The Class of 2015 is trading in its caps and gowns for suits and ties, and a wave of college grads are hitting the workforce. This also means a new crop of workers will begin saving in a 401(k) for the very first time. Even though retirement might seem like a lifetime away for most 20-somethings, the earlier you start saving, the easier the path to retirement can be.
Now is the time when most of us start reflecting on all we have to be thankful for - including friends, family and good health. But what about your financial health? If you're one of the 74 percent of full-time, private sector employees with access to a workplace retirement savings plan*, count your blessings.
Anyone who's bought groceries, filled their gas tank or paid insurance premiums recently would probably be surprised to learn that the rate of inflation is relatively flat -- only 1.2 percent from September 2012 to September 2013.That's bad news for people who were hoping to boost their contributions to an IRA, 401(k) plan or other tax-advantaged retirement savings accounts.
When you ask employees at nonprofit organizations about job satisfaction, more often than not they will give you a positive response; for these mission-oriented workers, purpose is paramount. When asked about their plans for retirement, however, nonprofit employees express insecurity and uncertainty about the future.