Life Insurance Quotes

Most young people not considering retirement

06/10/11

As Generation Yers have grown up in an unsteady financial and economic climate, one may think that they would be saving their money wisely, but that does not appear to be the case, according to a survey from Scottrade. More than half of adults in this generation have not started saving, and 64 percent are not even thinking about retirement.

Experts told CNBC because so many young adults struggling to keep up with student loans and rent, investing into annuities and universal life insurance policies may be the last thing on their minds. However, financial advisers feel that even minimal savings can help build a retirement nest egg.

While retirement may seem like a long and distant future, saving now could alleviate a painful struggle later. Many older individuals that are now cramming to find enough time and money to support their financial future, are wishing that they started saving in their 20s.

Younger people must also realize that the Social Security and Medicare systems may be a shell of what they are now by the time they reach retirement age. Depending on those funds for financial and medical support could mean financial disaster at a time when they can least afford it.  

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