Here’s a CNN article titled “Report: Many young workers ignoring 401(k)s” that I found interesting. Knowing a fair number of people from Generation Y, I can vouch for the fact that not many young people are thinking — or saving for — retirement. I would say maybe 10% of my friends are already putting money into their 40lK’s. That’s a scary figure with the possibility of the social security system being bankrupt by 2042. That’s why I’m taking the approach that I need to fund my own retirement by starting to save now (well, I started 2 years ago).

This is certainly a scary quote if you ask me –

The GAO report estimated 36.8 percent of today’s 17-year-olds will have no money in a 401(k) or similar plan when they retire. The numbers will be worse for low-income workers: 63 percent of them will have zero dollars in a 401(k)-type account when it comes time for them to retire.

  • Dru

    Kind of scary to read this.

    Saving money for my retirement was really difficult for me to start, but I’m so glad I did. And when an employer adds to the contribution, it’s a big bonus.

    The sooner someone starts saving, the less painful it will be. Time is power when it comes to saving.

    Timely post.