actually on track or am I just hoping it’ll work out? Many people avoid sitting down and running the numbers because they’re afraid of what they’ll find. It’s also important to talk about later in life costs that many people don’t factor in, like healthcare. Building up savings early is one of the best ways to make sure you’re prepared for expenses that go well beyond day-to-day living,” he notes.

What’s one retirement rule of thumb that’s outdated and needs adjusting?

“The idea that you need to save 10-15% of your income right out of the gate or it’s not worth starting. That mindset actually discourages people from beginning at all. If 10% feels impossible, start with 1% or 2%. Then increase by 1% each year or whenever you get a raise. Consistency matters more than the starting amount. The key is building the habit early,” says Gellene.

At what point is it truly too late to start saving for retirement and what can people in that situation do?

“It’s never truly too late but the playbook changes. The power of compounding works best over decades, so someone starting later will need to be more aggressive with higher contribution rates, maximizing catch-up contributions and potentially adjusting their retirement timeline or lifestyle expectations,” says Gellene.

What does a good retirement look like in 2026?

“It looks different for everyone. A good retirement today means having the financial security to live on your own terms, whether that’s traveling, spending time with family, pursuing passion projects or simply not worrying about healthcare costs,” he explains.

“What’s changed is that the path to getting there is more personalized than ever. People have access to better tools, better guidance and more flexible investing options, from self-directed platforms to adviser-led strategies. The key is starting early, staying consistent and finding a trusted partner who can help you navigate every stage of the journey.”