We all have heard this “Save for your retirement!”, “Start when you are in your 20’s so that you will have more time to accumulate money for your sunset years?” many times. Only a handful number of people are “serious” about retirement planning but the vast majority isn’t “serious” about the same. Despite knowing that financial advisers talk in their favor, they still aren’t willing to venture further.
What is the rationale behind this attitude?
What are their excuses? ………….. Tune in to discover.
Retirement planning is a self-centered goal:
It isn’t their fault because we live in a society where we are directed to equip others and consider other’s needs before one’s own needs. It is understandable. However, consider this. When you retire, you will need finance. Therefore, saving for that is “self-centered” in a good sense. There is absolutely nothing incorrect in planning and saving for retirement.
“I earn sufficient amount of money.”, “After retirement I will have lesser needs.”
“What if I die before retirement?”
These are some of the plain excuses people make. Consider this. You might earn sufficient money now, but you will also spend it sooner or later. You still have 40 years to live after your retirement, if you live. PERIOD!
- “What is my progeny there for? They will take care of me!”:
Not in every case. You have no right to force your kids! They have to take care of their own life issues. If they are willing to take care of you, fine. Otherwise move on, for which you already should have kept retirement savings ready. You aren’t living in a bygone era, PERIOD! Nowadays many people in metropolitan cities are clear that they don’t want to depend on their kids after retirement. They will cater to all needs of their children, give them all the love, care and affection they require, and will guide them to be amazing people. But they will not expect anything from them in return.
- Unable to save money as I require money for various purposes:
That’s why it is crucial to first clear all your debt and ensure all your finance related problems are solved before starting to save (To Get Retirement Planning Advice : MoneyMindz). Every drop of water contributes in making a river so start by saving small.
- They don’t visualize retirement goals:
They find it hard to realize this. Let me assist you. Board the time machine and travel a decade back in time. Back then, did you know where you will be and what you would be doing today? No!! Similarly, you don’t know what will happen a decade later. Then how can you neglect saving for something crucial, like retirement?
- I am still young, why so early?
The earlier you start, the more you can save; so start saving now. It might be hard at this age to think of retirement, but this is crucial.
- Now it’s too late to start:
Better late than never, you can start even now. It’s hard to accept that you committed a mistake in not saving when you could, but get over it.
- I feel guilty to think about retirement:
Why should you feel guilty? Thinking about your retirement and saving for the same isn’t something for which guilt is needed.
These are the eight “excuses” people give to avoid retirement planning only to die penniless. Don’t commit this error! For more info visit www.moneymindz.com or give a missed call to 022-6211 6588