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New studies reveal that few people in the 18 to 34 demographic have thought about their retirement planning. Savings2Income offers this generation a formula for getting started.
Bohemia, NY (PRWEB) February 08, 2013
On February 8, 2013, following an article published on January 29th by Forbes about people ages 18 to 34 who don’t think about planning for their future, Savings2Income weighs in on Generation Y looking beyond the present and toward the future.
According to the article “A Guide To Jump starting A Retirement Plan In Your 20s” by Abram Brown for Forbes, interviews of a group of people by Scottrade two years ago revealed that 60 percent of these young people don’t even think about retirement planning, and “more than half” of them haven’t even started saving.
The following year, according to the article, a study by Pew Research found that “35% of those ages 18 to 34 are not too confident or not confident about retirement.”
The article suggests that members of Generation Y when choosing between two nearly identical job offers, “You need to learn more about those benefits. Less than 30% of employers don’t match.”
In response to the article, Jerry Golden, developer of Savings2Income, offers his advice. “In your twenties, it would definitely be smart to put aside just 10 percent of your paycheck. As your income grows, so can that percentage, and by the time you near your sixties, a nest egg has grown while you weren’t even looking.”
The article also cites a survey by Demos that found that people ages 25 to 34 have an average credit card balance of more than$5,100, and a fourth of people in their fifties or older – who have a retirement account – have been tapping into those savings to pay down credit cards in the past year.
Golden, strongly urges those in this younger generation to heed these warnings and start saving as early as they can.
An innovative retirement planning method called Savings2Income (S2I) created by Jerry Golden seeks to provide a clear path to retirement security for those saving for retirement, soon to retire, and recently retired. S2I incorporates Rollover IRA savings, personal retirement savings held outside an IRA or 401(k) plan and Social Security into an integrated solution.
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