Welcome to National Retirement Security Month

The U.S. has no shortage of monthlong observances, some of which are more publicized than others. Black History Month (February) and Breast Cancer Awareness Month (October) appropriately receive more attention than National Celery Month (March) and National Cell Phone Courtesy Month (July) — though there is an argument to be made in favor of better promoting that last one.

October is also National Retirement Security Month. Sponsored by the incredibly exciting-sounding National Association of Government Defined Contribution Administrators (NAGDCA), the goals of the 31-day “celebration” are threefold: 

1. Increase retirement plan participation
2. Attract certain demographic groups
3. Educate against investing pitfalls

National Retirement Security Month may not be as fun as National Pizza Month (also October), but it’s arguably more important to the average American, who already eats pizza three times a month. That’s because:

1. Only 49% of workers who are eligible for a defined contribution plan — like a 401(k) — participate
2. Only 35% of Black families and 26% of Hispanic families have retirement accounts
3. Only 57% of all Americans are considered financially literate 

But unlike the efforts of the NAGDCA, readers of Retire With Money are dialed into retirement savings awareness on a weekly basis. And being mindful of your plan is critically important in avoiding the retirement crisis that’s already affecting millions of Americans.

Gen X is facing a retirement crisis, with 70% of the cohort’s working members saying they will either retire later than expected or not at all, according to a recent survey.

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