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Why Millennials Aren’t Saving for Retirement and What We Can Do to Change That

Center for American Progress – Ben Schwartz and Sarah Ayres | July 31, 2014

The median Millennial has saved exactly $0 for retirement—a startling statistic. While retirement may be in the distant future for the generation of American workers born since 1982, saving early is important because that money has the most time to realize the benefits of compounding interest. The problem is not just that young people in general save less than older workers because they earn less—it is that young people today are actually saving less than their parents did at the same age. In 2010, people under the age of 40 had saved about 7 percent less than Americans in their 20s and 30s in 1983. And young people are saving at a lower rate than experts recommend: While financial planners recommend setting aside at least 10 percent of income for retirement, workers under the age of 34 are putting away just 5.5 percent, according to a recent survey. This does not bode well for Millennials’ long-term financial security. Social Security will be there for Millennials, but it was never intended to be Americans’ only source of income for a comfortable retirement. Personal savings and workplace retirement accounts were supposed to fill the gap. But today, millions of Americans—including the nearly half of all Baby Boomers and Gen Xers who the current system is also failing—are expected to fall short in private retirement savings. Not surprisingly, just one in five young people reports that they are very confident they will have enough money to live comfortably throughout their golden years. Without a doubt, the current retirement system is failing the youngest generation of American workers. Below are the top four reasons Millennials are not saving for retirement—and what we can do to change that.”

Reliability Assessment of Current Methods in Bloodstain Pattern Analysis

Reliability Assessment of Current Methods in Bloodstain Pattern Analysis. Terry Laber, Paul Kish, Michael Taylor, Glynn Owens, Nikola Osborne, James Curran. June 2014. The author(s) shown used Federal funds provided by the U.S. Department of Justice in preparing this final report. Final Report for the National Institute of Justice Award # 2010-DN-BX-K213. “To date there have been relativelyContinue Reading

Security Clearances: Tax Debts Owed by DOD Employees and Contractors

SECURITY CLEARANCES: Tax Debts Owed by DOD Employees and Contractors, GAO-14-686R: Published: Jul 28, 2014. Publicly Released: Jul 28, 2014. “In summary, GAO found that about 83,000 Department of Defense (DOD) employees and contractors who held or were determined eligible for secret, top secret, or sensitive compartmented information (SCI) clearances, or related interim clearances, had unpaid federal taxContinue Reading

New GAO Reports – Data Transparency, Manufactured Housing

DATA TRANSPARENCY: Oversight Needed to Address Underreporting and Inconsistencies on Federal Award Website, GAO-14-476: Published: Jun 30, 2014. Publicly Released: Aug 1, 2014: “Although agencies generally reported required contract information, they did not properly report information on assistance awards (e.g., grants or loans), totaling approximately $619 billion in fiscal year 2012. Specifically, 33 of 37 agencies withContinue Reading

Reduce, Reuse, Recycle – EPA

“Learn how reducing, reusing, and recycling can help you, your community, and the environment by saving money, energy, and natural resources. Recycling programs are managed at the state and local level—find information on recycling in your community.” See also Report – In Developing World, A Push to Bring E-Waste Out of Shadows

Cramming on Wireless Phone Bills: A Review of Consumer Protection Practices and Gaps

News release - Chairman John D. (Jay) Rockefeller, IV, Senate Commerce, Science, and Transportation Committee, August 1, 2014 “Today’s hearing is about a practice known as “cramming,” where consumers get charged on their phone bills for goods and services they never agreed to purchase. The companies that put these bogus charges on phone bills know that consumers don’tContinue Reading

CFPB Finds Small Debit Purchases Lead to Expensive Overdraft Charges

“Today, the Consumer Financial Protection Bureau (CFPB) released a report that raises concerns about the impact of opting in to overdraft services for debit card and ATM transactions. The study found that the majority of debit card overdraft fees are incurred on transactions of $24 or less and that the majority of overdrafts are repaidContinue Reading

FTC Staff Report on Mobile Shopping Apps Found Disclosures to Consumers Are Lacking

News release: “A new staff report issued by the Federal Trade Commission finds that many mobile apps for use in shopping do not provide consumers with important information – such as how the apps manage payment-related disputes or handle consumer data – prior to download. The report, What’s the Deal? An FTC Study on Mobile Shopping Apps, lookedContinue Reading

The Digital Public Library of America: Collaboration, Content, and Technology at Scale

Daniel Cohen - July 14, 2014- Educase: “DPLA accomplishes its mission by aggregating metadata and thumbnails pointing to digital objects for millions of photographs, manuscripts, books, sounds, moving images, and more from a national network of partners. This network comprises individual nodes, or hubs, which work with DPLA to map and ingest their records into the DPLAContinue Reading

Making Farm Animal Rights A Fundamental Green Issue

“Conservation organizations have long sought to protect pandas, polar bears and pelicans, but the welfare of farm animals has largely been left to activist animal-welfare groups like the Humane Society of the United States, which calls itself “the nation’s largest and most effective animal protection organization.” For the past 10 years, the organization has been headedContinue Reading

Your Money, Your Goals: Financial empowerment tools for social services

CFPB: “Many people feel overwhelmed by their financial situations, and they may not know where to go for help. For many low-income Americans, frontline staff of nonprofit and public social services programs are in a unique position to provide that help. Their clients already know and trust them, and in many cases, they’re already sharing financialContinue Reading

NOAA-led study shows Alaska fisheries and communities at risk from ocean acidification

News release: “Ocean acidification is driving changes in waters vital to Alaska’s valuable commercial fisheries and subsistence way of life, according to new NOAA-led research that will be published online in Progress in Oceanography. Many of Alaska’s nutritionally and economically valuable marine fisheries are located in waters that are already experiencing ocean acidification, and will see more inContinue Reading