Retirement is kind like?a family dinner table with a job, a home, Social Security, and a pension.?But Generation X essentially experienced a house fire. Firstly,?their pension leg replaced by 401(k) plans, which are funds based on worker contributions. Then, the housing bubble took another leg. So now generation Y?s table is wobbling on its last two legs: a job and a 401(k), which are co-dependent.?
Thus, instead of protection, Gen Yers have inherited a great deal of pressure and they have to start planning their saving for?retirement?from a very young age. However, for many graduates, reducing debt, which is mainly student loan, is the first priority before saving. Now, without home equity or government checks to support retirement, the golden years become dependent on investing and they are?actually overly conservative to take risk.
Source: USA Today
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