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.