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Chapter 2. Saving for Retirement > Which Generation Group Do You Fall Into?

Which Generation Group Do You Fall Into?

In 2002, the U.S. Department of Labor sponsored “The National Summit on Retirement Savings.” During this summit, both government and nongovernment attendees focused on the retirement challenges facing Americans. During the summit breakout sessions, they discussed the four generational groups that make up our population. I think it's important to briefly look at these generations to make sure you can put yourself into one of the broad categories. It will be helpful for you to identify with these groups as we move forward in the book. One note of caution is that there are not hard and fast rules about where you belong and that because these groups are broadly defined, the birth dates may overlap and vary from source to source. Each group has its own savings characteristics, but you should make certain that they apply to you.

Generation Y (Born 1982 to Present Day)

Generation Y is obviously the youngest group, and quite frankly, I doubt that many 21-year-olds will be reading this book, which is a shame because they are in the best position to begin this process with the least amount of financial commitment. If you have children in the group and want to help them get off on the right foot, you need to impress on them how important this topic is. You may want to share with them the cost of waiting because this generation is very goal oriented. Its members also grew up on computers, which puts them in a very strong position with regard to accessing information and knowing how to use technology to their benefit.


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