Reasons Why You Don’t Plan for Your Retirement
One of the most difficult and concerning time in a human’s life is the one after retirement. Not only is the person out of a job, but also out of a regular and dependable source of money. A ray of hope in these gloomy times is the investments made during the earlier years of life.
However, there are people who do not plan for their future or their life after retirement. While individual reasons may be many, there are many reasons that are quite common.
http://www.cbsnews.com/videos/smart-retirement-planning-moves-in-your-30s/
Some of the main reasons why people don’t plan for retirement are:
Troublesome Finances: The biggest excuse for not planning for retirement is financial instability. By far, it has been seen that many people do not want to invest in long term plans as they think that those plans will block their money for a prolonged time. However, according to experts, this should be one of the biggest reasons to invest. Unstable finances can easily be made stable with proper guidance and counseling. It can also be made stable with the right investment in the financial sector.
Not Enough Time: With hectic work schedules and a fast paced life, people tend to lose out on time. What they do not understand is that time does not stop for anybody. Postponing your retirement plans is not a good idea. In case you lack time, it is better to get in touch with a financial expert who can help you plan accordingly. Taking out a day or two from your hectic schedule can actually benefit you in the long run.
Communication Issues: Not able to contact the right person to get guidance for investment planning for retirement is another reason why people shy away. This can be a serious issue as individuals will actually leave the thought of financial planning, if they are not able to get the right response. However, the solution for this problem is different planning and advisory businesses and/or websites, which help customers with different options for retirement planning.
Trust Factor: Most people know very little about financial matters, which make them apprehensive when they start planning for retirement. They also assume that as they do not know anything about these things, they would be an easy prey for different financial organizations. The trust factor is, undoubtedly, missing here. The best way to reassure these types of customers would be to make them realize the necessity for retirement plans. Another thing that should be avoided is rushing them into a decision. These types of customers should be given enough time to think before they make a decision.
Top Resources for Retirement Planning You Should BookMark
Money CNN
Money MSN
Fidelity
CNBC
Investopedia
Self Directed Retirement Plans
Too Soon or Too Late: This is another common reason for not planning for retirement. People in their 20s think it is too early to start planning for retirement and people in their 50s think it is too late to do so. To be honest, there is no too soon or too late concept in retirement planning. Therefore, you can start planning at any time of your age. Yes, it is good to start planning in your 20s, but that does not mean you cannot do that in your 50s.
Not Enough Money: It seems a little impractical, at times, when people start saying that they do not enough money to save. Income distribution is something, which is better said than done and most people do not do it as they do not realize its importance. If your bills are more than your income, then you need to check your balance sheet in a better manner. However, if your bills are less than your income, then you can surely save whatever you can. Saving at a small scale is better than not doing it at all.
Saving or planning for your retirement can be done anytime during your lifetime. It is better to start now rather than not starting at all.
