Report: Generation X has 'almost nothing' saved for retirement
A typical household with Generation X earners has only $40,000 in retirement savings, according to the National Institute on Retirement Security.
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SEATTLE — People born between 1965 and 1980 - Generation X - have reportedly saved "almost nothing" for retirement, according to the National Institute on Retirement Security.
The National Institute on Retirement Security report examines the median retirement savings levels for Generation X.
The bottom half of earners have only a few thousand dollars saved for retirement, and the typical household has only $40,000 in retirement savings, according to the National Institute on Retirement Security report.
To help people figure out how to start saving for retirement or improve retirement saving strategies - Darren Trautmann, wealth management advisor with Emerald Wealth Management in Bellevue, stopped by the KING 5 studios. Emerald Wealth Management is a private client group of Northwestern Mutual.
According to the Census Bureau, only 34 percent of working-age people have 401K accounts and 18 percent have an IRA.
"Start early," Trautmann said. "Compound interest is fabulous. It works for you."
Auto deductions are also recommended by Trautmann. Trautmann said it's a good idea to look into employer-matching retirement plans that automatically make deduct from your paycheck.
Trautmann also discussed the future of social security and how it impacts one's retirement plan.
To watch Trautmann's full interview on building confident retirement saving plans - click on the video player above.
Source: KING5.com
