Employers need to act now to get younger employees interested in saving for retirement via defined-contribution plans, according to a new study by Northern Trust.
"The Path Forward: Engaging the Younger Employee in DC Plan Participation" noted that workers under age 35 are likely to be more dependent on defined contribution plans for their retirement savings than previous generations, as more employers move away from defined benefit plans and the long-term viability of the Social Security program is called into question.
The report's authors argue that although Baby Boomers get most of the attention when it comes to stories about retirement, now is the time for employers to direct their time and resources to helping out the 61.5 million workers who are under age 35.
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