Retirement might be a long-term financial responsibility, but it should not be overlooked. LearnVest warns us about these lies we tell ourselves when it comes to saving for the future.
Retirement is one of our biggest financial challenges for three reasons:
1. The sum we have to save for retirement is bigger than for any other financial goal.
2. When we prioritize our desires, retirement never wins on urgency, making it easy to keep putting off.
3. Saving for retirement is the financial equivalent of an ultramarathon. (Any of you run an ultramarathon, recently?) When saving to buy a house or to pay for your child’s college education, you might save for five or 15 years, but for retirement, you have to save decade over decade.
If just reading that list is making you sweat, we understand.
According to a nationwide survey conducted by LearnVest and Chase Blueprint, Americans’ number one financial worry is whether or not we’ll be able to save enough for retirement. About one-third of men and women cite that as their top concern over, for instance, paying down debt, having enough money to live comfortably and having enough to provide for their children.