Across My Desk: Gen-X'ers

Hey Gen-X'ers. Yes, that would be you if you're between the ages of 25 and 40. Better get your planning for retirement act in order as living long--and large---requires big bucks.

According to a PLANSPONSOR.com story, Charles Schwab & CO conducted a survey revealing that Gen-Xer's would put money into an IRA if it were a do-it-and-forget-about-it kind of deal.

PLANSPORSOR.com reported the following: "The survey by Charles Schwab & Co. of 500 people from the ages of 25 and 40 found that 44% of those who do not currently fund an IRA said they would be more likely to invest in an IRA if there was a one-time investment choice, according to a press release. That same perspective was shared almost equally between current IRA/401(k) investors (50%) and non-investors (39%).

Twenty percent of those in Generation X say they don't know how an IRA works, or even what it is, and 40% of those who are saving for retirement have an IRA.

Other results include:

• 16% of people in this age group plan to use their tax refund to invest in an IRA or other retirement account;

• 59% plan to use the refund for other uses;

• 58% plan to use it to pay off debt.

"Gen-X'ers are facing a range of financial challenges - from paying off college debt to making mortgage payments to saving for their families," said Rande Spiegelman, vice president of financial planning for the Schwab Center for Investment Research, in the news release. "What we are seeing in these results is that competing spending priorities are impacting their ability to save for retirement. But with a few minor adjustments, younger investors can make the necessary changes to ensure they are doing everything they can to save for the future."

My advice: Make saving as natural a part of your day as brushing your teeth. That means don't think about saving for retirement, just do it.