It's no secret that baby boomers are facing a retirement crisis. Yet despite the hardships faced by their parents and grandparents — including delayed retirement, investment losses, and quality of life adjustments — the majority of Generation Y members have not begun to think about retirement.
According to a new survey by online investing firm Scottrade, the majority of Gen Y (55 percent) have not started to save for retirement, and fewer than a quarter (21 percent) are actively planning for retirement. Additionally, 60 percent of Gen Y saved nothing toward retirement in the last year, and 40 percent plan to save nothing in 2011. Twenty-one percent plan to save just one or two percent of their income this year.
Generation Y is defined as those born between 1983 and 1991 (currently aged 20-28). These individuals are often young professionals who are at the beginning of their careers; the perfect time to start saving for retirement. Yet 73 percent of these generation currently has less than $25,000 saved for retirement.
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