Common Excuses Why People Don’t Save for Retirement

Introduction• When it comes to procrastinating about saving money for

retirement, people seem to have one excuse after another. Some seem quite logical, some seem pretty far out there, but they’re all excuses at the end of the day.

• Here are some of the most common excuses, and how a good financial advisor can help you get it together, regardless of your situation.

I'll Work Longer• More and more people are doing more activities later in life,

including working. For a lot of workers, the thought of retiring at 65 or sooner isn’t overly important, and they intend to keep working after that point in time.

I'll Work Longer• This is certainly possible, as long as your health and the health

of the economy and job market continue to be strong.

• According to a piece from Fox Business, the ‘working longer’ scenario is a bit of a gamble because you can never really be 100% certain about either one of these variables.

• If you reach your sixties and either one starts to waiver and you are lacking in the savings department, you could be in deep trouble.

One or Both Parents Died Young• Some people lost one or both parents at a younger age, so

they either think that they will die young too, or want to “live while they are young and can still enjoy it.”

• It’s completely understandable why someone would feel this way, but it’s still not a reason to spend all your money now and leave nothing for later.

• Medicine is different now, and there is a lot more information available about health in general, so your chances of living into your senior years are probably higher.

Too Many Expenses• It’s easy to take a look at your current list of expenses and

decide that you just can’t squeeze out anything more. If it’s literally all gone at the end of each month, where are the savings supposed to come from?

Too Many Expenses• This is where a financial advisor can help you, because in

many cases it’s just basic budgeting that is causing the problem.

• An advisor can help you to rearrange your finances and debts to create available funds where you thought there were none.

Saving the Money for Kid's Education• Sometimes, that extra savings money is tied up for the kid’s

post-secondary education. As explained on Fox Business, wanting to save for the kids to go to college is a nice thing to do, but you shouldn’t sacrifice your retirement money to do it.

• Your kids will have options when it comes time to go to college, if they even decide to take that route. It’s always possible to get a student loan, but when you reach retirement age, there won’t be any loan options for you.

I Don’t Earn Enough• If your wages are small, it can be difficult to save for

retirement, but this is another area where a financial advisor can help. Most people just aren’t aware of the different strategies and programs that are available to help you get money put away for retirement.

• That’s why speaking with an expert is a wise decision to explore your option, even if you don’t think you make enough.

What’s the Rush?• According to a story on US News Money, many people feel

that retirement is just so far away and there’s really no rush to start saving.

• With so many current things going on, focusing on a goal that won’t come to fruition for decades is very difficult.

What’s the Rush?• If you start saving earlier, you can actually save less as each

year goes by, making the process that much easier. The years have a way of creeping by, and if you don’t pay attention and get started saving, you will find yourself having to put away far more each month to reach the same goal.

I Don’t Know How to Invest Properly• Pleading investment ignorance is a common excuse, but that’s

what utilizing an expert like a financial advisor is all about.

• An advisor knows what is required to meet your specific goals, and they can customize a plan that will meet all your needs.

I Don’t Know How to Invest Properly• In a report put out by the Investment Funds Institute of

Canada, they found that Canadians who were advised about their finances ended up having much higher amounts of investable assets than those who were not advised.

• This report indicates the value of being financially knowledgeable, and a financial advisor is the way to gain the knowledge you need and plan for a successful retirement.