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65% of Generation Y Workers Expect a Pension at Retirement

By Erik Folgate

I do not know where these young people are, but they need to be knocked over the head with a frying pan.  Pension plans are a thing of the past with big corporations.  I am sure there are still some companies that offer them, but they are far and few between and declining as we speak. 

If you are between the ages of 18 to 34 and you are in the working world, you need to be contributing to a 401k or IRA plan.  You must control your own destiny when it comes to your retirement.  If you start early, you WILL retire a millionaire.  40 years of compound interest is amazing.  If you only saved $300 a month for 40 years, you will have a nest egg of $1,897,224.  And that is being extremely conservative with your monthly saving! 

The fact is that times are changing, and the future working class generation cannot rely on Social In-security or pension plans.  They may be there, or they may not.  You have the opportunity to control your own retirement plan.  If you get on a budget, spend less than you make, and get out of debt, you will put yourself in a wonderful situation to save for retirement.  I do not know about you, but I want to be living off of a $2 million dollar nest egg at age 60, rather than getting a $3,000 fixed monthly income each month. 

Erik Folgate
Erik and his wife, Lindzee, live in Orlando, Florida with a baby boy on the way. Erik works as an account manager for a marketing company, and considers counseling friends, family and the readers of Money Crashers his personal ministry to others. Erik became passionate about personal finance and helping others make wise financial decisions after racking up over $20k in credit card and student loan debt within the first two years of college.

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