Retirement

p Retirement

Retirement Barbara Worthington 's article "Spare them the Details " examines the changing attitudes about retirement and personal savings that have taken lace in the recent past and particularly how the impact of these changes has been felt by "millennials " -- people born between 1979 and 1997 . As Worthington points out "millennials " comprise a significant portion of the population , some "72 million " of them have joined the workforce with what she terms "an uncanny enthusiasm and savvy outlook " and they are also notable for possessing lifelong experience with computers . This

generation workers may "live past 100 " but may not be as savvy about their retirement as they are about tech or personal health (Worthington

Recent legislation -- specifically that of the "Pension Protection Act of 2006 , which has provided an ideal way for companies to enroll workers automatically into 401 (k ) plans " -- provides the basic thrust for Worthington 's in the article . Worthington delves into the issues associated with individual retirement funds , specifically addressing both the desires and needs of the aforementioned "millennials

She remarks that most workers (66 ) when surveyed responded that they would "feel `grateful` or `optimistic` if employers would automatically enroll them in workplace-provided defined-contribution plans " and that "7 in 10 workers say they favor an employer automatically enrolling them in a plan and setting up contributions through payroll deduction " and this , Worthington assets , indicates a failing faith by young workers in Social Security

Worthington greatly favors the Pension Protection Act and in fact calls it "`a great safe harbor` for millennials , America`s newcomers to the workforce " and the evidence she cites strongly supports the idea that "Employers are gearing up to ensure that millennials , displaying increasing interest in retirement saving , find the information , tools and answers they need " although it is unclear from the article , per se how this information is made available (Worthington

The basic question posed by Worthington 's article is whether or not Social Security is fading away as a viable option for retirement for an entire generation of young workers . That they evidently belive Social Security to be a failing system is demonstrated by the rising participation rates in the aforementioned employer sponsored pension programs . However , Worthington 's article cites no hard evidence to predict or demonstrate the probable collapse of Social Security rather the article is concerned with the growing perceptions and beliefs of a significant portion of the American workforce , her termed "millennials who are opting for retirement plans which are -- to their minds -- more secure than Social Security

The benefits accrued by automatic enrollment in company sponsored pension plans extends to the corporate sponsors as well as the workers themselves . The benefits to corporations include worker security and stability and many companies are "looking for innovative ways to structure plan investments " examples of which which Worthington identifies as "target-date lifestyle options , presenting several investment choices put in place to amass funds in to be ready for distribution at a specified date in the future...