Significant majorities of young people, but only a minority of their boomer parents, contribute regularly to individual retirement accounts, according to new research by TD Ameritrade Holding Corp.
The report reveals that 59 percent of Generation X (born from 1965 to 1976) and 56 percent of Generation Y (1977 to 1989) make regular, automatic contributions toward their retirement savings. This compares to 46 percent of non-retired baby boomers (born between 1946 and 1964).
Both Gen X and Gen Y started saving for retirement, on average, in their mid- to late-20s. That's nearly a decade earlier than baby boomers who, on average, stared saving at age 35.
Source: Warren S. Hersch, LifeHealthPro.com
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