I thought the following infographic was very interesting. TIAA-CREF recently surveyed a group of American households and found it more likely someone had spent more than 2 hours recently looking for a restaurant than they’ve given thought to their IRA.
Less than 1/3 surveyed understood what an IRA was and with Millenials (or Gen Y), ages 18-34, a full 45% didn’t understand what an IRA was! This is such a high percentage that it’s almost hard to believe. This group will have to be nearly completely self-sufficient when it comes to retirement planning (I’d like to see what the same group’s opinion was on Social Security,) so it’s critical that they understand their options and start early. For many, they will have someone within their employer encourage them to start a 401k plan, but not all are covered by these plans. Maybe they’ll see this post and start saving?
Read the rest of the survey results at [TIAA-CREF](https://www.tiaa-cref.org/public/about/press/about_us/releases/articles/pressrelease495.html).