A survey from ING that came out last week showed that 71 percent of Americans do not have any sort of formal retirement plan. While that number is a little scary, it does not mean that people in the U.S. aren't saving for retirement: the same survey showed that fully 75 percent of Americans between the ages of 25 and 69 who have a job are putting money away into a retirement savings account.
One cohort that is doing a surprisingly good job of saving for retirement is younger people, the so-called Generation Y. Among Americans born between 1977 and 1989, 25 percent say they funded both a 401(k) and an IRA in 2010, according to a survey by TD Ameritrade. That's a higher percentage than Generation Xers (born between 1965 and 1976) or Baby Boomers, who checked in at 23 percent and 16 percent, respectively.
The key, as always, is knowing what you're doing. Only 28 percent of those in the ING survey said they were working with a financial professional; 47 percent expected their employer to give them all the guidance they needed. With something as important as reitrement, though, you can't wait around for help - you've got to be proactive.
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