Good News: Americans Are Saving More for Retirement

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The number of Americans who say they are saving more for retirement in the current year vs the previous one is at the highest level in five years, according to a new survey from Bankrate.

Bankrate said that 31 million Americans are saving more this year.

In addition, fewer people are opting out of saving for retirement altogether.

Just 5% didn’t contribute to retirement savings this year or last, a new low for the Bankrate study.

Bankrate said that those saving more were led by Generation X, followed by younger Millennials (age 18-25).  Americans who were saving less were those in the Silent Generation (age 71+) followed by younger Baby Boomers (age 52-61).

Hopefully, this increased enthusiasm for savings will prove to be contagious.

If you are planning to increase, (or start), your retirement saving, get thee to a credit union soon. A CU is a good starting point, since there you can sit down with an expert and make a plan.

Committing yourself to a plan, (especially in front of someone else), will really help you to keep your savings plan on track.

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