Good News: Americans Are Saving More for Retirement

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.