Here’s a perfect list of 10 reasons on why you should put off saving for retirement, from the always sarcastic and funny folks at the Internal Revenue Service (In PDF format as the web page was taken down by the IRS).
Mint’s Note: Ah. The consumer lifestyle, where delay gratification is an unknown concept and future needs should never be a consideration. The IRS may be joking, but unfortunately this may be one of the top reasons why people put off saving for their retirement.
Money Saving Tips: The power of compound interest works best when time is on your side. Just by starting eight years earlier, you can put away 23% less money than someone who starts later, and still end up with more money than them when it comes time to retire.
Life expectancy has been steadily increasing across the globe. Sorry buddy, but it’s not over until the fat lady sings.
Perhaps not, especially since health and life expectancy is on the rise. On the other hand, according to Career Journal, more than one in four U.S. businesses has failed to plan to hire or retain older workers.
And maybe everything else. That’s only if you want to have a life beyond the basic minimal needs, of course.
Money Saving Tips from the IRS. Start by checking out your employer’s retirement savings plan such as 401k or individual retirement account options at various financial institutions.
Please refer to Mint’s comment in number two and six. Want a ballpark number to the amount necessary? Check out the retirement calculator at CNN Money.
Living in poverty due to financial inaction might just be a little bit more embarrassing than the actual inaction itself. Who to talk to and who to trust? Consider a Certified Financial Planner or a Chartered Financial Analyst.
Would you be embarrassed to contact a health professional if you accidentally contracted a serious disease? If the answer is no, then you should also not be embarrassed in consulting a trustworthy, certified financial professional with your financial troubles.
With odds such as ranging between 1 in 146, 107,962 and 1 in 175,711,536; the lottery is a sure bet.
The IRS has outdone themselves with this one. It’s so far fetch that we couldn’t come up with a witty response or follow-up.
Want to do something about your retirement?
Check out this nifty 32 page PDF, Saving Fitness: A Guide to Your Money and Your Financial Future from the U.S. Department of Labor (with help from Certified Financial Planners).
Sure, the booklet may not be as funny as the article from the IRS, but once you’re living a comfortable and secure retirement life, you can always splurge for the occasional tickets to The Improv.