"Most Americans are doing a decent job saving through their 401(k) retirement plans. More than two thirds of all workers who are eligible to participate in a 401(k) do, according to a recent study by Hewitt Associates. Unfortunately, the same can't be said for younger workers, a greater percentage of whom will rely on these accounts to cover most of their retirement expenses."
" Fewer than a third of workers under 25 contribute to their 401(k) plans. And those who are participating are saving far less than older workers, both in percentage and dollar terms. In fact, while baby boomers (workers 42 to 59) in 401(k) plans sock away more than 8 percent of their salaries on average, workers 18 to 25 save only 5.6 percent."
"This explains why many of these young workers have a negligible amount amassed in their accounts. According to Hewitt, the average 18-to-25-year-old has saved only $3,200. Even worse, ... read the whole article
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