Report Shows Millennials Lack Retirement Savings, Trump Administration Imposes Sanctions Against Russia Over Election Meddling, Cyber Attacks

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• Wisconsin To Test Voting System Vulnerability

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  Two Wisconsin agencies and the federal Department of Homeland Security will work together to assess how vulnerable the state’s voting system is to hacking. Officials will conduct the tests in light of news that Russian agents targeted systems in Wisconsin. However, those agents were not successful in accessing the state’s system. We talk to Patrick Marley of the Milwaukee Journal Sentinel about the news.

• Report: 95 Percent Of Millennials Not Adequately Saving For Retirement

  A new report from the National Institute on Retirement Security found 95 percent of millenials are not adequately saving for retirement, and the majority have nothing saved at all.

  “I wasn’t as shocked as I would be because Americans in general have a retirement savings problem,” said Jennifer Brown, manager of research at NIRS. “But this generation has gone through a really, really tough time the last couple of years.”

  Economic reasons like rising student debt and stagnant wages are at play, along with the number of millennials working in the on-demand economy, but the biggest factor is that many millennials are not eligible for retirement plans from their employers, she said.

  “We are seeing more millennials that have access to a retirement plan … but millennials themselves are not eligible for a plan because they’re either working part-time for an employer, or they haven’t worked long enough for that employer for them to actually be able to participate in that employers plan,” Brown said.

  That is where policymakers need to come into play, she said.

  “Allowing part-time workers and employees to contribute to a retirement savings plan right away when they start a job would really impact this generation,” she said.

  For the employer part, Brown said she believes they are doing a good job incentivizing employees to participate in the plans, but there may be a disconnect about how much money is actually on the table.

  “The firm Financial Engine found that the average employee is leaving $1,336 on the table, meaning they are not contributing enough money, so they’re getting that money back every single year,” she said. “That is especially problematic for younger employees.”

  Adequate saving for retirement falls between 15 percent and 22 percent of income, up from the standard of 10 percent for Gen X and Baby Boomers, according to Brown. In dollars, that equals out to about $1.8 million to $2.2 million set aside for retirement.

  When it comes to saving for retirement, an early start is the name of the game, she said. Especially when it comes to compound interest, which is essentially interest on the interest.

  “Compound interest is going to help you when you’re saving in your twenties,” Brown said. “Your dollar that you save now is going to be many, many, many more dollars eventually.”

  And, take advantage of any kind of “free money” you can get your hands on, like employer matches and the lesser known federal saver’s credit — a tax credit to help low- to mid-income individuals save for retirement, she said.

  “Start as soon as you possibly can,” Brown said. “No matter if you’re 22 or 32, you should be saving. It’s never too late.”

• Report: Majority Of Millennials Have No Retirement Savings

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  A new report from the National Institute on Retirement Security finds that 95 percent of millennials are not adequately saving for retirement, with a majority of millennials having absolutely nothing saved for their later years. How did we get here? And what might policymakers and employers do to help millennials save for their financial futures? The author of the report weighs in.

• Trump Administration Imposes Sanctions Against Russia Over Election Meddling, Cyber Attacks

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  The United States Treasury Department announced sanctions today against five Russian organizations and 19 individuals for meddling in the 2016 general election. In a statement, Treasury Secretary Steven Mnuchin said, “The Administration is confronting and countering malign Russian cyber activity, including their attempted interference in U.S. elections, destructive cyber-attacks, and intrusions targeting critical infrastructure.” We speak with Keith Darden, Professor of Professor in the School of International Service at American University, about the restrictions and the impact they could have on U.S. and Russia relations.