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Generation Y not saving for retirement

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    Generation Y not saving for retirement

    Kinda scary......

    News Headlines
    Brian

    #2
    I don't think that article is anything surprising or new. Ask any generation how many of them were saving for retirement when they were 24 and I think the number will be pretty low. I sure wasn't saving for retirement when I was 24. I didn't finish med school until I was almost 26 and didn't start my first "real" job until I was 29, though I was eligible for the hospital plan during residency and did get money from that transferred to an IRA when I finished training.
    Steve

    * Despite the high cost of living, it remains very popular.
    * Why should I pay for my daughter's education when she already knows everything?
    * There are no shortcuts to anywhere worth going.

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      #3
      Honestly, I'm not overly concerned by this.... I think it's simply something that most young adults don't consider. Over time, my generation will recognize the importance of saving for retirement, and will jump on the bandwagon. I'm guessing, but I'll bet that the previous 2 or 3 generations were fairly similar... only a minority started saving for retirement early, and the rest picked up later in life (late 20's, 30's, early 40's). Not that this is the best/preferred scenario, but it's the way things are.

      Just from my limited perspective, I have a few friends who have recently started their retirement savings. I asked out of curiosity 'why didn't you do it 3-4 years ago when you first graduated college?' They just didn't think about it. My generation will likely just do the exact same thing that most other people (at least in the US) have done.
      "Praestantia per minutus" ... "Acta non verba"

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        #4
        Only thing a little concerning is the retirement landscape is changing from when I was that age(20yrs. ago). My father didn't put money away for his retirement because of a pension from his place of employment and the military. I don't recall many people who did because of pensions from various entities. Most survived decently in retirement.

        As we know, This is becoming somewhat rare nowadays in the private sector. I didn't think of retirement planning until I was 30 something but wish I had thought about it sooner. I do have a pension plan so that helps. I think the luxury of putting off planning for your own future retirement is coming to an end. Secure your own future or rely on the scraps you might get from SS with it's uncertain future.

        Young people don't look to the future in that way for sure but maybe that thinking has to change.
        "Those who can't remember the past are condemmed to repeat it".- George Santayana.

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          #5
          I am not quite as young as Generation Y, but I personally and most people I know are just trying to survive right now. Wages are stagnant, some of us are out of jobs, and we hardly have enough to save anything after paying bills. This is the reality for many younger people, under about 45. It is hard to save when you don't make enough money to put some aside for retirement! My first goal is an emergency fund!

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            #6
            It is hard in this day and age to think about retirement when you are trying to survive next week.....just saying

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