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Millennial Workers Focused on Retirement; CUs can Help Them Reach Savings Goals with IRAs
Thursday, July 17, 2014 6:50 AM

According to the 15th annual Transamerica Retirement Survey, millennial workers (those born between 1979 and 1996) are focused on retirement in a big way. In fact, the recent survey finds three out of four are already discussing saving, investing, and planning for retirement with family and friends. Millennials are twice as likely to frequently discuss retirement compared to their parents’ generation.

However, even with this awareness of retirement-related issues, the survey finds that millennials are still hesitant to put their plans for retirement into writing. While 59 percent of Millennial employees say they have a retirement strategy, only 13 percent have a written plan and the other 46 percent have a plan but have not written it down, according to the results of the survey. Among those who have estimated their retirement savings needs, 52 percent say they guessed and only 10 percent have used a retirement calculator or worksheet.

The results of the survey recommend several strategies millennial workers can use to create a retirement strategy for the long term, including participating in employer-sponsored retirement plans and getting educated about retirement savings.

Deborah Crawford says credit unions can also help millenials save for retirement by educating them on the benefits of Individual Retirement Accounts. She encourages those who wish to become more familiar with IRAs or expand their knowledge about this powerful savings tool, to take advantage of the Cornerstone Credit Union League’s IRA Basics and IRA Advanced seminars Oct. 7-8 in Oklahoma City, Okla. Crawford is presenting both seminars, which are being held at the Credit Union House.

The IRA Basics seminar is an IRA product overview. If you have just started with IRAs or want a good review of IRA fundamentals, this is the program for you. This program will prepare you to open, move and close IRAs and get all the paperwork right in the process. If you have been afraid of IRAs or just don't have enough basic knowledge this one day review will get you excited and motivated to become the IRA expert at your organization. This day one is fun and beneficial for every person who works with deposits and accountholders. IRA Basics is designed for those with 1 - 3 years of IRA experience.

The IRA Advanced seminar focuses on compliance, auditing and reporting. If you have been working with IRAs for years and are ready for the "deeper dive" then this is the IRA program for you. You will receive a quick product review and all the new numbers and changes for 2014 but after that hold on to your hat as we begin to work the complicated issues. Reporting errors and fixes, excess contributions, audits, inherited IRAs are just the tip of the iceberg for those of you who want to know everything there is to know about managing an IRA department. IRA Advanced is designed for those with three or more years of IRA experience.

For more information, including registration, please visit the Education section of Cornerstone’s website. If you have any questions, please contact Training & Events, at (469) 385-6630 or (800) 442-5762, ext. 6630

Educational grants are available through the Cornerstone Credit Union Foundation. To learn more, please visit