Good News – Younger Generations are Saving More
An optimist will say “When life deals you a lemon, make lemonade,” and this GoBankingRates article sure seems to take that adage seriously. The most recent report from the Trustees of Social Security and Medicare has essentially repeated its dire warnings from previous years – Social Security’s Trust Fund, and Medicare’s Part A Trust Fund will be depleted within about 10 years necessitating an across the board cut in benefits unless Congress acts soon to reform these programs. That oft-repeated message seems, however, to be resonating with America’s younger generation, as revealed in a recent study which shows that younger Americans, concerned that Social Security may not be there for them, are now saving more, and sooner, than their older cohorts did. That, of course, is very good news for future retirees, as this GoBankingRates article reveals that participation in workplace retirement plans by younger workers has dramatically increased in recent years.