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 oflife adjustments — the majority of Generation Y members have not begun to think aboutretirement.
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 fewerthan a quarter (21 percent) are actively planning for retirement.Additionally, 60 percent of Gen Y saved nothing toward retirementin the last year, and 40 percent plan to save nothing in 2011.Twenty-one percent plan to save just one or two percent of theirincome this year.
Generation Y is defined as those born between 1983 and 1991(currently aged 20-28). These individuals are often youngprofessionals who are at the beginning of their careers; theperfect time to start saving for retirement. Yet 73 percent ofthese generation currently has less than $25,000 saved forretirement.
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